PubMatic, Inc. (NASDAQ:PUBM – Get Rating) was the target of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 2,670,000 shares, a decline of 16.6% from the August 31st total of 3,200,000 shares. Based on an average daily trading volume, of 778,100 shares, the days-to-cover ratio is currently 3.4 days.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on PUBM shares. Raymond James boosted their price objective on PubMatic from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, August 9th. Lake Street Capital cut their price objective on PubMatic from $26.00 to $24.00 in a research note on Tuesday, August 9th. KeyCorp downgraded PubMatic to a “sector weight” rating in a research note on Tuesday, August 9th. JMP Securities dropped their price target on PubMatic from $40.00 to $34.00 and set a “market outperform” rating for the company in a research note on Tuesday, August 9th. Finally, Evercore ISI upped their price target on PubMatic to $23.00 in a research note on Monday, August 15th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $32.75.
Insiders Place Their Bets
In other news, CEO Rajeev K. Goel sold 5,865 shares of the company’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $15.28, for a total transaction of $89,617.20. Following the completion of the sale, the chief executive officer now owns 5,371 shares of the company’s stock, valued at approximately $82,068.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Rajeev K. Goel sold 5,865 shares of the company’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $15.28, for a total transaction of $89,617.20. Following the completion of the sale, the chief executive officer now owns 5,371 shares of the company’s stock, valued at approximately $82,068.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mukul Kumar sold 8,300 shares of the company’s stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $15.62, for a total transaction of $129,646.00. Following the sale, the insider now directly owns 4,210 shares of the company’s stock, valued at approximately $65,760.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 227,823 shares of company stock valued at $4,505,945. 1.20% of the stock is owned by insiders.
Institutional Trading of PubMatic
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Verition Fund Management LLC raised its holdings in PubMatic by 7.6% during the 2nd quarter. Verition Fund Management LLC now owns 11,554 shares of the company’s stock valued at $184,000 after buying an additional 819 shares during the period. Legal & General Group Plc raised its holdings in PubMatic by 94.6% during the 2nd quarter. Legal & General Group Plc now owns 18,695 shares of the company’s stock valued at $297,000 after buying an additional 9,089 shares during the period. Captrust Financial Advisors raised its holdings in PubMatic by 39.1% during the 2nd quarter. Captrust Financial Advisors now owns 66,459 shares of the company’s stock valued at $1,056,000 after buying an additional 18,684 shares during the period. Woodline Partners LP purchased a new stake in PubMatic during the 2nd quarter valued at $433,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in PubMatic by 3.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 116,644 shares of the company’s stock valued at $1,853,000 after buying an additional 3,981 shares during the period. Hedge funds and other institutional investors own 42.94% of the company’s stock.
PubMatic Stock Performance
NASDAQ PUBM opened at $16.90 on Thursday. The company has a market capitalization of $876.60 million, a P/E ratio of 17.60 and a beta of 0.66. PubMatic has a one year low of $14.73 and a one year high of $43.65. The stock has a 50 day moving average price of $18.66 and a 200-day moving average price of $20.23.
PubMatic (NASDAQ:PUBM – Get Rating) last posted its earnings results on Monday, August 8th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.07. The firm had revenue of $63.03 million during the quarter, compared to the consensus estimate of $60.64 million. PubMatic had a return on equity of 19.13% and a net margin of 21.64%. The company’s quarterly revenue was up 26.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 EPS. As a group, equities analysts predict that PubMatic will post 0.68 EPS for the current fiscal year.
PubMatic Company Profile
PubMatic, Inc provides a cloud infrastructure platform that enables real-time programmatic advertising transactions for Internet content creators and advertisers worldwide. The company’s solutions include Openwrap, a header bidding solution that provides enterprise-grade management and analytics tools; Openwrap OTT, a header bidding management solution for OTT; Openwrap SDK, a header bidding solution for in-app developers; private marketplace solutions; and media buyer consoles.