Similarweb (NYSE:SMWB) Trading Up 7% - Time to Buy?

Key Points

• Similarweb shares jumped 7% to about $8.64 in Monday trading, although volume was 86% below the stock’s average daily volume.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating from 10 analysts, with an average price target of $10.14. Recent targets range from $8.50 at Oppenheimer to $11.00 at Barclays.
• Similarweb reported quarterly revenue of $77.19 million and earnings of $0.06 per share, but remained unprofitable overall. Meanwhile, CEO Or Offer sold 574,605 shares worth roughly $5.1 million, while institutional investors and hedge funds own 57.59% of the company.

Similarweb Ltd. (NYSE:SMWB - Get Free Report)'s stock price shot up 7% during trading on Monday . The stock traded as high as $8.60 and last traded at $8.6350. Approximately 121,407 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 885,907 shares. The stock had previously closed at $8.07.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SMWB. Wall Street Zen downgraded shares of Similarweb from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Weiss Ratings reissued a "sell (e+)" rating on shares of Similarweb in a research note on Wednesday, August 12th. Barclays upped their target price on Similarweb from $5.00 to $11.00 and gave the stock an "overweight" rating in a report on Thursday, August 13th. Oppenheimer lifted their price target on Similarweb from $7.00 to $8.50 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Finally, Northland Securities raised Similarweb from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $5.00 to $10.00 in a research report on Wednesday, August 12th. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Similarweb presently has a consensus rating of "Hold" and a consensus target price of $10.14.

Similarweb Stock Performance

The firm's 50 day moving average is $7.72 and its 200 day moving average is $4.97. The stock has a market cap of $759.05 million, a P/E ratio of -34.64 and a beta of 1.21.

Similarweb (NYSE:SMWB - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported $0.06 earnings per share for the quarter. Similarweb had a negative net margin of 7.37% and a negative return on equity of 19.81%. The company had revenue of $77.19 million during the quarter.

Insider Transactions at Similarweb

In other Similarweb news, CEO Or Offer sold 574,605 shares of the firm's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $8.80, for a total value of $5,056,524.00. Following the completion of the transaction, the chief executive officer owned 4,598,291 shares of the company's stock, valued at approximately $40,464,960.80. This trade represents a 11.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 1,357,924 shares of company stock worth $11,855,357.

Hedge Funds Weigh In On Similarweb

Hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP lifted its position in Similarweb by 163.6% during the 3rd quarter. Wellington Management Group LLP now owns 2,457,805 shares of the company's stock worth $22,858,000 after acquiring an additional 1,525,230 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Similarweb by 104.6% in the first quarter. Renaissance Technologies LLC now owns 739,673 shares of the company's stock valued at $1,931,000 after purchasing an additional 378,200 shares during the period. UBS Group AG increased its holdings in shares of Similarweb by 701.6% in the third quarter. UBS Group AG now owns 312,987 shares of the company's stock valued at $2,911,000 after purchasing an additional 273,943 shares during the period. Militia Capital Management LLC purchased a new position in shares of Similarweb in the first quarter worth about $616,000. Finally, Lavelle Capital LP purchased a new position in shares of Similarweb in the first quarter worth about $529,000. 57.59% of the stock is owned by institutional investors and hedge funds.

Similarweb Company Profile

Similarweb Ltd. is a digital intelligence company that provides data and analytics about online activity. Its platform helps organizations analyze website and mobile application performance, understand audience behavior, evaluate competitors, and identify trends across digital markets.

The company's products support a range of business functions, including marketing, sales, market research, search engine optimization, investor research and business development. Similarweb combines data from multiple sources to provide insights into web traffic, mobile app usage, customer engagement, acquisition channels and industry positioning.

Founded in 2007, Similarweb serves businesses, agencies, financial institutions and other organizations in markets around the world.

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.