Pinnacle Holdings LLC Purchases New Stake in PubMatic, Inc. $PUBM

Key Points

• Pinnacle Holdings LLC acquired 158,250 PubMatic shares worth approximately $2.08 million, representing about 0.34% of the company. Other institutions also increased holdings, with institutional investors collectively owning 64.26% of PubMatic.
• PubMatic reported quarterly revenue of $78.59 million, exceeding analyst expectations of $68.95 million, while adjusted EPS of negative $0.03 beat the consensus estimate of negative $0.18.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an $18.25 price target. However, insiders sold 671,453 shares worth about $10.1 million during the past quarter, including sizable sales by the CEO and general counsel.

Pinnacle Holdings LLC purchased a new position in shares of PubMatic, Inc. (NASDAQ:PUBM - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 158,250 shares of the company's stock, valued at approximately $2,076,000. Pinnacle Holdings LLC owned about 0.34% of PubMatic as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new position in shares of PubMatic during the 2nd quarter worth $1,595,000. Versant Capital Management Inc raised its stake in PubMatic by 30.4% in the 2nd quarter. Versant Capital Management Inc now owns 10,657 shares of the company's stock valued at $140,000 after acquiring an additional 2,482 shares during the period. Quantinno Capital Management LP raised its stake in PubMatic by 248.0% in the 1st quarter. Quantinno Capital Management LP now owns 206,815 shares of the company's stock valued at $1,692,000 after acquiring an additional 147,386 shares during the period. Renaissance Technologies LLC lifted its holdings in PubMatic by 26.3% during the first quarter. Renaissance Technologies LLC now owns 1,540,533 shares of the company's stock valued at $12,602,000 after purchasing an additional 321,200 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in PubMatic during the first quarter valued at about $1,687,000. Hedge funds and other institutional investors own 64.26% of the company's stock.

PubMatic Stock Performance

PubMatic stock opened at $16.41 on Monday. The firm's fifty day moving average price is $13.77 and its 200-day moving average price is $10.62. PubMatic, Inc. has a fifty-two week low of $6.15 and a fifty-two week high of $18.44. The stock has a market cap of $747.48 million, a P/E ratio of -54.70 and a beta of 1.54.

PubMatic (NASDAQ:PUBM - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.15. PubMatic had a negative return on equity of 5.41% and a negative net margin of 4.66%.The firm had revenue of $78.59 million for the quarter, compared to analyst estimates of $68.95 million. On average, analysts predict that PubMatic, Inc. will post -0.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PUBM shares. Scotiabank raised shares of PubMatic from a "sector perform" rating to a "sector outperform" rating and boosted their price target for the company from $8.00 to $21.00 in a research report on Friday, August 7th. Rosenblatt Securities lifted their price objective on shares of PubMatic from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Friday, August 7th. B. Riley Financial reissued a "buy" rating on shares of PubMatic in a report on Friday, August 7th. Lake Street Capital restated a "buy" rating and set a $20.00 target price on shares of PubMatic in a research report on Friday, August 7th. Finally, Citizens Jmp raised their price target on PubMatic from $12.00 to $20.00 and gave the stock a "market outperform" rating in a report on Friday, August 7th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.25.

Insider Buying and Selling

In other PubMatic news, CEO Rajeev K. Goel sold 49,980 shares of PubMatic stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.49, for a total value of $824,170.20. Following the transaction, the chief executive officer directly owned 16,083 shares of the company's stock, valued at $265,208.67. The trade was a 75.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Andrew Woods sold 38,331 shares of PubMatic stock in a transaction on Monday, August 10th. The stock was sold at an average price of $17.96, for a total transaction of $688,424.76. Following the completion of the transaction, the general counsel directly owned 39,761 shares in the company, valued at approximately $714,107.56. The trade was a 49.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 671,453 shares of company stock valued at $10,096,906. 27.78% of the stock is owned by insiders.

PubMatic Profile

PubMatic is a cloud-based digital advertising technology company that provides a supply-side platform (SSP) enabling publishers to automate and optimize the sale of their ad inventory across display, mobile, video and connected TV channels. Its core offerings include real-time bidding infrastructure, header bidding solutions under the OpenWrap brand and data analytics tools that deliver actionable insights on audience engagement and monetization performance. By facilitating seamless auctions and providing transparent reporting, PubMatic helps publishers maximize yield while improving buyer experiences.

Founded in 2006 by Rajeev Goel and a team of ad-tech veterans, PubMatic grew from an early entrant in programmatic selling to a publicly traded company, listing on the Nasdaq symbol: PUBM in December 2020.

Want to see what other hedge funds are holding PUBM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PubMatic, Inc. (NASDAQ:PUBM - 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source