PubMatic (NASDAQ:PUBM) Shares Gap Up on Analyst Upgrade

PubMatic, Inc. (NASDAQ:PUBM)’s stock price gapped up before the market opened on Tuesday after B. Riley raised their price target on the stock from $9.00 to $10.00. The stock had previously closed at $7.65, but opened at $9.20. B. Riley currently has a neutral rating on the stock. PubMatic shares last traded at $10.9450, with a volume of 6,349,227 shares trading hands.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of PubMatic in a report on Wednesday, October 8th. Wall Street Zen upgraded PubMatic from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Royal Bank Of Canada decreased their target price on PubMatic from $14.00 to $11.00 and set an “outperform” rating for the company in a research note on Tuesday, August 12th. Scotiabank dropped their price target on PubMatic from $15.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 12th. Finally, Lake Street Capital lowered PubMatic from a “buy” rating to a “hold” rating and cut their price target for the stock from $19.00 to $9.50 in a report on Tuesday, August 12th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $12.94.

Insider Activity at PubMatic

In other news, insider Mukul Kumar sold 5,428 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $8.24, for a total transaction of $44,726.72. Following the sale, the insider directly owned 77,393 shares of the company’s stock, valued at $637,718.32. This represents a 6.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Andrew Woods sold 4,131 shares of PubMatic stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $8.23, for a total value of $33,998.13. Following the completion of the sale, the general counsel directly owned 51,495 shares of the company’s stock, valued at $423,803.85. This trade represents a 7.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 355,131 shares of company stock valued at $2,943,628. Insiders own 26.42% of the company’s stock.

Institutional Investors Weigh In On PubMatic

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Graham Holdings Co boosted its stake in PubMatic by 21.4% during the 1st quarter. Graham Holdings Co now owns 2,831,462 shares of the company’s stock worth $25,880,000 after acquiring an additional 500,000 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of PubMatic by 20.0% in the 1st quarter. Wellington Management Group LLP now owns 1,077,921 shares of the company’s stock valued at $9,852,000 after buying an additional 179,951 shares during the period. Geode Capital Management LLC increased its position in shares of PubMatic by 5.3% in the 2nd quarter. Geode Capital Management LLC now owns 985,948 shares of the company’s stock valued at $12,267,000 after buying an additional 49,209 shares in the last quarter. CenterBook Partners LP raised its stake in PubMatic by 239.0% during the 3rd quarter. CenterBook Partners LP now owns 748,460 shares of the company’s stock worth $6,197,000 after buying an additional 527,650 shares during the period. Finally, Nixon Capital LLC raised its stake in PubMatic by 8.7% during the 1st quarter. Nixon Capital LLC now owns 628,753 shares of the company’s stock worth $5,747,000 after buying an additional 50,494 shares during the period. Institutional investors own 64.26% of the company’s stock.

PubMatic Stock Up 43.7%

The company has a fifty day simple moving average of $8.33 and a two-hundred day simple moving average of $10.14. The stock has a market capitalization of $502.51 million, a P/E ratio of -156.82 and a beta of 1.50.

PubMatic (NASDAQ:PUBM) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.13). The business had revenue of $71.10 million during the quarter, compared to analyst estimates of $67.77 million. PubMatic had a negative net margin of 0.58% and a negative return on equity of 0.64%. PubMatic’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 earnings per share. As a group, equities analysts forecast that PubMatic, Inc. will post 0.22 earnings per share for the current year.

PubMatic Company Profile

PubMatic, Inc, a technology company, engages in the provision of a cloud infrastructure platform that enables real-time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell-side platform, used for the purchase and sale of digital advertising inventory for publishers and buyers.