JPMorgan Chase & Co. has upgraded its rating on DoubleVerify (NYSE:DV) from neutral to overweight, reflecting increased confidence in the company’s performance. In a research note issued to investors on Friday, the financial institution set a new price target of $19.00, a rise from the previous target of $18.00.
This upgrade comes amidst a flurry of analyst activity regarding DoubleVerify, a leader in digital media measurement and data analytics. Morgan Stanley recently reduced its target price for the company from $18.50 to $17.00, assigning it an “equal weight” rating. Conversely, Wells Fargo & Company set a lower target price of $13.00, marking an “underweight” rating in its latest assessment.
BMO Capital Markets has taken a more optimistic stance, reiterating an “outperform” rating and raising its target price from $25.00 to $26.00. Additionally, Canaccord Genuity Group adjusted its target price down from $26.00 to $24.00, maintaining a “buy” rating. Barclays also revised its price objective, lowering it from $24.00 to $16.00 while still providing an “overweight” rating.
As it stands, one investment analyst has issued a sell rating on DoubleVerify shares, while seven analysts have rated it a hold, and fourteen have given it a buy rating. According to data from MarketBeat, the stock boasts a consensus rating of “Moderate Buy” with an average price target of $18.92.
Financial Performance Highlights
DoubleVerify announced its quarterly earnings on May 8, 2024, reporting earnings per share (EPS) of $0.01, which fell short of analysts’ expectations of $0.02 by $0.01. The company achieved a net margin of 7.55% and a return on equity of 4.73%. Revenue for the quarter reached $165.06 million, surpassing projections of $153.07 million and reflecting a year-over-year increase of 17.2%. Analysts anticipate that DoubleVerify will post an EPS of $0.36 for the current year.
Institutional Investor Activity
Recent activity among institutional investors indicates growing interest in DoubleVerify. Quadrant Capital Group LLC significantly increased its stake in the company by 171.6% during the fourth quarter, now holding 2,034 shares valued at approximately $39,000. Similarly, Signaturefd LLC raised its holdings by 582.9% in the first quarter, acquiring 2,322 shares valued at $31,000.
Parallel Advisors LLC also expanded its position by 572.1% in the second quarter, now owning 2,386 shares valued at $36,000. Versant Capital Management Inc. entered the market with a new stake valued at around $40,000, while Farther Finance Advisors LLC increased its position by an astonishing 3,035.6% in the second quarter, acquiring 3,167 shares valued at $47,000.
Currently, institutional investors and hedge funds own approximately 97.29% of DoubleVerify’s stock, indicating strong support from larger investment entities.
In summary, with a mix of optimistic and cautious ratings from various analysts, DoubleVerify continues to attract significant attention from investors, reflecting the company’s position in the evolving landscape of digital advertising analytics.
