Similarweb (NYSE:SMWB) Shares Gap Up – Here’s Why

Similarweb Ltd. (NYSE:SMWB)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $8.58, but opened at $8.95. Similarweb shares last traded at $8.1550, with a volume of 13,784 shares trading hands.

Analyst Ratings Changes

Several research analysts have commented on SMWB shares. Wall Street Zen cut shares of Similarweb from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 12th. Northland Securities raised shares of Similarweb from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $5.00 to $10.00 in a research report on Wednesday, August 12th. Oppenheimer boosted their target price on shares of Similarweb from $7.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Citigroup increased their target price on Similarweb from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Finally, Needham & Company LLC upgraded Similarweb from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Wednesday, September 16th. Five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $9.71.

Similarweb Stock Performance

The stock’s 50-day moving average is $8.00 and its 200 day moving average is $5.29. The stock has a market capitalization of $711.58 million, a PE ratio of -32.54 and a beta of 1.21.

Similarweb (NYSE:SMWB) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.06 earnings per share for the quarter. Similarweb had a negative net margin of 7.37% and a negative return on equity of 19.81%. The firm had revenue of $77.19 million during the quarter.

Insider Activity

In related news, CEO Or Offer sold 28,400 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $8.54, for a total value of $242,536.00. Following the completion of the sale, the chief executive officer directly owned 4,044,781 shares of the company’s stock, valued at $34,542,429.74. This represents a 0.70% decrease in their position. The sale was disclosed in a document filed 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. Over the last ninety days, insiders sold 1,646,234 shares of company stock valued at $14,284,178. 62.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Similarweb by 22.2% in the 2nd quarter. Wellington Management Group LLP now owns 3,624,685 shares of the company’s stock valued at $22,219,000 after purchasing an additional 657,928 shares during the last quarter. Renaissance Technologies LLC grew its position in Similarweb by 104.6% during the 1st quarter. Renaissance Technologies LLC now owns 739,673 shares of the company’s stock worth $1,931,000 after purchasing an additional 378,200 shares during the last quarter. Militia Capital Management LLC purchased a new position in Similarweb during the 1st quarter worth $616,000. Lavelle Capital LP acquired a new position in Similarweb in the first quarter valued at $529,000. Finally, Persistent Asset Partners Ltd acquired a new position in Similarweb in the fourth quarter valued at $1,348,000. Institutional investors and hedge funds own 57.59% of the company’s stock.

About Similarweb

Similarweb Ltd. is a digital intelligence company that provides data and analytics about online activity. Its platform helps organizations analyze website and mobile application performance, understand audience behavior, evaluate competitors, and identify trends across digital markets.

The company’s products support a range of business functions, including marketing, sales, market research, search engine optimization, investor research and business development. Similarweb combines data from multiple sources to provide insights into web traffic, mobile app usage, customer engagement, acquisition channels and industry positioning.

Founded in 2007, Similarweb serves businesses, agencies, financial institutions and other organizations in markets around the world.