Short Interest in Similarweb Ltd. (NYSE:SMWB) Drops By 37.8%

Key Points

• Short interest in Similarweb fell sharply by 37.8% in May, dropping to 444,701 shares, or about 0.5% of shares outstanding. The days-to-cover ratio is now just 0.5 days.
• The company recently reported quarterly EPS of $0.01, matching analysts’ expectations, and revenue of $73.88 million, slightly above estimates. However, Similarweb still posted negative margins and return on equity.
• Insider buying has been notable, including CEO Or Offer’s purchase of 50,000 shares and Director Tamar Rapaport-Dagim’s purchase of 40,000 shares. Analysts currently rate the stock Hold on average, with a consensus price target of $7.07.

Similarweb Ltd. (NYSE:SMWB - Get Free Report) saw a significant decrease in short interest during the month of May. As of May 29th, there was short interest totaling 444,701 shares, a decrease of 37.8% from the May 14th total of 714,388 shares. Based on an average daily volume of 867,303 shares, the days-to-cover ratio is currently 0.5 days. Approximately 0.5% of the shares of the company are short sold.

Similarweb Price Performance

Shares of NYSE SMWB opened at $4.37 on Monday. The company has a 50 day simple moving average of $3.30 and a 200-day simple moving average of $4.51. The company has a market capitalization of $382.37 million, a P/E ratio of -12.47 and a beta of 1.25. Similarweb has a 1 year low of $2.22 and a 1 year high of $10.75.

Similarweb (NYSE:SMWB - Get Free Report) last announced its quarterly earnings results on Wednesday, May 13th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.01. The business had revenue of $73.88 million during the quarter, compared to the consensus estimate of $73.04 million. Similarweb had a negative net margin of 10.38% and a negative return on equity of 48.57%. As a group, research analysts expect that Similarweb will post -0.08 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on SMWB shares. Citigroup downgraded shares of Similarweb from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $8.50 to $3.00 in a research report on Friday, April 10th. Citizens Jmp downgraded shares of Similarweb from an "outperform" rating to a "market perform" rating in a research report on Wednesday, February 18th. Oppenheimer reduced their price target on shares of Similarweb from $7.00 to $4.00 and set an "outperform" rating for the company in a research report on Thursday, February 19th. Barclays reduced their price target on shares of Similarweb from $7.00 to $5.00 and set an "overweight" rating for the company in a research report on Monday, April 20th. Finally, William Blair downgraded shares of Similarweb from an "outperform" rating to a "market perform" rating in a research report on Wednesday, February 18th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $7.07.

Insider Buying and Selling at Similarweb

In other Similarweb news, CEO Or Offer purchased 50,000 shares of the stock in a transaction on Monday, June 1st. The shares were bought at an average cost of $4.15 per share, with a total value of $207,500.00. Following the completion of the acquisition, the chief executive officer owned 4,744,396 shares in the company, valued at $19,689,243.40. This trade represents a 1.07% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Tamar Rapaport-Dagim purchased 40,000 shares of the stock in a transaction on Monday, May 18th. The stock was acquired at an average cost of $3.22 per share, for a total transaction of $128,800.00. Following the completion of the acquisition, the director owned 63,584 shares of the company's stock, valued at $204,740.48. The trade was a 169.61% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 271,105 shares of company stock valued at $1,020,726 in the last three months.

Hedge Funds Weigh In On Similarweb

A number of hedge funds have recently made changes to their positions in the stock. Phoenix Financial Ltd. boosted its position in shares of Similarweb by 43.2% during the 4th quarter. Phoenix Financial Ltd. now owns 4,285,786 shares of the company's stock worth $32,101,000 after purchasing an additional 1,292,700 shares during the period. Menora Mivtachim Holdings LTD. boosted its position in Similarweb by 37.9% in the 3rd quarter. Menora Mivtachim Holdings LTD. now owns 3,208,394 shares of the company's stock valued at $29,838,000 after buying an additional 881,652 shares during the period. Wellington Management Group LLP boosted its position in Similarweb by 163.6% in the 3rd quarter. Wellington Management Group LLP now owns 2,457,805 shares of the company's stock valued at $22,858,000 after buying an additional 1,525,230 shares during the period. Penn Capital Management Company LLC boosted its position in Similarweb by 299.4% in the 3rd quarter. Penn Capital Management Company LLC now owns 1,646,094 shares of the company's stock valued at $15,321,000 after buying an additional 1,233,928 shares during the period. Finally, Nuveen LLC boosted its position in Similarweb by 2.5% in the 4th quarter. Nuveen LLC now owns 1,520,398 shares of the company's stock valued at $11,388,000 after buying an additional 37,457 shares during the period. Hedge funds and other institutional investors own 57.59% of the company's stock.

Similarweb Company Profile

Similarweb Ltd. NYSE: SMWB is a digital intelligence company that provides insights into website and mobile app performance. Its cloud-based platform aggregates and analyzes data on global web traffic, user engagement, and referral sources, enabling businesses to benchmark their digital presence against competitors. The company’s core offering includes metrics on audience behavior, traffic acquisition channels, and industry trends, which are designed to inform strategic decisions in marketing, sales, and product development.

Similarweb’s platform delivers a suite of tools for market research, competitor analysis, and performance optimization.

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