DoubleVerify Holdings, Inc. (NYSE:DV) Short Interest Down 9.9% in October

DoubleVerify Holdings, Inc. (NYSE:DV) was the recipient of a large decrease in short interest during 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 daily trading volume, of 2,290,000 shares, the days-to-cover ratio is currently 4.1 days. Approximately 6.7% of the shares of the stock are short sold.

DoubleVerify Stock Up 0.1 %

Shares of DV traded up $0.02 during midday trading on Tuesday, reaching $19.23. 1,099,661 shares of the stock were exchanged, compared to its average volume of 2,376,114. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 51.92, a P/E/G ratio of 3.03 and a beta of 0.90. The firm has a 50 day simple moving average of $17.65 and a 200-day simple moving average of $18.93. DoubleVerify has a 12-month low of $16.11 and a 12-month high of $43.00.

DoubleVerify declared that its board has authorized a stock buyback plan on Wednesday, November 6th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on DV shares. Stifel Nicolaus dropped their price objective on shares of DoubleVerify from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Canaccord Genuity Group reduced their price objective on DoubleVerify from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Morgan Stanley dropped their target price on DoubleVerify from $23.00 to $21.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. JPMorgan Chase & Co. lowered their price objective on shares of DoubleVerify from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, Piper Sandler reduced their target price on shares of DoubleVerify from $30.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, DoubleVerify has a consensus rating of “Moderate Buy” and a consensus price target of $24.47.

Insider Buying and Selling at DoubleVerify

In other news, CFO Nicola T. Allais sold 1,764 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $17.28, for a total transaction of $30,481.92. Following the completion of the sale, the chief financial officer now directly owns 81,598 shares of the company’s stock, valued at $1,410,013.44. The trade was a 2.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 8,820 shares of company stock worth $155,444. 3.00% of the stock is owned by insiders.

Institutional Trading of DoubleVerify

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of DoubleVerify by 1.4% in the first quarter. Vanguard Group Inc. now owns 15,727,359 shares of the company’s stock valued at $552,974,000 after purchasing an additional 216,370 shares during the last quarter. Assenagon Asset Management S.A. increased its position in DoubleVerify by 9.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,123,545 shares of the company’s stock worth $69,440,000 after buying an additional 360,445 shares during the period. Van Berkom & Associates Inc. lifted its holdings in shares of DoubleVerify by 25.9% during the second quarter. Van Berkom & Associates Inc. now owns 3,046,200 shares of the company’s stock worth $59,310,000 after buying an additional 626,586 shares during the last quarter. Burgundy Asset Management Ltd. bought a new stake in shares of DoubleVerify in the second quarter valued at approximately $54,099,000. Finally, Mackenzie Financial Corp acquired a new stake in DoubleVerify in the 2nd quarter worth $53,015,000. Institutional investors 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.