Stagwell (NASDAQ:STGW) Trading Up 7.6% - Here's What Happened

Stagwell Inc. (NASDAQ:STGW - Get Free Report)'s stock price rose 7.6% during mid-day trading on Thursday . The stock traded as high as $6.73 and last traded at $6.71. Approximately 180,248 shares were traded during trading, a decline of 38% from the average daily volume of 290,305 shares. The stock had previously closed at $6.24.

Analysts Set New Price Targets

A number of research firms recently issued reports on STGW. Benchmark lifted their price objective on Stagwell from $8.50 to $9.50 and gave the company a "buy" rating in a research report on Friday, November 8th. Rosenblatt Securities reiterated a "buy" rating and set a $9.00 price target on shares of Stagwell in a report on Friday. Finally, Needham & Company LLC restated a "buy" rating and issued a $7.50 price objective on shares of Stagwell in a report on Monday, October 21st. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, Stagwell currently has an average rating of "Moderate Buy" and a consensus target price of $8.50.

Stagwell Stock Down 3.7 %

The company has a market cap of $1.71 billion, a price-to-earnings ratio of 22.50 and a beta of 1.44. The business has a 50-day simple moving average of $6.59 and a two-hundred day simple moving average of $6.87. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.97.

Institutional Investors Weigh In On Stagwell

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC acquired a new position in Stagwell during the fourth quarter valued at approximately $96,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Stagwell during the 4th quarter worth $69,000. Point72 Asset Management L.P. acquired a new position in Stagwell in the 4th quarter valued at $234,000. ProShare Advisors LLC raised its holdings in Stagwell by 20.2% in the 4th quarter. ProShare Advisors LLC now owns 41,307 shares of the company's stock worth $272,000 after acquiring an additional 6,929 shares during the period. Finally, Millennium Management LLC lifted its position in Stagwell by 123.4% during the 4th quarter. Millennium Management LLC now owns 99,655 shares of the company's stock worth $656,000 after acquiring an additional 55,049 shares during the last quarter. 35.61% of the stock is currently owned by institutional investors and hedge funds.

About Stagwell

Stagwell Inc provides digital transformation, performance media and data, consumer insights and strategy, and creativity and communications services. The company operates through three segments: Integrated Agencies Network, Brand Performance Network, and Communications Network. It designs and builds digital platforms and experiences that support the delivery of content, commerce, service, and sales; creates websites, mobile applications, back-end systems, content and data management systems, and other digital environments; designs and implements technology and data strategies; and develops software and related technology products, including artificial intelligence (AI)-enabled communications, research, and media technology, cookie-less data platforms for advance targeting and activation, software tools for e-commerce applications, specialty media solutions in the augmented reality space, and text messaging applications for consumer engagement.