Shares of DoubleVerify (NYSE: DV) received a significant boost after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating in a research note released to investors on Friday. The bank raised its price target for the stock to $19.00, up from a previous target of $18.00. This upgrade follows a series of mixed evaluations from other financial institutions regarding the company’s performance and outlook.
In recent reports, several analysts have adjusted their own price targets for DoubleVerify. On April 17, Morgan Stanley lowered its target price from $18.50 to $17.00, maintaining an “equal weight” rating. Meanwhile, Wells Fargo & Company set a more conservative target of $13.00 with an “underweight” rating on June 12. On the same day, BMO Capital Markets reaffirmed an “outperform” rating, increasing its target price from $25.00 to $26.00.
Analyst Consensus and Company Performance
Adding to the mixed sentiment, Canaccord Genuity Group reduced its target from $26.00 to $24.00 while maintaining a “buy” rating. Barclays also adjusted its price objective, decreasing it from $24.00 to $16.00, while still rating the stock as “overweight.” Overall, analysts have given the stock a consensus rating of “Moderate Buy” with an average price target of $18.92.
DoubleVerify’s performance in its recent quarterly earnings report, announced on May 8, revealed earnings per share (EPS) of $0.01, which was lower than the consensus estimate of $0.02. The company reported a net margin of 7.55% and a return on equity of 4.73%. Revenue for the quarter stood at $165.06 million, exceeding analysts’ expectations of $153.07 million. This represents a year-over-year revenue growth of 17.2%.
Investment Trends and Institutional Involvement
Institutional investors have shown increased activity in DoubleVerify’s stock. For instance, Quadrant Capital Group LLC boosted its holdings by 171.6% in the fourth quarter, acquiring an additional 1,285 shares. Similarly, Signaturefd LLC increased its stake by 582.9% in the first quarter, adding 1,982 shares to its portfolio.
In the second quarter, Parallel Advisors LLC raised its position by 572.1%, acquiring an additional 2,031 shares. Versant Capital Management Inc. also entered the picture with a new stake valued at approximately $40,000. Additionally, Farther Finance Advisors LLC expanded its holdings by an impressive 3,035.6% in the second quarter, acquiring 3,066 shares.
Currently, institutional investors and hedge funds own approximately 97.29% of DoubleVerify’s stock, indicating strong confidence in the company’s potential.
Founded to enhance digital media measurement and data analytics, DoubleVerify Holdings, Inc. offers solutions that help advertisers optimize the effectiveness and quality of their digital advertising investments. As the company continues to navigate the evolving landscape of digital marketing, its stock performance will be closely monitored by both analysts and investors alike.