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

DoubleVerify Holdings, Inc. (NYSE:DV) 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 were traded during mid-day trading, a decline of 65% from the average daily volume of 2,647,971 shares. The stock had previously closed at $10.01.

A number of other equities analysts also recently commented on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of DoubleVerify in a research note on Monday, April 20th. The Goldman Sachs Group lifted their target price on shares of DoubleVerify from $10.50 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Zacks Research downgraded shares of DoubleVerify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Royal Bank Of Canada reduced their target price on shares of DoubleVerify from $17.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Finally, Morgan Stanley lifted their target price on shares of DoubleVerify from $15.00 to $15.50 and gave the stock an “equal weight” rating in a research note on Tuesday, January 13th. Eleven analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.70.

Institutional Investors Weigh In On DoubleVerify

A number of institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System raised its position 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 purchasing an additional 754 shares during the last quarter. Woodline Partners LP raised its position 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 purchasing an additional 762 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in DoubleVerify by 2.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 44,027 shares of the company’s stock worth $504,000 after buying an additional 1,098 shares during the last quarter. Central Pacific Bank Trust Division raised its position in DoubleVerify by 9.0% during the 4th quarter. Central Pacific Bank Trust Division now owns 13,707 shares of the company’s stock worth $157,000 after buying an additional 1,130 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its position in DoubleVerify by 4.1% during the 4th quarter. Handelsbanken Fonder AB now owns 30,300 shares of the company’s stock worth $347,000 after buying an additional 1,200 shares during the last quarter. 97.29% of the stock is currently owned by institutional investors and hedge funds.

DoubleVerify Stock Performance

The company has a market cap of $1.43 billion, a PE ratio of 28.19, a P/E/G ratio of 1.18 and a beta of 1.05. The stock’s 50-day simple moving average is $10.35 and its 200 day simple moving average is $10.54.

DoubleVerify (NYSE:DV) last announced 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 firm had revenue of $205.59 million for the quarter, compared to analysts’ expectations of $208.77 million. DoubleVerify had a return on equity of 7.98% and a net margin of 7.16%.The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 EPS. On average, sell-side analysts predict that DoubleVerify Holdings, Inc. will post 0.56 EPS for the current fiscal year.

DoubleVerify Company Profile

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.