PubMatic (NASDAQ:PUBM) Stock Crosses Above 50-Day Moving Average – Time to Sell?

PubMatic, Inc. (NASDAQ:PUBM)’s stock price passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $17.39 and traded as high as $17.95. PubMatic shares last traded at $17.81, with a volume of 619,229 shares traded.

Wall Street Analyst Weigh In

Several research firms have issued reports on PUBM. Craig Hallum began coverage on PubMatic in a research report on Thursday, September 24th. They issued a “buy” rating and a $24.00 price objective for the company. Jefferies Financial Group raised their price target on shares of PubMatic from $10.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, August 11th. Raymond James Financial upgraded shares of PubMatic from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a report on Friday, August 7th. Scotiabank upgraded shares of PubMatic from a “sector perform” rating to a “sector outperform” rating and raised their price target for the company from $8.00 to $21.00 in a research note on Friday, August 7th. Finally, Evercore restated an “outperform” rating and set a $21.00 price target on shares of PubMatic in a report on Monday, August 10th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.73.

PubMatic Stock Up 6.1%

The stock’s 50 day moving average price is $17.39 and its two-hundred day moving average price is $12.30. The stock has a market cap of $811.25 million, a price-to-earnings ratio of -59.36 and a beta of 1.59.

PubMatic (NASDAQ:PUBM) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.15. The company had revenue of $78.59 million for the quarter, compared to the consensus estimate of $68.95 million. PubMatic had a negative return on equity of 5.41% and a negative net margin of 4.66%. On average, analysts predict that PubMatic, Inc. will post -0.09 earnings per share for the current fiscal year.

Insider Buying and Selling at PubMatic

In related news, General Counsel Andrew Woods sold 10,079 shares of PubMatic stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $18.65, for a total value of $187,973.35. Following the completion of the sale, the general counsel directly owned 39,761 shares in the company, valued at $741,542.65. This trade represents a 20.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mukul Kumar sold 8,000 shares of the company’s stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $17.12, for a total value of $136,960.00. Following the transaction, the insider directly owned 117,041 shares of the company’s stock, valued at $2,003,741.92. This represents a 6.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 400,149 shares of company stock worth $7,170,140. 27.78% of the stock is owned by insiders.

Institutional Trading of PubMatic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its stake in PubMatic by 26.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company’s stock worth $12,602,000 after purchasing an additional 321,200 shares in the last quarter. Quantinno Capital Management LP grew its position in PubMatic by 248.0% during the 1st quarter. Quantinno Capital Management LP now owns 206,815 shares of the company’s stock worth $1,692,000 after purchasing an additional 147,386 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in PubMatic in the first quarter valued at approximately $1,687,000. Avestar Capital LLC increased its position in shares of PubMatic by 250.3% during the 3rd quarter. Avestar Capital LLC now owns 192,688 shares of the company’s stock worth $3,609,000 after purchasing an additional 137,688 shares during the last quarter. Finally, Pinnacle Holdings LLC purchased a new position in PubMatic during the 2nd quarter worth approximately $2,076,000. 64.26% of the stock is owned by institutional investors.

About PubMatic

PubMatic, Inc is a cloud infrastructure and digital advertising technology company that provides solutions for the programmatic advertising industry. Its platform helps publishers, app developers and content creators manage and monetize advertising inventory across websites, mobile applications, connected television and other digital channels.

The company operates primarily as a sell-side platform, connecting publishers with advertisers, agencies and demand-side platforms. Its offerings include tools for real-time bidding, yield management, audience targeting, identity solutions, supply-path optimization and header bidding.