DoubleVerify (NYSE:DV) Trading Down 7.4% Following Analyst Downgrade

DoubleVerify Holdings, Inc. (NYSE:DV)’s share price dropped 7.4% during trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $9.00 to $8.00. Wells Fargo & Company currently has an underweight rating on the stock. DoubleVerify traded as low as $9.29 and last traded at $9.2740. Approximately 938,123 shares changed hands during trading, a decline of 65% from the average daily volume of 2,647,971 shares. The stock had previously closed at $10.01.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group increased their price target on shares of DoubleVerify from $10.50 to $12.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Wall Street Zen downgraded shares of DoubleVerify from a “buy” rating to a “hold” rating in a report on Sunday, April 19th. Weiss Ratings reiterated a “sell (d+)” rating on shares of DoubleVerify in a report on Monday, April 20th. Morgan Stanley increased their price target on shares of DoubleVerify from $15.00 to $15.50 and gave the company an “equal weight” rating in a report on Tuesday, January 13th. Finally, Canaccord Genuity Group cut their price target on shares of DoubleVerify from $18.00 to $16.00 and set a “buy” rating for the company in a report on Friday, February 27th. Eleven analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, DoubleVerify presently has a consensus rating of “Moderate Buy” and an average target price of $15.70.

Institutional Investors Weigh In On DoubleVerify

A number of large investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its stake in DoubleVerify by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 133,120 shares of the company’s stock valued at $1,993,000 after acquiring an additional 754 shares during the last quarter. Woodline Partners LP grew its stake in DoubleVerify by 2.5% in the 1st quarter. Woodline Partners LP now owns 30,825 shares of the company’s stock valued at $412,000 after acquiring an additional 762 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in DoubleVerify by 2.6% in the 4th quarter. Public Employees Retirement System of Ohio now owns 44,027 shares of the company’s stock valued at $504,000 after acquiring an additional 1,098 shares during the last quarter. Central Pacific Bank Trust Division grew its stake in DoubleVerify by 9.0% in the 4th quarter. Central Pacific Bank Trust Division now owns 13,707 shares of the company’s stock valued at $157,000 after acquiring an additional 1,130 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its stake in DoubleVerify by 4.1% in the 4th quarter. Handelsbanken Fonder AB now owns 30,300 shares of the company’s stock valued at $347,000 after acquiring an additional 1,200 shares during the last quarter. 97.29% of the stock is owned by institutional investors and hedge funds.

DoubleVerify Trading Down 7.1%

The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 1.18 and a beta of 1.05. The stock’s 50 day moving average is $10.35 and its 200 day moving average is $10.54.

DoubleVerify (NYSE:DV) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.02). The business had revenue of $205.59 million during the quarter, compared to analyst estimates of $208.77 million. DoubleVerify had a net margin of 7.16% and a return on equity of 7.98%. DoubleVerify’s revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.13 earnings per share. On average, sell-side analysts anticipate that DoubleVerify Holdings, Inc. will post 0.56 EPS for the current year.

About DoubleVerify

DoubleVerify, Inc is a leading digital media measurement and analytics company that helps advertisers, publishers and platforms ensure their digital advertising campaigns are viewable, fraud-free and brand-safe. The company’s platform integrates data science, machine learning and proprietary analytics to authenticate the quality of media across display, video, mobile, CTV and social channels. By delivering real-time insights into ad viewability, fraud detection and contextual relevance, DoubleVerify empowers marketers to optimize campaign performance and drive better return on ad spend.

At the core of DoubleVerify’s offering are solutions for viewability measurement, invalid traffic (IVT) detection, brand safety and suitability, contextual targeting and campaign performance analytics.