Viant Technology (NASDAQ:DSP) Trading Down 7% - Time to Sell?

Key Points

• Viant Technology shares fell 7% on Friday, with trading volume well below normal as the stock moved from a prior close of $12.41 to around $11.54.
• Analyst sentiment remains mostly positive despite recent rating changes: the stock has a consensus Buy rating and an average target price of $18.00, though some firms recently downgraded it.
• The company recently reported mixed quarterly results, missing EPS expectations but posting revenue above forecasts; insider selling has also been notable, including recent sales by a major shareholder and the CFO.

Viant Technology Inc. (NASDAQ:DSP - Get Free Report) traded down 7% on Friday . The company traded as low as $11.48 and last traded at $11.5440. 73,760 shares changed hands during trading, a decline of 69% from the average daily volume of 237,234 shares. The stock had previously closed at $12.41.

Analysts Set New Price Targets

DSP has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Viant Technology from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. B. Riley Financial boosted their price objective on Viant Technology from $17.00 to $18.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. Weiss Ratings lowered shares of Viant Technology from a "hold (c)" rating to a "sell (d+)" rating in a research note on Wednesday, May 13th. DA Davidson increased their price objective on Viant Technology from $16.00 to $16.50 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $20.00 target price on shares of Viant Technology in a research note on Thursday, April 16th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $18.00.

Viant Technology Trading Down 5.8%

The stock has a market capitalization of $766.05 million, a price-to-earnings ratio of 32.54 and a beta of 1.03. The company's 50 day moving average is $11.84 and its 200 day moving average is $11.33.

Viant Technology (NASDAQ:DSP - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.11). The firm had revenue of $88.54 million during the quarter, compared to analysts' expectations of $50.13 million. Viant Technology had a net margin of 2.51% and a return on equity of 2.40%. Analysts anticipate that Viant Technology Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Capital V. Llc sold 7,500 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $10.96, for a total value of $82,200.00. Following the completion of the sale, the insider directly owned 37,500 shares of the company's stock, valued at $411,000. This trade represents a 16.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Larry Madden sold 11,273 shares of the company's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $12.69, for a total value of $143,054.37. Following the transaction, the chief financial officer directly owned 428,636 shares in the company, valued at $5,439,390.84. This represents a 2.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 290,202 shares of company stock valued at $3,300,047 over the last 90 days. Insiders own 29.43% of the company's stock.

Institutional Trading of Viant Technology

Institutional investors have recently added to or reduced their stakes in the stock. Royce & Associates LP grew its holdings in shares of Viant Technology by 72.3% in the 4th 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 period. Invenomic Capital Management LP acquired a new stake in shares of Viant Technology in the fourth quarter valued at approximately $2,748,000. Millennium Management LLC increased its stake in shares of Viant Technology by 91.2% during the 4th quarter. Millennium Management LLC now owns 429,993 shares of the company's stock worth $5,177,000 after purchasing an additional 205,160 shares in the last quarter. Punch & Associates Investment Management Inc. grew its holdings in Viant Technology by 16.4% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 1,347,163 shares of the company's stock valued at $15,088,000 after buying an additional 190,248 shares during the last quarter. Finally, Manatuck Hill Partners LLC acquired a new position in shares of Viant Technology in the second quarter worth $1,323,000. Hedge funds and other institutional investors own 11.38% of the company's stock.

About Viant Technology

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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