DoubleVerify (NYSE:DV) Sets New 52-Week Low After Analyst Downgrade

Shares of DoubleVerify Holdings, Inc. (NYSE:DV) reached a new 52-week low on Friday after Barclays lowered their price target on the stock from $25.00 to $24.00. Barclays currently has an overweight rating on the stock. DoubleVerify traded as low as $15.12 and last traded at $15.50, with a volume of 1501562 shares trading hands. The stock had previously closed at $21.73.

DV has been the topic of several other research reports. JMP Securities reissued a “market outperform” rating and issued a $25.00 target price on shares of DoubleVerify in a research note on Monday, January 27th. Royal Bank of Canada increased their price target on shares of DoubleVerify from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. The Goldman Sachs Group restated a “neutral” rating and set a $20.00 price objective (down previously from $24.00) on shares of DoubleVerify in a report on Friday. Macquarie reaffirmed an “outperform” rating and issued a $19.00 target price on shares of DoubleVerify in a research note on Thursday, November 7th. Finally, Stifel Nicolaus set a $20.00 price target on shares of DoubleVerify in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.37.

Insider Activity at DoubleVerify

In other DoubleVerify news, CFO Nicola T. Allais sold 2,220 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $21.61, for a total value of $47,974.20. Following the completion of the transaction, the chief financial officer now directly owns 85,882 shares in the company, valued at $1,855,910.02. This trade represents a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.00% of the stock is owned by insiders.

Institutional Trading of DoubleVerify

Large investors have recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. raised its holdings in shares of DoubleVerify by 73.2% in the 4th quarter. Burgundy Asset Management Ltd. now owns 4,906,913 shares of the company’s stock valued at $94,262,000 after purchasing an additional 2,073,279 shares during the period. Norges Bank bought a new stake in DoubleVerify in the fourth quarter valued at approximately $33,957,000. BNP Paribas Financial Markets acquired a new stake in shares of DoubleVerify in the fourth quarter valued at approximately $31,579,000. Alta Fox Capital Management LLC acquired a new stake in shares of DoubleVerify in the fourth quarter valued at approximately $24,267,000. Finally, Disciplined Growth Investors Inc. MN acquired a new stake in DoubleVerify during the 3rd quarter valued at $19,457,000. Institutional investors and hedge funds own 97.29% of the company’s stock.

DoubleVerify Price Performance

The stock has a market capitalization of $2.35 billion, a P/E ratio of 37.57, a PEG ratio of 2.63 and a beta of 0.99. The stock’s 50-day simple moving average is $20.66 and its 200 day simple moving average is $19.32.

DoubleVerify announced that its Board of Directors has approved a stock repurchase program on Wednesday, November 6th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

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.