Craig Hallum Initiates Coverage on PubMatic (NASDAQ:PUBM)

Investment analysts at Craig Hallum assumed coverage on shares of PubMatic (NASDAQ:PUBM) in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $24.00 price target on the stock. Craig Hallum’s price objective would suggest a potential upside of 37.54% from the stock’s current price.

A number of other equities research analysts also recently commented on PUBM. Raymond James Financial raised PubMatic from a “market perform” rating to an “outperform” rating and set a $22.00 target price for the company in a report on Friday, August 7th. B. Riley Financial boosted their price objective on PubMatic from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, September 18th. Citigroup reaffirmed an “outperform” rating on shares of PubMatic in a report on Friday, August 7th. Citizens Jmp raised their price objective on PubMatic from $12.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Friday, August 7th. Finally, Lake Street Capital reissued a “buy” rating and issued a $20.00 price target on shares of PubMatic in a report on Friday, August 7th. Eleven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, PubMatic has a consensus rating of “Moderate Buy” and an average target price of $19.73.

PubMatic Stock Performance

Shares of PubMatic stock opened at $17.45 on Thursday. PubMatic has a 52-week low of $6.15 and a 52-week high of $19.19. The stock has a market capitalization of $794.85 million, a price-to-earnings ratio of -58.16 and a beta of 1.58. The company has a fifty day moving average of $15.66 and a 200-day moving average of $12.21.

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

Insider Activity at PubMatic

In other news, CFO Steven Pantelick sold 23,548 shares of PubMatic stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $13.65, for a total transaction of $321,430.20. Following the completion of the transaction, the chief financial officer directly owned 64,820 shares of the company’s stock, valued at $884,793. The trade was a 26.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Andrew Woods sold 38,331 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $17.96, for a total value of $688,424.76. Following the completion of the transaction, the general counsel directly owned 39,761 shares in the company, valued at $714,107.56. This trade represents a 49.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 546,626 shares of company stock worth $8,798,636 over the last quarter. 27.78% of the stock is owned by corporate insiders.

Institutional Trading of PubMatic

Several hedge funds have recently modified their holdings of PUBM. Renaissance Technologies LLC boosted its holdings in PubMatic by 26.3% in the first quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company’s stock worth $12,602,000 after acquiring an additional 321,200 shares in the last quarter. CenterBook Partners LP raised its position in PubMatic by 53.3% in the 4th quarter. CenterBook Partners LP now owns 1,147,055 shares of the company’s stock valued at $10,174,000 after purchasing an additional 398,595 shares during the last quarter. S Squared Technology LLC raised its position in PubMatic by 7.7% during the fourth quarter. S Squared Technology LLC now owns 280,972 shares of the company’s stock worth $2,492,000 after acquiring an additional 20,000 shares in the last quarter. Pinnacle Holdings LLC acquired a new position in shares of PubMatic during the second quarter worth $2,076,000. Finally, Quantinno Capital Management LP raised its stake in PubMatic by 248.0% during the first quarter. Quantinno Capital Management LP now owns 206,815 shares of the company’s stock worth $1,692,000 after buying an additional 147,386 shares during the last quarter. 64.26% of the stock is owned by institutional investors.

PubMatic Company Profile

PubMatic, Inc (NASDAQ: PUBM) operates a cloud infrastructure platform that helps digital publishers and app developers manage and monetize advertising inventory. Its sell-side platform connects publishers with advertisers, agencies and demand-side platforms, enabling automated buying and selling of digital advertising.

The company’s solutions support advertising across the open internet, including websites, mobile applications, connected television, online video and digital out-of-home environments.