DoubleVerify (NYSE:DV) Sees Large Volume Increase - Should You Buy?

DoubleVerify Holdings, Inc. (NYSE:DV - Get Free Report) saw unusually-high trading volume on Monday . Approximately 1,972,327 shares were traded during trading, an increase of 10% from the previous session's volume of 1,799,777 shares.The stock last traded at $14.85 and had previously closed at $13.90.

Analyst Upgrades and Downgrades

DV has been the subject of a number of recent analyst reports. The Goldman Sachs Group restated a "neutral" rating and set a $20.00 price objective (down previously from $24.00) on shares of DoubleVerify in a report on Friday, February 28th. JPMorgan Chase & Co. lowered their target price on DoubleVerify from $21.00 to $19.00 and set a "neutral" rating for the company in a report on Thursday, November 7th. Canaccord Genuity Group lowered their target price on DoubleVerify from $30.00 to $26.00 and set a "buy" rating for the company in a report on Friday, February 28th. Truist Financial lowered their target price on DoubleVerify from $26.00 to $23.00 and set a "buy" rating for the company in a report on Thursday, November 7th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $22.00 target price on shares of DoubleVerify in a report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.00.

DoubleVerify Trading Up 1.9 %

The company has a 50-day moving average of $20.14 and a 200-day moving average of $19.18. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of 40.69, a price-to-earnings-growth ratio of 2.63 and a beta of 1.06.

Remove Ads

DoubleVerify declared that its Board of Directors has initiated a stock buyback plan on Wednesday, November 6th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at DoubleVerify

In other news, CFO Nicola T. Allais sold 2,071 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $20.51, for a total value of $42,476.21. Following the transaction, the chief financial officer now directly owns 85,882 shares of the company's stock, valued at approximately $1,761,439.82. This represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Neo Ivy Capital Management acquired a new position in shares of DoubleVerify in the third quarter valued at about $794,000. GSA Capital Partners LLP increased its holdings in shares of DoubleVerify by 280.9% in the third quarter. GSA Capital Partners LLP now owns 72,309 shares of the company's stock valued at $1,218,000 after purchasing an additional 53,326 shares during the period. Repertoire Partners LP increased its holdings in shares of DoubleVerify by 1,041.7% in the third quarter. Repertoire Partners LP now owns 685,000 shares of the company's stock valued at $11,535,000 after purchasing an additional 625,000 shares during the period. Geode Capital Management LLC increased its holdings in shares of DoubleVerify by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,299,192 shares of the company's stock valued at $38,729,000 after purchasing an additional 10,696 shares during the period. Finally, Geneva Capital Management LLC increased its holdings in shares of DoubleVerify by 2.8% in the third quarter. Geneva Capital Management LLC now owns 2,554,477 shares of the company's stock valued at $43,017,000 after purchasing an additional 69,780 shares during the period. 97.29% of the stock is owned by institutional investors and hedge funds.

About DoubleVerify

DoubleVerify Holdings, Inc provides a software platform for digital media measurement, and data analytics in the United States and internationally. The company provides solutions to advertisers that enable advertisers to increase the effectiveness and quality and return on their digital advertising investments.