PubMatic (NASDAQ:PUBM) Shares Gap Up - Here's Why

PubMatic, Inc. (NASDAQ:PUBM - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $10.71, but opened at $11.43. PubMatic shares last traded at $11.18, with a volume of 187,654 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently commented on PUBM shares. Scotiabank reduced their target price on PubMatic from $17.00 to $15.00 and set a "sector perform" rating for the company in a research note on Friday, February 28th. Lake Street Capital reduced their price objective on PubMatic from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Finally, Royal Bank of Canada cut their target price on PubMatic from $17.00 to $14.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $19.11.

PubMatic Stock Performance

The firm has a market capitalization of $539.62 million, a P/E ratio of 35.79 and a beta of 1.54. The stock has a 50 day moving average of $10.52 and a 200-day moving average of $12.55.

PubMatic (NASDAQ:PUBM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.18). The business had revenue of $63.83 million for the quarter, compared to analysts' expectations of $62.07 million. PubMatic had a net margin of 5.96% and a return on equity of 6.12%. The business's quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) earnings per share. As a group, sell-side analysts expect that PubMatic, Inc. will post 0.22 EPS for the current year.

Insider Activity at PubMatic

In related news, CFO Steven Pantelick sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $9.83, for a total transaction of $39,320.00. Following the completion of the sale, the chief financial officer now directly owns 27,026 shares of the company's stock, valued at approximately $265,665.58. This trade represents a 12.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Amar K. Goel sold 4,446 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $9.31, for a total value of $41,392.26. Following the completion of the sale, the chairman now owns 18,401 shares in the company, valued at approximately $171,313.31. The trade was a 19.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,157 shares of company stock valued at $1,124,437 over the last 90 days. Corporate insiders own 26.42% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new position in PubMatic during the 4th quarter valued at about $27,000. Cubist Systematic Strategies LLC bought a new stake in shares of PubMatic in the 4th quarter valued at about $29,000. GAMMA Investing LLC grew its position in shares of PubMatic by 23,208.3% in the 1st quarter. GAMMA Investing LLC now owns 2,797 shares of the company's stock worth $26,000 after buying an additional 2,785 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of PubMatic during the 4th quarter worth approximately $57,000. Finally, Tower Research Capital LLC TRC lifted its position in PubMatic by 75.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,220 shares of the company's stock valued at $77,000 after acquiring an additional 2,240 shares during the last quarter. Institutional investors own 64.26% of the company's stock.

PubMatic Company Profile

PubMatic, Inc, a technology company, engages in the provision of a cloud infrastructure platform that enables real-time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell-side platform, used for the purchase and sale of digital advertising inventory for publishers and buyers.

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