DoubleVerify Holdings, Inc. (NYSE:DV) Sees Large Drop in Short Interest

DoubleVerify Holdings, Inc. (NYSE:DV) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 9,460,000 shares, a decrease of 9.9% from the October 15th total of 10,500,000 shares. Based on an average trading volume of 2,290,000 shares, the short-interest ratio is presently 4.1 days. Approximately 6.7% of the shares of the stock are short sold.

DoubleVerify Stock Performance

Shares of NYSE DV traded up $0.02 during midday trading on Tuesday, reaching $19.23. The company’s stock had a trading volume of 1,099,661 shares, compared to its average volume of 2,376,114. The company has a market cap of $3.25 billion, a P/E ratio of 51.92, a P/E/G ratio of 3.03 and a beta of 0.90. The business’s 50 day moving average price is $17.65 and its two-hundred day moving average price is $18.93. DoubleVerify has a fifty-two week low of $16.11 and a fifty-two week high of $43.00.

DoubleVerify declared that its board has approved a share buyback plan on Wednesday, November 6th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

DV has been the topic of a number of research reports. Needham & Company LLC restated a “buy” rating and set a $33.00 target price on shares of DoubleVerify in a research report on Tuesday, September 17th. JMP Securities decreased their target price on DoubleVerify from $33.00 to $25.00 and set a “market outperform” rating for the company in a research report on Thursday, November 7th. Truist Financial cut their price target on shares of DoubleVerify from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Canaccord Genuity Group lowered their target price on shares of DoubleVerify from $36.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, Stifel Nicolaus reduced their price target on shares of DoubleVerify from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.47.

Insider Buying and Selling at DoubleVerify

In other DoubleVerify news, CFO Nicola T. Allais sold 1,764 shares of DoubleVerify stock in a transaction on Friday, October 4th. The stock was sold at an average price of $16.92, for a total value of $29,846.88. Following the completion of the transaction, the chief financial officer now owns 81,598 shares in the company, valued at approximately $1,380,638.16. The trade was a 2.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 8,820 shares of company stock worth $155,444 over the last three months. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On DoubleVerify

Institutional investors and hedge funds have recently bought and sold shares of the company. United Services Automobile Association raised its stake in DoubleVerify by 7.4% during the second quarter. United Services Automobile Association now owns 10,798 shares of the company’s stock worth $210,000 after acquiring an additional 746 shares in the last quarter. Arizona State Retirement System raised its position in DoubleVerify by 2.3% in the second quarter. Arizona State Retirement System now owns 40,751 shares of the company’s stock valued at $793,000 after purchasing an additional 927 shares during the last quarter. Gagnon Securities LLC increased its stake in shares of DoubleVerify by 1.2% in the first quarter. Gagnon Securities LLC now owns 86,018 shares of the company’s stock valued at $3,024,000 after buying an additional 1,045 shares during the period. The Manufacturers Life Insurance Company boosted its position in DoubleVerify by 3.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,040 shares of the company’s stock worth $663,000 after buying an additional 1,218 shares during the period. Finally, Covestor Ltd grew its holdings in DoubleVerify by 22.8% during the 3rd quarter. Covestor Ltd now owns 6,643 shares of the company’s stock worth $112,000 after acquiring an additional 1,235 shares during the last quarter. Institutional investors own 97.29% of the company’s stock.

DoubleVerify Company Profile

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.