Viant Technology (NASDAQ:DSP) Shares Gap Down Following Analyst Downgrade

Key Points

• Viant Technology's stock price fell sharply from a previous close of $12.00 to an opening of $10.67 after JMP Securities downgraded its price target from $24.00 to $18.00.
• Despite the downgrade, analysts have given mixed ratings, with seven having a buy rating and one a strong buy rating, leading to an average target price of $20.38.
• Insider trading activity includes sales by CFO Larry Madden and CEO Timothy Vanderhook, each reducing their ownership by approximately 3% and signaling potential concerns over the company's performance.

Viant Technology Inc. (NASDAQ:DSP - Get Free Report) gapped down before the market opened on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $24.00 to $22.00. The stock had previously closed at $12.00, but opened at $10.67. Canaccord Genuity Group currently has a buy rating on the stock. Viant Technology shares last traded at $9.77, with a volume of 159,229 shares trading hands.

A number of other research firms have also issued reports on DSP. Rosenblatt Securities reiterated a "buy" rating and set a $20.00 price objective on shares of Viant Technology in a research note on Wednesday, May 7th. JMP Securities decreased their price objective on Viant Technology from $24.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Tuesday. Finally, Raymond James Financial decreased their price objective on Viant Technology from $20.00 to $19.00 and set a "strong-buy" rating on the stock in a research note on Tuesday. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Viant Technology has an average rating of "Buy" and an average target price of $20.38.

Insiders Place Their Bets

In other Viant Technology news, CEO Timothy Vanderhook sold 8,960 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $13.08, for a total value of $117,196.80. Following the transaction, the chief executive officer directly owned 365,076 shares in the company, valued at $4,775,194.08. This represents a 2.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Max O. Valdes sold 5,062 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $13.87, for a total value of $70,209.94. Following the completion of the transaction, the director owned 26,429 shares in the company, valued at $366,570.23. This represents a 16.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,125 shares of company stock worth $430,048 in the last ninety days. 29.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Viant Technology

Institutional investors have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. increased its stake in Viant Technology by 83.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,602 shares of the company's stock worth $30,000 after acquiring an additional 728 shares during the last quarter. AlphaQuest LLC increased its position in shares of Viant Technology by 287.6% during the 2nd quarter. AlphaQuest LLC now owns 4,640 shares of the company's stock valued at $61,000 after purchasing an additional 3,443 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in shares of Viant Technology during the 2nd quarter valued at about $75,000. Corton Capital Inc. bought a new position in shares of Viant Technology during the 2nd quarter valued at about $150,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Viant Technology during the 2nd quarter valued at about $166,000. 11.38% of the stock is currently owned by institutional investors.

Viant Technology Stock Performance

The stock has a market capitalization of $594.42 million, a P/E ratio of 73.08 and a beta of 1.12. The firm has a 50-day moving average price of $13.16 and a 200 day moving average price of $14.89.

Viant Technology Company Profile

Viant Technology Inc operates as an advertising technology company. It provides Household ID, a people-based innovation that combines digital and personal identifiers into a normalized household profile; AI Bid Optimizer, solution that uses AI to analyze historical bid opportunities to predict the lowest media cost for desired advertisement; and Viant Data Platform, which offers marketers control over their own data with actionable insights into their marketing initiatives within a single platform.