Short Interest in Similarweb Ltd. (NYSE:SMWB) Decreases By 28.0%

Similarweb Ltd. (NYSE:SMWB) saw a large decrease in short interest in the month of October. As of October 15th, there was short interest totaling 423,700 shares, a decrease of 28.0% from the September 30th total of 588,500 shares. Currently, 0.9% of the company’s shares are short sold. Based on an average trading volume of 410,800 shares, the days-to-cover ratio is presently 1.0 days. Based on an average trading volume of 410,800 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.9% of the company’s shares are short sold.

Institutional Investors Weigh In On Similarweb

Institutional investors and hedge funds have recently made changes to their positions in the company. Teacher Retirement System of Texas boosted its stake in Similarweb by 70.1% during the 1st quarter. Teacher Retirement System of Texas now owns 18,362 shares of the company’s stock valued at $152,000 after purchasing an additional 7,566 shares during the last quarter. Fullcircle Wealth LLC bought a new position in Similarweb during the first quarter valued at approximately $117,000. Victory Capital Management Inc. grew its position in Similarweb by 14.8% in the 1st quarter. Victory Capital Management Inc. now owns 493,370 shares of the company’s stock worth $4,080,000 after purchasing an additional 63,588 shares during the period. Bailard Inc. lifted its holdings in shares of Similarweb by 34.8% during the 1st quarter. Bailard Inc. now owns 61,256 shares of the company’s stock valued at $507,000 after buying an additional 15,799 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of Similarweb by 2.9% in the 1st quarter. Jennison Associates LLC now owns 1,892,110 shares of the company’s stock worth $15,648,000 after buying an additional 53,055 shares during the last quarter. Institutional investors own 57.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SMWB shares. Zacks Research raised shares of Similarweb from a “strong sell” rating to a “hold” rating in a report on Thursday, August 14th. Barclays reaffirmed an “overweight” rating on shares of Similarweb in a research report on Wednesday, August 13th. Oppenheimer boosted their price target on shares of Similarweb from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, August 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Similarweb in a report on Wednesday, October 8th. Finally, Citigroup reiterated a “market outperform” rating on shares of Similarweb in a report on Tuesday, October 28th. Nine 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.88.

Similarweb Stock Performance

Shares of Similarweb stock traded up $0.23 during midday trading on Monday, hitting $8.78. The company had a trading volume of 329,527 shares, compared to its average volume of 237,422. Similarweb has a 52-week low of $6.36 and a 52-week high of $17.64. The company has a 50 day moving average of $9.34 and a 200 day moving average of $8.43. The stock has a market capitalization of $744.73 million, a P/E ratio of -25.07 and a beta of 1.09.

Similarweb Company Profile

Similarweb Ltd. provides cloud-based digital intelligence solutions in the United States, Europe, the Asia Pacific, the United Kingdom, Israel, and internationally. The company offers digital research intelligence solutions for its customers to benchmark performance against competitors and market leaders, analyze trends in the market, conduct deeper research into specific companies, and analyze audience behavior; and digital marketing intelligence solutions for its customers to understand their competitors' online acquisition strategies in each marketing channel, and optimize their own strategies.