Viant Technology (NASDAQ:DSP) Shares Down 4.7% Following Insider Selling

Key Points

• Viant Technology shares fell 4.7% after insider selling, with the stock trading as low as $10.95 before last changing hands around $11.04. Trading volume was well below average.
• Director Max O. Valdes sold shares in two transactions, and CFO Larry Madden also sold stock under a pre-arranged Rule 10b5-1 plan. The sales totaled tens of thousands of dollars for the director and about $177,507 for the CFO.
• Despite the selloff, analysts remain generally constructive on the company, with a consensus rating of “Buy” and an average price target of $18.00. Recent earnings showed a revenue beat but an EPS miss.

Viant Technology Inc. (NASDAQ:DSP - Get Free Report) dropped 4.7% during trading on Thursday following insider selling activity. The company traded as low as $10.95 and last traded at $11.0380. Approximately 61,417 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 226,745 shares. The stock had previously closed at $11.58.

Specifically, Director Max O. Valdes sold 3,386 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $11.97, for a total transaction of $40,530.42. Following the completion of the transaction, the director owned 29,449 shares in the company, valued at $352,504.53. This trade represents a 10.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Max O. Valdes sold 3,300 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $12.10, for a total value of $39,930.00. Following the transaction, the director owned 32,835 shares of the company's stock, valued at $397,303.50. This trade represents a 9.13% decrease in their position. The SEC filing for this sale provides additional information. In related news, CFO Larry Madden sold 14,670 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $12.10, for a total transaction of $177,507.00. Following the completion of the transaction, the chief financial officer owned 484,531 shares in the company, valued at $5,862,825.10. This trade represents a 2.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

DSP has been the subject of several analyst reports. Freedom Capital upgraded Viant Technology to a "strong-buy" rating in a research report on Tuesday, March 10th. Loop Capital set a $14.50 price target on Viant Technology in a report on Tuesday, March 10th. Weiss Ratings cut Viant Technology from a "hold (c)" rating to a "sell (d+)" rating in a report on Wednesday, May 13th. DA Davidson raised their price target on Viant Technology from $16.00 to $16.50 and gave the company a "buy" rating in a report on Tuesday, May 12th. Finally, B. Riley Financial raised their price target on Viant Technology from $17.00 to $18.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $18.00.

Viant Technology Trading Down 5.0%

The stock has a fifty day moving average of $11.22 and a two-hundred day moving average of $11.19. The stock has a market capitalization of $720.90 million, a price-to-earnings ratio of 30.61 and a beta of 1.04.

Viant Technology (NASDAQ:DSP - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.11). The business had revenue of $88.54 million for the quarter, compared to analyst estimates of $50.13 million. Viant Technology had a net margin of 2.51% and a return on equity of 2.40%. Equities analysts expect that Viant Technology Inc. will post -0.18 earnings per share for the current year.

Institutional Investors Weigh In On Viant Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Punch & Associates Investment Management Inc. raised its position in shares of Viant Technology by 16.4% during the first quarter. Punch & Associates Investment Management Inc. now owns 1,347,163 shares of the company's stock worth $15,088,000 after acquiring an additional 190,248 shares during the last quarter. Royce & Associates LP raised its position in shares of Viant Technology by 72.3% during the fourth quarter. Royce & Associates LP now owns 912,043 shares of the company's stock worth $10,981,000 after acquiring an additional 382,664 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Viant Technology by 2.6% during the fourth quarter. Renaissance Technologies LLC now owns 493,800 shares of the company's stock worth $5,945,000 after acquiring an additional 12,683 shares during the last quarter. Millennium Management LLC raised its position in shares of Viant Technology by 91.2% during the fourth quarter. Millennium Management LLC now owns 429,993 shares of the company's stock worth $5,177,000 after acquiring an additional 205,160 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Viant Technology by 6.4% during the second quarter. Geode Capital Management LLC now owns 380,598 shares of the company's stock worth $5,036,000 after acquiring an additional 22,857 shares during the last quarter. Institutional investors own 11.38% of the company's stock.

Viant Technology Company Profile

Viant Technology Inc Nasdaq: DSP is a software-as-a-service (SaaS) advertising technology company that delivers data-driven solutions to marketers and agencies. Its core offering, Adelphic, is a programmatic demand-side platform (DSP) that empowers clients to plan, execute and optimize digital ad campaigns across desktop, mobile, connected TV and other emerging channels.

Complementing its DSP, Viant offers PeopleCloud, a people-based data management platform (DMP) that aggregates and normalizes first- and third-party audience data.

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