Similarweb Ltd. (NYSE:SMWB) Short Interest Up 47.4% in August

Key Points

• Similarweb Ltd. experienced a significant increase in short interest, with a rise of 47.4% in August, totaling 931,500 shares as of August 31st.
• Wall Street analysts have mixed views on Similarweb, with Oppenheimer raising their price target to $14.00 while Citigroup cut theirs to $11.00, resulting in a consensus rating of "Moderate Buy".
• The stock price of Similarweb recently traded at $10.00, with institutional investors holding approximately 57.59% of the company's stock, indicating strong interest from the financial community.

Similarweb Ltd. (NYSE:SMWB - Get Free Report) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 931,500 shares, a growth of 47.4% from the August 15th total of 631,800 shares. Approximately 2.0% of the shares of the stock are sold short. Based on an average daily volume of 539,000 shares, the short-interest ratio is currently 1.7 days. Based on an average daily volume of 539,000 shares, the short-interest ratio is currently 1.7 days. Approximately 2.0% of the shares of the stock are sold short.

Institutional Investors Weigh In On Similarweb

A number of hedge funds have recently modified their holdings of the business. Tidal Investments LLC raised its position in shares of Similarweb by 66.4% during the second quarter. Tidal Investments LLC now owns 61,574 shares of the company's stock worth $483,000 after purchasing an additional 24,568 shares during the period. Man Group plc acquired a new stake in shares of Similarweb during the second quarter worth about $209,000. Engineers Gate Manager LP raised its position in shares of Similarweb by 375.8% during the second quarter. Engineers Gate Manager LP now owns 102,311 shares of the company's stock worth $802,000 after purchasing an additional 80,808 shares during the period. PDT Partners LLC raised its position in shares of Similarweb by 3.9% during the second quarter. PDT Partners LLC now owns 98,388 shares of the company's stock worth $771,000 after purchasing an additional 3,717 shares during the period. Finally, California State Teachers Retirement System raised its position in shares of Similarweb by 29.7% during the second quarter. California State Teachers Retirement System now owns 49,654 shares of the company's stock worth $389,000 after purchasing an additional 11,356 shares during the period. Institutional investors and hedge funds own 57.59% of the company's stock.

Similarweb Stock Performance

NYSE:SMWB traded down $0.13 during mid-day trading on Friday, hitting $9.72. The company had a trading volume of 276,362 shares, compared to its average volume of 498,511. Similarweb has a fifty-two week low of $6.36 and a fifty-two week high of $17.64. The business's fifty day moving average is $8.95 and its two-hundred day moving average is $8.24. The firm has a market cap of $824.94 million, a P/E ratio of -27.77 and a beta of 1.13.

Analyst Ratings Changes

Several analysts have recently commented on SMWB shares. Oppenheimer increased their target price on Similarweb from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Monday, August 18th. Barclays reaffirmed an "overweight" rating on shares of Similarweb in a research note on Wednesday, August 13th. Zacks Research raised Similarweb from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. Finally, Citigroup cut their price target on Similarweb from $13.00 to $11.00 and set a "buy" rating on the stock in a research note on Friday, August 1st. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Similarweb 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.