Similarweb (NYSE:SMWB) Stock Price Up 8.7% - Here's What Happened

Similarweb Ltd. (NYSE:SMWB - Get Free Report) shares traded up 8.7% during mid-day trading on Tuesday . The stock traded as high as $8.59 and last traded at $8.53. 399,482 shares traded hands during trading, a decline of 16% from the average session volume of 476,634 shares. The stock had previously closed at $7.84.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Barclays reduced their price objective on shares of Similarweb from $15.00 to $10.00 and set an "overweight" rating on the stock in a research note on Thursday, May 15th. The Goldman Sachs Group lowered their price objective on shares of Similarweb from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $15.75.

Similarweb Stock Up 4.0%

The company has a market capitalization of $730.36 million, a price-to-earnings ratio of -40.18 and a beta of 1.10. The stock has a 50 day moving average of $7.67 and a 200 day moving average of $10.19.

Similarweb (NYSE:SMWB - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.09). The business had revenue of $67.09 million for the quarter, compared to the consensus estimate of $66.37 million. Similarweb had a negative net margin of 6.97% and a negative return on equity of 71.14%. As a group, sell-side analysts anticipate that Similarweb Ltd. will post -0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Similarweb in the fourth quarter worth approximately $22,536,000. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Similarweb by 61.3% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,762,557 shares of the company's stock valued at $22,846,000 after acquiring an additional 1,050,000 shares during the period. Wellington Management Group LLP bought a new stake in shares of Similarweb in the first quarter valued at $7,355,000. T. Rowe Price Investment Management Inc. raised its stake in Similarweb by 109.1% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,410,826 shares of the company's stock valued at $11,668,000 after acquiring an additional 736,004 shares during the period. Finally, American Century Companies Inc. purchased a new stake in shares of Similarweb during the 1st quarter valued at approximately $6,015,000. Institutional investors own 57.59% of the company's stock.

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.