Similarweb (NYSE:SMWB) Shares Gap Up - Time to Buy?

Key Points

• Similarweb shares saw a significant pre-market increase, opening at $8.47 after a previous close of $7.10, but the stock last traded at $8.16 with a volume of 298,375 shares.
• Several analysts have revised their target prices for Similarweb, with Citigroup lowering it from $13.00 to $11.00 while maintaining a "buy" rating, and Barclays reducing it from $15.00 to $10.00.
• Despite a quarterly earnings miss, Similarweb reported revenue of $67.09 million, slightly above analysts' expectations, and hedge funds have shown increased interest in the stock with over 57% owned by institutional investors.

Shares of Similarweb Ltd. (NYSE:SMWB - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $7.10, but opened at $8.47. Similarweb shares last traded at $8.16, with a volume of 298,375 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SMWB shares. Barclays reiterated an "overweight" rating on shares of Similarweb in a report on Wednesday. Oppenheimer set a $14.00 target price on shares of Similarweb and gave the company an "outperform" rating in a report on Monday. Finally, Citigroup cut 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. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $14.88.

Similarweb Stock Performance

The stock has a 50 day moving average price of $8.14 and a 200 day moving average price of $8.67. The company has a market capitalization of $744.23 million, a P/E ratio of -25.05 and a beta of 1.11.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake in shares of Similarweb by 9.4% during the 4th quarter. JPMorgan Chase & Co. now owns 187,644 shares of the company's stock worth $2,659,000 after purchasing an additional 16,105 shares during the last quarter. Geode Capital Management LLC increased its position in Similarweb by 236.6% in the fourth quarter. Geode Capital Management LLC now owns 33,730 shares of the company's stock worth $478,000 after buying an additional 23,708 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Similarweb by 21.7% in the fourth quarter. Legal & General Group Plc now owns 39,371 shares of the company's stock valued at $558,000 after buying an additional 7,020 shares during the period. Renaissance Technologies LLC raised its stake in shares of Similarweb by 17.2% in the fourth quarter. Renaissance Technologies LLC now owns 380,873 shares of the company's stock valued at $5,397,000 after buying an additional 55,873 shares during the period. Finally, Jump Financial LLC lifted its position in shares of Similarweb by 111.3% during the 4th quarter. Jump Financial LLC now owns 67,300 shares of the company's stock valued at $954,000 after buying an additional 35,446 shares during the last quarter. 57.59% of the stock is currently owned by hedge funds and other institutional investors.

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.