Insider Selling: PubMatic (NASDAQ:PUBM) Chairman Sells $138,518.94 in Stock

PubMatic, Inc. (NASDAQ:PUBM) Chairman Amar Goel sold 7,302 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $18.97, for a total transaction of $138,518.94. Following the completion of the transaction, the chairman directly owned 46,375 shares in the company, valued at $879,733.75. This represents a 13.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

PubMatic Price Performance

PubMatic stock opened at $18.57 on Thursday. The stock has a market cap of $845.86 million, a price-to-earnings ratio of -61.90 and a beta of 1.56. PubMatic, Inc. has a 1 year low of $6.15 and a 1 year high of $19.48. The firm has a 50-day moving average of $16.81 and a two-hundred day moving average of $12.94.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PUBM shares. Weiss Ratings downgraded PubMatic from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Scotiabank raised shares of PubMatic from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $8.00 to $21.00 in a research report on Friday, August 7th. Lake Street Capital restated a “buy” rating and set a $20.00 price objective on shares of PubMatic in a research note on Friday, August 7th. Craig Hallum initiated coverage on shares of PubMatic in a report on Thursday, September 24th. They issued a “buy” rating and a $24.00 price objective on the stock. Finally, B. Riley Financial raised their target price on shares of PubMatic from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, September 18th. Eleven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.73.

PubMatic News Roundup

Here are the key news stories impacting PubMatic this week:

• Positive Sentiment: Sony Pictures partnership expands connected-TV prospects: Sony Pictures Entertainment named PubMatic its preferred programmatic advertising partner for Live TV on PS5. The agreement could give PubMatic access to more gaming and entertainment ad inventory, increasing impressions, advertiser demand and future revenue opportunities. Sony Pictures Entertainment Names PubMatic Its Preferred Programmatic Advertising Partner
• Neutral Sentiment: Analyst support remains favorable: Analysts maintain a consensus “Moderate Buy” rating, with several firms assigning price targets above or around the current share price. This supports sentiment, but the stock’s proximity to its 12-month high may limit near-term upside. PubMatic Stock Rated Moderate Buy by Wall Street Brokerages
• Negative Sentiment: Several executives sold shares: CEO Rajeev Goel, CFO Steven Pantelick, Chairman Amar Goel, General Counsel Andrew Woods and insider Mukul Kumar disclosed sales totaling roughly 94,600 shares and about $1.8 million across recent transactions. Woods also sold 10,079 shares, while Pantelick sold more than 22,000 shares and Amar Goel sold more than 10,000. Most sales were executed under pre-arranged Rule 10b5-1 plans; one Woods transaction covered tax withholding. Those details reduce the bearish significance, but the sizable reductions in insider ownership could weigh on confidence and create additional share supply. PubMatic Insider Trading Alert

Institutional Investors Weigh In On PubMatic

Large investors have recently modified their holdings of the company. WINTON GROUP Ltd raised its holdings in shares of PubMatic by 28.0% in the 2nd quarter. WINTON GROUP Ltd now owns 16,900 shares of the company’s stock valued at $222,000 after purchasing an additional 3,700 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of PubMatic by 168.8% during the second quarter. Squarepoint Ops LLC now owns 62,137 shares of the company’s stock worth $815,000 after purchasing an additional 39,023 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in PubMatic in the second quarter valued at $872,000. Pinnacle Holdings LLC acquired a new stake in PubMatic in the second quarter valued at $2,076,000. Finally, Bank of New York Mellon Corp acquired a new stake in PubMatic in the second quarter valued at $1,595,000. 64.26% of the stock is owned by hedge funds and other institutional investors.

About PubMatic

PubMatic, Inc is a cloud infrastructure and digital advertising technology company that operates a sell-side platform (SSP). Its technology helps publishers, mobile application developers and other digital content creators manage and monetize advertising inventory across websites, apps, connected television and other digital channels.

The company’s platform connects digital media sellers with advertisers and agencies through programmatic advertising, enabling the automated buying and selling of ad space.