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

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) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totaling 931,500 shares, an increase of 47.4% from the August 15th total of 631,800 shares. Based on an average daily volume of 539,000 shares, the short-interest ratio is presently 1.7 days. Currently, 2.0% of the shares of the stock are sold short. Currently, 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 presently 1.7 days.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SMWB. Oppenheimer lifted their price target on Similarweb from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Monday, August 18th. Barclays restated an "overweight" rating on shares of Similarweb in a research note on Wednesday, August 13th. Zacks Research upgraded Similarweb from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. Finally, Citigroup cut their price objective on Similarweb from $13.00 to $11.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $14.88.

Similarweb Trading Up 0.1%

SMWB stock traded up $0.01 during midday trading on Tuesday, hitting $10.00. 363,093 shares of the company's stock were exchanged, compared to its average volume of 530,082. The business has a 50-day simple moving average of $8.88 and a two-hundred day simple moving average of $8.22. The stock has a market capitalization of $848.70 million, a PE ratio of -28.57 and a beta of 1.13. Similarweb has a 1-year low of $6.36 and a 1-year high of $17.64.

Institutional Investors Weigh In On Similarweb

Institutional investors and hedge funds have recently modified their holdings of the company. Heck Capital Advisors LLC purchased a new position in Similarweb in the fourth quarter valued at $115,000. Fullcircle Wealth LLC acquired a new stake in Similarweb in the first quarter valued at about $117,000. MQS Management LLC acquired a new stake in Similarweb in the second quarter valued at about $125,000. Fox Run Management L.L.C. acquired a new stake in shares of Similarweb during the 2nd quarter valued at approximately $129,000. Finally, ANTIPODES PARTNERS Ltd lifted its position in shares of Similarweb by 8.3% during the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 17,510 shares of the company's stock valued at $137,000 after acquiring an additional 1,344 shares during the period. Hedge funds and other institutional investors own 57.59% of the company's stock.

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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