DoubleVerify (NYSE:DV) Stock Price Up 4.3% – Should You Buy?

DoubleVerify Holdings, Inc. (NYSE:DV) shares shot up 4.3% during mid-day trading on Wednesday . The company traded as high as $20.17 and last traded at $20.04. 676,437 shares traded hands during trading, a decline of 45% from the average session volume of 1,237,505 shares. The stock had previously closed at $19.22.

Analysts Set New Price Targets

A number of analysts recently weighed in on DV shares. Wells Fargo & Company assumed coverage on shares of DoubleVerify in a research note on Monday, October 28th. They issued an “underweight” rating and a $14.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price target on shares of DoubleVerify in a research report on Wednesday, December 11th. The Goldman Sachs Group reduced their price objective on shares of DoubleVerify from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, October 14th. BMO Capital Markets lowered their target price on DoubleVerify from $38.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Scotiabank assumed coverage on DoubleVerify in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $24.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.21.

DoubleVerify Trading Up 3.9 %

The firm has a 50-day simple moving average of $19.69 and a two-hundred day simple moving average of $19.00. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of 53.97, a P/E/G ratio of 3.29 and a beta of 0.98.

DoubleVerify declared that its Board of Directors has initiated 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 purchase up to 6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Nicola T. Allais sold 2,071 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $20.51, for a total transaction of $42,476.21. Following the sale, the chief financial officer now directly owns 85,882 shares of the company’s stock, valued at $1,761,439.82. This represents a 2.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 5,599 shares of company stock worth $107,233. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On DoubleVerify

A number of large investors have recently bought and sold shares of the business. TD Asset Management Inc grew its position in shares of DoubleVerify by 10.8% in the second quarter. TD Asset Management Inc now owns 131,020 shares of the company’s stock valued at $2,551,000 after purchasing an additional 12,800 shares during the period. Arizona State Retirement System raised its holdings in shares of DoubleVerify by 2.3% during the second quarter. Arizona State Retirement System now owns 40,751 shares of the company’s stock valued at $793,000 after acquiring an additional 927 shares during the last quarter. United Services Automobile Association lifted its position in shares of DoubleVerify by 7.4% in the second quarter. United Services Automobile Association now owns 10,798 shares of the company’s stock valued at $210,000 after acquiring an additional 746 shares in the last quarter. Pier Capital LLC lifted its position in shares of DoubleVerify by 23.5% in the second quarter. Pier Capital LLC now owns 310,098 shares of the company’s stock valued at $6,038,000 after acquiring an additional 59,099 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its stake in shares of DoubleVerify by 22.5% in the second quarter. State of New Jersey Common Pension Fund D now owns 97,681 shares of the company’s stock worth $1,902,000 after acquiring an additional 17,967 shares during the last quarter. Institutional investors and hedge funds own 97.29% of the company’s stock.

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.