Viant Technology (NASDAQ:DSP) Stock Price Up 6.4% - Here's Why

Key Points

• Viant Technology shares rose 6.4% to $13.49 in Friday trading, although volume was 88% below the stock’s average daily volume.
• Analyst sentiment remains favorable: the stock has an average “Buy” rating and a consensus price target of $18.33, with recent targets raised to $17 by Citizens JMP and $19 by UBS.
• Insiders have recently sold shares, including the CFO’s $358,510 sale, while institutional ownership stands at 11.38%; the company’s market capitalization is approximately $896 million.

Shares of Viant Technology Inc. (NASDAQ:DSP - Get Free Report) traded up 6.4% on Friday . The company traded as high as $13.49 and last traded at $13.49. 29,366 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 244,563 shares. The stock had previously closed at $12.68.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Citigroup restated a "market outperform" rating on shares of Viant Technology in a report on Tuesday, August 11th. Weiss Ratings upgraded shares of Viant Technology from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 21st. Wall Street Zen lowered shares of Viant Technology from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Citizens Jmp raised their price target on shares of Viant Technology from $16.00 to $17.00 and gave the stock a "market outperform" rating in a report on Tuesday, August 11th. Finally, UBS Group lifted their price target on shares of Viant Technology from $17.00 to $19.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $18.33.

Viant Technology Stock Performance

The business has a fifty day moving average of $12.27 and a 200-day moving average of $11.39. The company has a market capitalization of $896.02 million, a P/E ratio of 43.48 and a beta of 1.08.

Insider Buying and Selling at Viant Technology

In related news, COO Christopher Vanderhook sold 9,125 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $11.10, for a total value of $101,287.50. Following the sale, the chief operating officer owned 208,880 shares in the company, valued at $2,318,568. This represents a 4.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Larry Madden sold 27,451 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $13.06, for a total transaction of $358,510.06. Following the completion of the sale, the chief financial officer owned 398,371 shares in the company, valued at $5,202,725.26. This represents a 6.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 165,304 shares of company stock valued at $1,980,706. Corporate insiders own 29.43% of the company's stock.

Institutional Trading of Viant Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DSP. Royal Bank of Canada raised its stake in shares of Viant Technology by 246.4% in the first quarter. Royal Bank of Canada now owns 29,213 shares of the company's stock worth $363,000 after purchasing an additional 20,779 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Viant Technology by 303.6% during the first quarter. AQR Capital Management LLC now owns 47,295 shares of the company's stock valued at $587,000 after buying an additional 35,578 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Viant Technology by 77.1% during the first quarter. Goldman Sachs Group Inc. now owns 136,249 shares of the company's stock worth $1,691,000 after buying an additional 59,323 shares in the last quarter. Envestnet Asset Management Inc. bought a new stake in Viant Technology during the second quarter worth $166,000. Finally, Geode Capital Management LLC raised its position in Viant Technology by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 380,598 shares of the company's stock valued at $5,036,000 after buying an additional 22,857 shares during the last quarter. 11.38% of the stock is owned by institutional investors.

Viant Technology Company Profile

Viant Technology Inc Nasdaq: DSP is a software-as-a-service (SaaS) advertising technology company that delivers data-driven solutions to marketers and agencies. Its core offering, Adelphic, is a programmatic demand-side platform (DSP) that empowers clients to plan, execute and optimize digital ad campaigns across desktop, mobile, connected TV and other emerging channels.

Complementing its DSP, Viant offers PeopleCloud, a people-based data management platform (DMP) that aggregates and normalizes first- and third-party audience data.

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