Viant Technology (NASDAQ:DSP) Rating Increased to Buy at Canaccord Genuity Group

Viant Technology (NASDAQ:DSP - Get Free Report) was upgraded by equities research analysts at Canaccord Genuity Group from a "hold" rating to a "buy" rating in a note issued to investors on Wednesday, MarketBeat.com reports. The brokerage currently has a $18.00 target price on the stock, up from their prior target price of $13.00. Canaccord Genuity Group's price objective would suggest a potential upside of 9.36% from the company's previous close.

A number of other equities research analysts also recently commented on the company. Canaccord Genuity Group upgraded Viant Technology from a "hold" rating to a "buy" rating and increased their price objective for the company from $13.00 to $18.00 in a research report on Wednesday. Needham & Company LLC reaffirmed a "buy" rating and set a $12.00 price target on shares of Viant Technology in a research note on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $15.86.

Viant Technology Stock Up 21.7 %

NASDAQ:DSP traded up $2.94 during trading hours on Wednesday, reaching $16.46. 706,481 shares of the stock were exchanged, compared to its average volume of 122,897. The firm has a 50 day simple moving average of $11.33 and a 200-day simple moving average of $10.46. Viant Technology has a 52 week low of $5.36 and a 52 week high of $16.97. The stock has a market capitalization of $1.04 billion, a P/E ratio of 276.55 and a beta of 0.72.

Viant Technology (NASDAQ:DSP - Get Free Report) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.10). The company had revenue of $41.56 million during the quarter, compared to analyst estimates of $41.10 million. Viant Technology had a negative return on equity of 5.69% and a net margin of 0.47%. As a group, analysts expect that Viant Technology will post -0.37 earnings per share for the current year.

Insider Activity

In other news, CFO Larry Madden sold 2,768 shares of the business's stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $11.23, for a total value of $31,084.64. Following the completion of the transaction, the chief financial officer now directly owns 529,848 shares in the company, valued at approximately $5,950,193.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 10,419 shares of company stock valued at $116,647. 28.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. ClariVest Asset Management LLC bought a new position in Viant Technology during the 2nd quarter valued at approximately $1,387,000. Acadian Asset Management LLC grew its position in Viant Technology by 659.4% during the second quarter. Acadian Asset Management LLC now owns 142,384 shares of the company's stock valued at $1,403,000 after buying an additional 123,635 shares during the period. Federated Hermes Inc. boosted its position in shares of Viant Technology by 5,286.9% in the second quarter. Federated Hermes Inc. now owns 67,767 shares of the company's stock worth $669,000 after purchasing an additional 66,509 shares during the period. AQR Capital Management LLC purchased a new position in Viant Technology in the 2nd quarter worth approximately $236,000. Finally, Heron Bay Capital Management purchased a new position in shares of Viant Technology during the first quarter valued at about $243,000. Institutional investors own 11.38% of the company's stock.

About Viant Technology

Viant Technology Inc operates as an advertising technology company. It provides Household ID, a people-based innovation that combines digital and personal identifiers into a normalized household profile; AI Bid Optimizer, solution that uses AI to analyze historical bid opportunities to predict the lowest media cost for desired advertisement; and Viant Data Platform, which offers marketers control over their own data with actionable insights into their marketing initiatives within a single platform.