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 price objective cut by stock analysts at Canaccord Genuity Group from $24.00 to $22.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective points to a potential upside of 131.58% from the company's previous close.

A number of other analysts have also issued reports on the company. Rosenblatt Securities reissued a "buy" rating and issued a $20.00 target price on shares of Viant Technology in a research report on Wednesday, May 7th. JMP Securities lowered their price objective on shares of Viant Technology from $24.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Tuesday, August 12th. Finally, Raymond James Financial dropped their target price on shares of Viant Technology from $20.00 to $19.00 and set a "strong-buy" rating for the company in a research report on Tuesday, August 12th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Viant Technology has a consensus rating of "Buy" and an average target price of $20.38.

Viant Technology Trading Down 0.3%

Viant Technology stock traded down $0.03 during trading on Tuesday, hitting $9.50. 368,657 shares of the company were exchanged, compared to its average volume of 314,454. The company has a market capitalization of $594.42 million, a P/E ratio of 73.08 and a beta of 1.12. The business's 50 day moving average is $13.16 and its 200 day moving average is $14.79. Viant Technology has a 52 week low of $9.22 and a 52 week high of $26.33.

Insider Activity at Viant Technology

In other news, CFO Larry Madden sold 13,265 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $13.08, for a total transaction of $173,506.20. Following the sale, the chief financial officer directly owned 436,261 shares of the company's stock, valued at $5,706,293.88. The trade was a 2.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Max O. Valdes sold 4,838 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $14.29, for a total value of $69,135.02. Following the completion of the transaction, the director directly owned 21,591 shares of the company's stock, valued at approximately $308,535.39. This trade represents a 18.31% 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. 28.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Viant Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its holdings in shares of Viant Technology by 0.8% in the 4th quarter. Federated Hermes Inc. now owns 58,492 shares of the company's stock worth $1,111,000 after buying an additional 465 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Viant Technology by 83.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,602 shares of the company's stock valued at $30,000 after acquiring an additional 728 shares during the period. Rhumbline Advisers increased its holdings in shares of Viant Technology by 2.4% in the 2nd quarter. Rhumbline Advisers now owns 45,042 shares of the company's stock valued at $596,000 after purchasing an additional 1,056 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Viant Technology by 4.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 27,121 shares of the company's stock worth $359,000 after acquiring an additional 1,109 shares during the period. Finally, Huntleigh Advisors Inc. boosted its stake in shares of Viant Technology by 5.8% during the 2nd quarter. Huntleigh Advisors Inc. now owns 23,708 shares of the company's stock valued at $314,000 after buying an additional 1,290 shares during the last quarter. Hedge funds and other 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.