PubMatic (NASDAQ:PUBM) Reaches New 1-Year High - Here's What Happened

Key Points

• PubMatic shares reached a new 52-week high of $19.30, up from a prior close of $18.73, with the stock trading above its 50-day and 200-day moving averages.
• Analyst sentiment is broadly positive: 11 analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and a $19.73 target price; recent targets range from $18 to $24.
• PubMatic exceeded quarterly expectations, reporting adjusted EPS of -$0.03 versus the -$0.18 estimate and revenue of $78.59 million versus $68.95 million expected. However, insiders sold 477,262 shares worth about $8.1 million over the past three months.

PubMatic, Inc. (NASDAQ:PUBM - Get Free Report)'s share price hit a new 52-week high on Thursday. The stock traded as high as $19.30 and last traded at $19.2190, with a volume of 334227 shares traded. The stock had previously closed at $18.73.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PUBM shares. Citizens Jmp boosted their price objective on shares of PubMatic from $12.00 to $20.00 and gave the stock a "market outperform" rating in a research note on Friday, August 7th. Lake Street Capital reissued a "buy" rating and set a $20.00 price objective on shares of PubMatic in a research report on Friday, August 7th. Jefferies Financial Group upped their target price on shares of PubMatic from $10.00 to $18.00 and gave the company a "hold" rating in a report on Tuesday, August 11th. B. Riley Financial raised their target price on PubMatic from $17.00 to $21.00 and gave the company a "buy" rating in a report on Friday, September 18th. Finally, Craig Hallum started coverage on shares of PubMatic in a research note on Thursday, September 24th. They issued a "buy" rating and a $24.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PubMatic currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.73.

PubMatic Stock Performance

The stock's fifty day moving average is $16.22 and its two-hundred day moving average is $12.57. The firm has a market cap of $877.29 million, a price-to-earnings ratio of -64.20 and a beta of 1.58.

PubMatic (NASDAQ:PUBM - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.03) EPS for the quarter, topping 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 analysts' expectations of $68.95 million. Sell-side analysts predict that PubMatic, Inc. will post -0.09 earnings per share for the current year.

Insider Buying and Selling

In other PubMatic news, General Counsel Andrew Woods sold 38,331 shares of the business's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $17.96, for a total value of $688,424.76. Following the completion of the transaction, the general counsel directly owned 39,761 shares of the company's stock, valued at approximately $714,107.56. The trade was a 49.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Amar K. Goel sold 6,250 shares of PubMatic stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $17.04, for a total transaction of $106,500.00. Following the completion of the sale, the chairman owned 35,580 shares in the company, valued at $606,283.20. The trade was a 14.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 477,262 shares of company stock worth $8,087,761. 27.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PubMatic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PUBM. WINTON GROUP Ltd boosted its position in shares of PubMatic by 28.0% during the 2nd quarter. WINTON GROUP Ltd now owns 16,900 shares of the company's stock worth $222,000 after acquiring an additional 3,700 shares in the last quarter. Squarepoint Ops LLC boosted its position in PubMatic by 168.8% in the second quarter. Squarepoint Ops LLC now owns 62,137 shares of the company's stock valued at $815,000 after buying an additional 39,023 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of PubMatic in the 2nd quarter valued at $872,000. Pinnacle Holdings LLC bought a new stake in PubMatic during the 2nd quarter worth $2,076,000. Finally, Bank of New York Mellon Corp acquired a new position in PubMatic in the 2nd quarter worth about $1,595,000. 64.26% of the stock is owned by institutional investors and hedge funds.

About PubMatic

PubMatic, Inc NASDAQ: PUBM operates a cloud infrastructure platform that helps digital publishers and app developers manage and monetize advertising inventory. Its sell-side platform connects publishers with advertisers, agencies and demand-side platforms, enabling automated buying and selling of digital advertising.

The company's solutions support advertising across the open internet, including websites, mobile applications, connected television, online video and digital out-of-home environments.

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