Similarweb (NYSE:SMWB) Shares Gap Down - What's Next?

Key Points

• Similarweb's stock price gapped down from $10.39 to $9.52 before opening, and was last traded at $9.29 with a trading volume of 357,843 shares.
• Analysts have adjusted their ratings on Similarweb, with Zacks upgrading it from "strong sell" to "hold" and Oppenheimer raising its price target from $13.00 to $14.00.
• A majority of institutional investors own 57.59% of Similarweb's shares, with several hedge funds recently increasing their positions in the company.

Similarweb Ltd. (NYSE:SMWB - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $10.39, but opened at $9.52. Similarweb shares last traded at $9.29, with a volume of 357,843 shares trading hands.

Wall Street Analysts Forecast Growth

SMWB has been the topic of a number of recent analyst reports. Citigroup lowered their price target on shares of Similarweb from $13.00 to $11.00 and set a "buy" rating on the stock in a report on Friday, August 1st. Oppenheimer boosted their target price on Similarweb from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Monday, August 18th. Barclays reaffirmed an "overweight" rating on shares of Similarweb in a research report on Wednesday, August 13th. Finally, Zacks Research raised Similarweb from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Similarweb presently has an average rating of "Buy" and an average target price of $14.88.

Similarweb Price Performance

The company's fifty day moving average is $8.68 and its 200-day moving average is $8.22. The stock has a market cap of $821.20 million, a PE ratio of -27.65 and a beta of 1.13.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Nuveen LLC purchased a new stake in Similarweb in the 1st quarter worth approximately $5,979,000. Herald Investment Management Ltd purchased a new stake in Similarweb during the first quarter worth $2,478,000. BNP Paribas Financial Markets acquired a new stake in Similarweb during the fourth quarter valued at $1,254,000. Bank of America Corp DE increased its holdings in Similarweb by 145.0% in the fourth quarter. Bank of America Corp DE now owns 276,935 shares of the company's stock valued at $3,924,000 after buying an additional 163,919 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its holdings in Similarweb by 109.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,410,826 shares of the company's stock valued at $11,668,000 after buying an additional 736,004 shares in the last quarter. 57.59% of the stock is currently owned by hedge funds and other institutional investors.

Similarweb Company Profile

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.