Similarweb Ltd. (NYSE:SMWB) Sees Large Decline in Short Interest

Key Points

• Similarweb Ltd. (NYSE:SMWB) experienced a 30.3% decline in short interest in September, with current short interest at 588,500 shares.
• Institutional investors and hedge funds own 57.59% of Similarweb's stock, with several firms acquiring new positions in the company recently.
• The stock's current rating is a Moderate Buy according to analysts, with a consensus target price of $14.88.

Similarweb Ltd. (NYSE:SMWB - Get Free Report) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totaling 588,500 shares, a decline of 30.3% from the September 15th total of 844,900 shares. Based on an average trading volume of 459,600 shares, the short-interest ratio is currently 1.3 days. Currently, 1.2% of the company's shares are sold short. Currently, 1.2% of the company's shares are sold short. Based on an average trading volume of 459,600 shares, the short-interest ratio is currently 1.3 days.

Hedge Funds Weigh In On Similarweb

A number of large investors have recently made changes to their positions in SMWB. Fullcircle Wealth LLC acquired a new position in shares of Similarweb during the first quarter worth $117,000. MQS Management LLC purchased a new position in Similarweb in the 2nd quarter worth $125,000. Fox Run Management L.L.C. purchased a new position in Similarweb in the 2nd quarter worth $129,000. ANTIPODES PARTNERS Ltd grew its position in Similarweb by 8.3% during the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 17,510 shares of the company's stock worth $137,000 after purchasing an additional 1,344 shares during the period. Finally, Nebula Research & Development LLC acquired a new stake in Similarweb during the 2nd quarter worth about $146,000. 57.59% of the stock is owned by institutional investors and hedge funds.

Similarweb Stock Performance

NYSE:SMWB traded up $0.11 during trading hours on Thursday, reaching $8.79. The company's stock had a trading volume of 116,256 shares, compared to its average volume of 558,747. The stock has a 50 day moving average price of $9.35 and a two-hundred day moving average price of $8.29. The company has a market capitalization of $746.32 million, a P/E ratio of -25.13 and a beta of 1.10. Similarweb has a 12 month low of $6.36 and a 12 month high of $17.64.

Analyst Ratings Changes

SMWB has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Similarweb in a research note on Wednesday, October 8th. Oppenheimer lifted their price target on shares of Similarweb from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Monday, August 18th. Barclays reissued an "overweight" rating on shares of Similarweb in a research note on Wednesday, August 13th. Citigroup reduced their price objective on shares of Similarweb from $13.00 to $11.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Finally, Zacks Research raised shares of Similarweb from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $14.88.

About Similarweb

Similarweb Ltd. provides cloud-based digital intelligence solutions in the United States, Europe, the Asia Pacific, the United Kingdom, Israel, and internationally. The company offers digital research intelligence solutions for its customers to benchmark performance against competitors and market leaders, analyze trends in the market, conduct deeper research into specific companies, and analyze audience behavior; and digital marketing intelligence solutions for its customers to understand their competitors' online acquisition strategies in each marketing channel, and optimize their own strategies.

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