Domo Target of Unusually High Options Trading (NASDAQ:DOMO)

Domo, Inc. (NASDAQ:DOMO) was the target of unusually large options trading activity on Thursday. Stock traders bought 7,658 call options on the stock. This represents an increase of approximately 98% compared to the typical volume of 3,866 call options.

Insider Activity

In other news, EVP Daren Thayne sold 52,365 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $2.38, for a total transaction of $124,628.70. Following the completion of the transaction, the executive vice president directly owned 498,051 shares in the company, valued at approximately $1,185,361.38. The trade was a 9.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joshua G. James sold 96,088 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $2.38, for a total value of $228,689.44. Following the completion of the transaction, the chief executive officer directly owned 1,638,873 shares of the company’s stock, valued at $3,900,517.74. This trade represents a 5.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 466,662 shares of company stock valued at $1,483,488. 13.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Domo

Several hedge funds have recently modified their holdings of DOMO. Headlands Technologies LLC acquired a new position in Domo during the 2nd quarter valued at $42,000. Rangeley Capital LLC acquired a new position in shares of Domo during the first quarter valued at about $80,000. Andina Capital Management LLC acquired a new stake in shares of Domo during the 4th quarter worth approximately $84,000. Oxford Asset Management LLP acquired a new stake in Domo in the 4th quarter valued at $88,000. Finally, Kemnay Advisory Services Inc. acquired a new position in Domo in the fourth quarter valued at about $88,000. 76.64% of the stock is owned by institutional investors.

Domo Price Performance

NASDAQ:DOMO traded up $0.91 during midday trading on Thursday, reaching $4.06. The stock had a trading volume of 18,681,646 shares, compared to its average volume of 1,825,323. Domo has a 1-year low of $1.84 and a 1-year high of $18.49. The firm’s fifty day simple moving average is $3.31 and its 200-day simple moving average is $4.11. The stock has a market capitalization of $183.13 million, a P/E ratio of -3.06 and a beta of 1.79.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on DOMO shares. TD Cowen downgraded shares of Domo from a “buy” rating to a “hold” rating and reduced their price target for the company from $6.00 to $3.25 in a research report on Tuesday, June 16th. DA Davidson reiterated a “neutral” rating and issued a $3.50 target price on shares of Domo in a research report on Tuesday, June 16th. Wall Street Zen lowered shares of Domo from a “buy” rating to a “hold” rating in a research note on Sunday, March 29th. Cantor Fitzgerald lowered their price target on shares of Domo from $8.00 to $5.00 and set an “overweight” rating on the stock in a report on Tuesday, June 16th. Finally, Lake Street Capital upgraded Domo from a “hold” rating to a “buy” rating and cut their price objective for the stock from $7.00 to $5.00 in a report on Thursday. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.00.

Key Domo News

Here are the key news stories impacting Domo this week:

• Positive Sentiment: Domo agreed to sell substantially all of its assets and certain liabilities to Progress Software for $400 million, a deal that is driving investor optimism around a potential monetization of the business. Domo Announces Agreement to Sell Substantially All Assets and Certain Liabilities to Progress Software for $400 Million
• Positive Sentiment: Market coverage highlighted Domo’s after-hours surge following the acquisition announcement, reflecting enthusiasm that the transaction could provide a floor for valuation. Why Is Domo (DOMO) Stock Rallying Over 23% After Hours Today?
• Neutral Sentiment: Domo’s board also adopted a tax benefits preservation rights plan, which appears aimed at protecting tax assets during the transition and may help preserve deal value. Domo Adopts Tax Benefits Preservation Rights Plan
• Negative Sentiment: Stephens downgraded Domo from overweight to equal weight, which could temper some of the takeover-driven enthusiasm even as it raised its price target to $4.00. Stephens Downgrades Domo to Equal Weight

About Domo

Domo, Inc (NASDAQ: DOMO) is a cloud-based software company that specializes in business intelligence and data analytics. The company’s flagship product, the Domo Business Cloud, provides organizations with an end-to-end platform to integrate, visualize and analyze data from a wide array of sources. By unifying disparate data feeds into interactive dashboards and custom applications, Domo enables real-time insights that inform decision-making across all levels of an enterprise.

Founded in 2010 by Josh James, Domo is headquartered in American Fork, Utah, and operates offices across North America, Europe and Asia Pacific.