PubMatic (NASDAQ:PUBM) Shares Gap Up – Here’s Why

PubMatic, Inc. (NASDAQ:PUBM) shares gapped up before the market opened on Monday . The stock had previously closed at $10.71, but opened at $11.43. PubMatic shares last traded at $11.18, with a volume of 187,654 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PUBM. Lake Street Capital cut their target price on PubMatic from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Scotiabank dropped their price target on PubMatic from $17.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Friday, February 28th. Finally, Royal Bank Of Canada reduced their price objective on PubMatic from $17.00 to $14.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.11.

PubMatic Price Performance

The firm has a fifty day moving average of $10.63 and a 200 day moving average of $12.51. The stock has a market capitalization of $538.68 million, a price-to-earnings ratio of 138.77 and a beta of 1.54.

PubMatic (NASDAQ:PUBM) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.18). PubMatic had a return on equity of 1.99% and a net margin of 1.90%. The firm had revenue of $63.83 million for the quarter, compared to analyst estimates of $62.07 million. During the same period in the previous year, the business earned ($0.05) EPS. PubMatic’s revenue for the quarter was down 4.3% compared to the same quarter last year. Research analysts predict that PubMatic, Inc. will post 0.22 EPS for the current year.

Insider Transactions at PubMatic

In other news, CFO Steven Pantelick sold 4,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $12.07, for a total transaction of $48,280.00. Following the transaction, the chief financial officer now owns 27,026 shares in the company, valued at $326,203.82. This trade represents a 12.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Amar K. Goel sold 4,446 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $9.31, for a total transaction of $41,392.26. Following the sale, the chairman now owns 18,401 shares in the company, valued at approximately $171,313.31. This trade represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,157 shares of company stock valued at $1,124,437 in the last ninety days. 26.42% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in PubMatic by 23,208.3% in the 1st quarter. GAMMA Investing LLC now owns 2,797 shares of the company’s stock valued at $26,000 after purchasing an additional 2,785 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in PubMatic in the fourth quarter valued at approximately $27,000. Cubist Systematic Strategies LLC acquired a new position in PubMatic in the fourth quarter valued at approximately $29,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in PubMatic in the fourth quarter valued at approximately $57,000. Finally, Headlands Technologies LLC purchased a new position in PubMatic in the first quarter valued at approximately $69,000. 64.26% of the stock is owned by institutional investors and hedge funds.

About PubMatic

PubMatic, Inc, a technology company, engages in the provision of a cloud infrastructure platform that enables real-time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell-side platform, used for the purchase and sale of digital advertising inventory for publishers and buyers.