Similarweb (NYSE:SMWB) Stock Jumps 7.7% – Here’s What Happened

Similarweb Ltd. (NYSE:SMWB) shares rose 7.7% on Friday. The stock traded as high as $9.07 and last traded at $9.0750. 583,435 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 848,793 shares. The stock had previously closed at $8.43.

Wall Street Analyst Weigh In

Several equities analysts have commented on SMWB shares. Barclays increased their price target on Similarweb from $5.00 to $11.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. Wall Street Zen raised shares of Similarweb from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. Zacks Research upgraded shares of Similarweb from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Citigroup raised their price target on Similarweb from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Finally, Oppenheimer raised their target price on Similarweb from $7.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.71.

Similarweb Stock Up 7.3%

The stock has a market capitalization of $792.35 million, a price-to-earnings ratio of -36.28 and a beta of 1.30. The stock’s 50-day simple moving average is $8.25 and its 200 day simple moving average is $5.70.

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

Insider Buying and Selling at Similarweb

In related news, CEO Or Offer sold 574,605 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $8.80, for a total value of $5,056,524.00. Following the completion of the sale, the chief executive officer owned 4,598,291 shares in the company, valued at $40,464,960.80. This represents a 11.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 1,760,534 shares of company stock worth $15,163,145 over the last quarter. Company insiders own 62.40% of the company’s stock.

Institutional Investors Weigh In On Similarweb

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Lavelle Capital LP acquired a new stake in shares of Similarweb in the 1st quarter valued at about $529,000. Renaissance Technologies LLC boosted its position in shares of Similarweb by 104.6% during the first quarter. Renaissance Technologies LLC now owns 739,673 shares of the company’s stock worth $1,931,000 after buying an additional 378,200 shares during the period. Wellington Management Group LLP grew its holdings in shares of Similarweb by 22.2% during the second quarter. Wellington Management Group LLP now owns 3,624,685 shares of the company’s stock worth $22,219,000 after buying an additional 657,928 shares in the last quarter. Militia Capital Management LLC acquired a new stake in Similarweb in the 1st quarter valued at approximately $616,000. Finally, Persistent Asset Partners Ltd acquired a new stake in Similarweb in the 4th quarter valued at approximately $1,348,000. 57.59% of the stock is currently owned by institutional investors and hedge funds.

Similarweb Company Profile

Similarweb Ltd. (NYSE: SMWB) provides digital intelligence and market research solutions that help businesses understand online activity and competitive dynamics. Its platform analyzes digital behavior across websites and mobile applications, offering insights into audience interests, traffic sources, engagement, user journeys and industry trends.

The company serves customers across a range of industries, including technology, retail, financial services, media and advertising. Its products support marketing, sales, business development, investor research and strategy teams by helping them identify market opportunities, evaluate competitors, assess customer demand and monitor digital performance.

Similarweb was founded in 2007 by Or Offer and Nir Cohen and is headquartered in Israel, with operations and customers serving markets internationally.