Viant Technology (NASDAQ:DSP) Shares Gap Down - Here's Why

Key Points

• Viant Technology shares fell sharply, opening at $10.26 versus a prior close of $12.37 and last trading near $10.45.
• Analysts remain broadly optimistic, with a consensus “Buy” rating and an average price target of $18.33; several firms recently raised their targets.
• Insiders sold shares valued at about $778,000 in the last quarter, while institutional ownership stands at 11.38% and insiders own 29.43% of the company.

Viant Technology Inc. (NASDAQ:DSP - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $12.37, but opened at $10.26. Viant Technology shares last traded at $10.45, with a volume of 240,649 shares.

Analyst Upgrades and Downgrades

DSP has been the topic of a number of recent analyst reports. Citizens Jmp raised their price objective on Viant Technology from $16.00 to $17.00 and gave the company a "market outperform" rating in a research note on Tuesday, August 11th. Weiss Ratings raised Viant Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 21st. Citigroup reiterated a "market outperform" rating on shares of Viant Technology in a report on Tuesday, August 11th. Rosenblatt Securities boosted their price objective on shares of Viant Technology from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Finally, DA Davidson raised their target price on shares of Viant Technology from $16.50 to $17.50 and gave the company a "buy" rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $18.33.

Viant Technology Price Performance

The firm has a 50 day moving average of $12.51 and a 200-day moving average of $11.73. The stock has a market capitalization of $690.62 million, a P/E ratio of 33.06 and a beta of 1.13.

Insider Activity

In other news, CFO Larry Madden sold 27,451 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $13.06, for a total transaction of $358,510.06. Following the sale, the chief financial officer directly owned 398,371 shares in the company, valued at approximately $5,202,725.26. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 60,784 shares of company stock worth $778,342 in the last quarter. Insiders own 29.43% of the company's stock.

Hedge Funds Weigh In On Viant Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Punch & Associates Investment Management Inc. grew its position in Viant Technology by 16.4% in the first quarter. Punch & Associates Investment Management Inc. now owns 1,347,163 shares of the company's stock valued at $15,088,000 after acquiring an additional 190,248 shares during the period. Royce & Associates LP boosted its holdings in Viant Technology by 72.3% in the fourth quarter. Royce & Associates LP now owns 912,043 shares of the company's stock valued at $10,981,000 after acquiring an additional 382,664 shares during the last quarter. Globeflex Capital L P acquired a new stake in shares of Viant Technology during the 2nd quarter worth approximately $1,316,000. Norwood Investment Partners LP acquired a new stake in Viant Technology during the 4th quarter worth $1,186,000. Finally, Nano Cap New Millennium Growth Fund L P bought a new stake in Viant Technology in the fourth quarter valued at about $873,000. 11.38% of the stock is owned by institutional investors.

About Viant Technology

Viant Technology Inc is an advertising technology company that provides a demand-side platform (DSP) for planning, buying and measuring digital advertising campaigns. Its platform enables advertisers and agencies to purchase programmatic advertising across channels, including connected television, mobile, desktop, audio and other digital media.

The company's platform, Adelphic, is designed to support omnichannel campaign management, audience targeting, media planning, identity resolution and performance measurement.

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