PubMatic (NASDAQ:PUBM) Shares Down 9.5% - Here's Why

PubMatic, Inc. (NASDAQ:PUBM - Get Free Report)'s stock price was down 9.5% during mid-day trading on Thursday . The stock traded as low as $15.74 and last traded at $15.51. Approximately 153,478 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 293,475 shares. The stock had previously closed at $17.14.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PUBM shares. Evercore ISI boosted their price objective on PubMatic from $20.00 to $22.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Royal Bank of Canada reduced their price target on shares of PubMatic from $21.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, January 3rd. JMP Securities reiterated a "market outperform" rating and issued a $20.00 target price on shares of PubMatic in a research note on Monday, January 27th. Macquarie reaffirmed a "neutral" rating and issued a $19.00 price target on shares of PubMatic in a report on Thursday, November 14th. Finally, Scotiabank assumed coverage on PubMatic in a research note on Thursday, December 5th. They issued a "sector perform" rating and a $17.00 target price on the stock. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

PubMatic Stock Performance

The stock's 50 day moving average price is $15.38 and its 200-day moving average price is $15.39. The company has a market cap of $749.99 million, a PE ratio of 50.65 and a beta of 1.41.

Insider Buying and Selling at PubMatic

In other news, CFO Steven Pantelick sold 4,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $16.56, for a total transaction of $66,240.00. Following the completion of the sale, the chief financial officer now directly owns 22,506 shares in the company, valued at approximately $372,699.36. This represents a 15.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rajeev K. Goel sold 25,000 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $16.31, for a total value of $407,750.00. The disclosure for this sale can be found here. Insiders sold a total of 138,111 shares of company stock worth $2,148,558 over the last three months. Company insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake in PubMatic by 5.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,533,718 shares of the company's stock worth $22,531,000 after buying an additional 84,317 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of PubMatic by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 961,155 shares of the company's stock worth $14,295,000 after acquiring an additional 7,225 shares during the period. Wellington Management Group LLP grew its holdings in shares of PubMatic by 19.4% during the 4th quarter. Wellington Management Group LLP now owns 897,970 shares of the company's stock worth $13,191,000 after acquiring an additional 145,641 shares during the period. Jacobs Levy Equity Management Inc. raised its position in shares of PubMatic by 1.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 683,064 shares of the company's stock worth $10,034,000 after acquiring an additional 6,600 shares in the last quarter. Finally, Nixon Capital LLC grew its stake in PubMatic by 1.4% in the fourth quarter. Nixon Capital LLC now owns 578,259 shares of the company's stock worth $8,518,000 after purchasing an additional 7,966 shares during the period. 64.26% of the stock is owned by hedge funds and other institutional investors.

About PubMatic

PubMatic, Inc, a technology company, engages in the provision of a cloud infrastructure platform that enables real-time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell-side platform, used for the purchase and sale of digital advertising inventory for publishers and buyers.