Canaccord Genuity Group Has Lowered Expectations for Viant Technology (NASDAQ:DSP) Stock Price

Key Points

• Canaccord Genuity Group has reduced the target price for Viant Technology from $24.00 to $22.00, while maintaining a "buy" rating, indicating a potential upside of 125.87% from the previous close.
• Several research firms have given varying target prices for Viant Technology, with average target price standing at $20.38, reflecting a generally positive outlook from analysts.
• Insider trading activity has seen significant sales, with Director Max O. Valdes and CEO Timothy Vanderhook selling shares, representing a decrease in their ownership in the company.

Viant Technology (NASDAQ:DSP - Get Free Report) had its target price cut by research analysts at Canaccord Genuity Group from $24.00 to $22.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 125.87% from the company's previous close.

Several other research firms have also recently commented on DSP. Rosenblatt Securities restated a "buy" rating and issued a $20.00 price target on shares of Viant Technology in a report on Wednesday, May 7th. Raymond James Financial cut their target price on Viant Technology from $20.00 to $19.00 and set a "strong-buy" rating on the stock in a research report on Tuesday. Finally, JMP Securities lowered their price target on Viant Technology from $24.00 to $18.00 and set a "market outperform" rating for the company in a report on Tuesday. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Viant Technology has an average rating of "Buy" and an average target price of $20.38.

Viant Technology Stock Performance

Viant Technology stock traded down $2.26 during midday trading on Tuesday, reaching $9.74. The company's stock had a trading volume of 1,079,238 shares, compared to its average volume of 319,642. The firm has a market capitalization of $609.43 million, a PE ratio of 88.55 and a beta of 1.12. Viant Technology has a fifty-two week low of $8.70 and a fifty-two week high of $26.33. The stock's 50 day simple moving average is $13.50 and its 200 day simple moving average is $15.12.

Insider Activity

In other Viant Technology news, Director Max O. Valdes sold 5,062 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $13.87, for a total value of $70,209.94. Following the sale, the director owned 26,429 shares of the company's stock, valued at $366,570.23. This trade represents a 16.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Timothy Vanderhook sold 8,960 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $13.08, for a total value of $117,196.80. Following the completion of the sale, the chief executive officer directly owned 365,076 shares in the company, valued at $4,775,194.08. This trade represents a 2.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,125 shares of company stock valued at $430,048. Insiders own 28.80% of the company's stock.

Institutional Trading of Viant Technology

Hedge funds have recently modified their holdings of the company. Summit Investment Advisors Inc. lifted its position in shares of Viant Technology by 83.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,602 shares of the company's stock worth $30,000 after buying an additional 728 shares during the period. AlphaQuest LLC lifted its position in shares of Viant Technology by 287.6% during the 2nd quarter. AlphaQuest LLC now owns 4,640 shares of the company's stock worth $61,000 after buying an additional 3,443 shares during the period. Central Pacific Bank Trust Division bought a new position in shares of Viant Technology during the 2nd quarter worth approximately $75,000. Wells Fargo & Company MN lifted its position in shares of Viant Technology by 76.3% during the 4th quarter. Wells Fargo & Company MN now owns 8,846 shares of the company's stock worth $168,000 after buying an additional 3,829 shares during the period. Finally, Walleye Capital LLC bought a new position in shares of Viant Technology during the 4th quarter worth approximately $193,000. Institutional investors own 11.38% of the company's stock.

About Viant Technology

Viant Technology Inc operates as an advertising technology company. It provides Household ID, a people-based innovation that combines digital and personal identifiers into a normalized household profile; AI Bid Optimizer, solution that uses AI to analyze historical bid opportunities to predict the lowest media cost for desired advertisement; and Viant Data Platform, which offers marketers control over their own data with actionable insights into their marketing initiatives within a single platform.

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