Bank of America Corp DE Invests $31.33 Million in DoubleVerify Holdings, Inc. $DV

Key Points

• Bank of America purchased 2.89 million DoubleVerify shares worth approximately $31.3 million, representing about 1.86% of the company. Institutional investors collectively own 97.29% of DoubleVerify.
• DoubleVerify reported quarterly EPS of $0.22, beating estimates of $0.11, while revenue reached $193.79 million, up 2.5% year over year but below expectations.
• Analyst sentiment remains cautious: the stock has an average “Hold” rating and a $13.52 price target, near its $13.39 opening price.

Bank of America Corp DE purchased a new stake in DoubleVerify Holdings, Inc. (NYSE:DV - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 2,890,533 shares of the company's stock, valued at approximately $31,333,000. Bank of America Corp DE owned approximately 1.86% of DoubleVerify as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DV. Man Group plc purchased a new stake in DoubleVerify during the second quarter worth $9,026,000. Jupiter Topco LLC purchased a new position in shares of DoubleVerify in the second quarter valued at $675,000. Hsbc Holdings PLC purchased a new position in shares of DoubleVerify in the second quarter valued at $839,000. Canada Pension Plan Investment Board acquired a new position in shares of DoubleVerify during the 2nd quarter worth $506,000. Finally, Legal & General Group Plc acquired a new position in shares of DoubleVerify during the 2nd quarter worth $3,316,000. Institutional investors and hedge funds own 97.29% of the company's stock.

DoubleVerify Stock Performance

Shares of NYSE DV opened at $13.39 on Wednesday. The company has a market cap of $2.08 billion, a PE ratio of 37.21, a price-to-earnings-growth ratio of 1.46 and a beta of 0.99. DoubleVerify Holdings, Inc. has a 12 month low of $7.64 and a 12 month high of $13.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.50 and a quick ratio of 4.50. The company has a 50-day simple moving average of $12.68 and a 200-day simple moving average of $11.18.

DoubleVerify (NYSE:DV - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.11. The business had revenue of $193.79 million for the quarter, compared to the consensus estimate of $202.23 million. DoubleVerify had a net margin of 7.66% and a return on equity of 8.77%. The company's quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 earnings per share. On average, equities analysts anticipate that DoubleVerify Holdings, Inc. will post 0.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on DV shares. Wells Fargo & Company raised shares of DoubleVerify from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $8.00 to $13.60 in a research note on Friday, August 7th. Canaccord Genuity Group cut shares of DoubleVerify from a "buy" rating to a "hold" rating and cut their target price for the stock from $16.00 to $13.60 in a research report on Friday, August 7th. BMO Capital Markets set a $13.60 price target on shares of DoubleVerify in a report on Friday, August 7th. Weiss Ratings raised shares of DoubleVerify from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, September 2nd. Finally, Raymond James Financial lowered shares of DoubleVerify from an "outperform" rating to a "market perform" rating in a research report on Friday, August 7th. Two analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, DoubleVerify presently has an average rating of "Hold" and an average target price of $13.52.

DoubleVerify Company Profile

DoubleVerify Holdings, Inc provides software and data analytics that help advertisers, agencies, publishers and digital media platforms measure and improve the quality and effectiveness of digital advertising. Its technology is designed to verify whether ads are delivered in appropriate environments, viewed by real users and displayed as intended across digital channels.

The company's solutions address areas including viewability, fraud and invalid traffic, brand safety and suitability, media quality, campaign reach and performance.

Want to see what other hedge funds are holding DV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DoubleVerify Holdings, Inc. (NYSE:DV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.