Similarweb (NYSE:SMWB) Sees Large Volume Increase – Here’s What Happened

Similarweb Ltd. (NYSE:SMWB) saw unusually-strong trading volume on Wednesday . Approximately 123,825 shares were traded during trading, a decline of 36% from the previous session’s volume of 193,946 shares.The stock last traded at $10.75 and had previously closed at $10.70.

Wall Street Analyst Weigh In

SMWB has been the topic of several analyst reports. William Blair reiterated an “outperform” rating on shares of Similarweb in a research note on Monday, September 9th. Needham & Company LLC initiated coverage on shares of Similarweb in a research note on Monday, October 21st. They set a “buy” rating and a $11.00 target price for the company. Barclays boosted their price objective on shares of Similarweb from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Northland Capmk upgraded Similarweb to a “strong-buy” rating in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Similarweb in a research report on Wednesday, August 7th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $11.71.

Similarweb Stock Performance

The business’s 50-day simple moving average is $8.92 and its two-hundred day simple moving average is $8.07.

Institutional Investors Weigh In On Similarweb

Institutional investors and hedge funds have recently modified their holdings of the stock. Quantbot Technologies LP acquired a new position in Similarweb in the 3rd quarter worth $75,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Similarweb by 112.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock worth $3,977,000 after acquiring an additional 238,428 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Similarweb by 9.8% in the third quarter. Oppenheimer & Co. Inc. now owns 106,607 shares of the company’s stock valued at $942,000 after purchasing an additional 9,555 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in Similarweb during the 3rd quarter valued at approximately $122,000. Finally, P.A.W. Capital Corp purchased a new stake in Similarweb during the 3rd quarter worth approximately $3,536,000. Hedge funds and other institutional investors own 57.59% of the company’s stock.

About Similarweb

Similarweb Ltd. provides cloud-based digital intelligence solutions in the United States, Europe, the Asia Pacific, the United Kingdom, Israel, and internationally. The company offers digital research intelligence solutions for its customers to benchmark performance against competitors and market leaders, analyze trends in the market, conduct deeper research into specific companies, and analyze audience behavior; and digital marketing intelligence solutions for its customers to understand their competitors' online acquisition strategies in each marketing channel, and optimize their own strategies.