Viant Technology (NASDAQ:DSP) Stock Price Up 7.1% - What's Next?

Key Points

• Viant Technology shares jumped 7.1% to $12.78 in mid-day trading, although volume was 29% below the average session level.
• Analysts remain broadly optimistic: the stock has a consensus “Buy” rating and an average price target of $18.33, implying potential upside from its trading price.
• Insiders have sold 61,909 shares worth $778,642 over the past 90 days, while institutional investors own 11.38% of the company.

Viant Technology Inc. (NASDAQ:DSP - Get Free Report)'s stock price was up 7.1% on Wednesday. The stock traded as high as $12.34 and last traded at $12.78. 199,638 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 280,267 shares. The stock had previously closed at $11.93.

Wall Street Analysts Forecast Growth

DSP has been the topic of a number of research reports. Wall Street Zen upgraded shares of Viant Technology from a "hold" rating to a "buy" rating in a research report on Saturday, September 19th. 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. DA Davidson raised shares of Viant Technology to a "strong-buy" rating in a research report on Monday. Weiss Ratings upgraded Viant Technology from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 21st. Finally, Citizens Jmp boosted their target price on Viant Technology from $16.00 to $17.00 and gave the company a "market outperform" rating in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $18.33.

Viant Technology Stock Performance

The stock's 50 day simple moving average is $12.56 and its 200 day simple moving average is $11.84. The firm has a market cap of $842.37 million, a P/E ratio of 40.91 and a beta of 1.11.

Insider Activity

In other news, CFO Larry Madden sold 27,451 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were 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 directly owned 398,371 shares of the company's stock, valued at $5,202,725.26. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 61,909 shares of company stock worth $778,642 in the last ninety days. 29.43% of the stock is owned by company insiders.

Institutional Trading of Viant Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its holdings in shares of Viant Technology by 202.3% in the second quarter. Versant Capital Management Inc now owns 2,772 shares of the company's stock valued at $35,000 after purchasing an additional 1,855 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Viant Technology in the 1st quarter valued at $97,000. Hillsdale Investment Management Inc. purchased a new stake in Viant Technology in the 1st quarter valued at $320,000. Squarepoint Ops LLC lifted its stake in Viant Technology by 8.8% during the 2nd quarter. Squarepoint Ops LLC now owns 39,568 shares of the company's stock valued at $501,000 after acquiring an additional 3,207 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Viant Technology during the 2nd quarter worth $609,000. 11.38% of the stock is owned by institutional investors.

Viant Technology Company Profile

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

The company's technology is designed to support people-based and omnichannel advertising, allowing customers to use first-party data, audience segmentation, identity solutions, automated media buying, and campaign measurement tools.

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