DoubleVerify (NYSE:DV) to Buyback $200.00 million in Outstanding Stock

DoubleVerify (NYSE:DV) declared that its board has approved a share buyback plan on Wednesday, November 6th, RTT News reports. The company plans to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

DoubleVerify Price Performance

Shares of DoubleVerify stock traded up $1.18 during trading on Wednesday, hitting $19.56. The company’s stock had a trading volume of 3,748,116 shares, compared to its average volume of 2,356,414. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 54.29, a price-to-earnings-growth ratio of 2.40 and a beta of 0.90. DoubleVerify has a 52 week low of $16.11 and a 52 week high of $43.00. The stock has a 50-day moving average price of $17.53 and a two-hundred day moving average price of $19.59.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DV shares. Piper Sandler reduced their price objective on shares of DoubleVerify from $30.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Macquarie decreased their price objective on shares of DoubleVerify from $25.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, October 11th. The Goldman Sachs Group cut their target price on DoubleVerify from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, October 14th. BMO Capital Markets lowered their price target on DoubleVerify from $38.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Morgan Stanley raised their price objective on DoubleVerify from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.47.

Insiders Place Their Bets

In related news, CFO Nicola T. Allais sold 1,764 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $16.41, for a total value of $28,947.24. Following the sale, the chief financial officer now directly owns 81,598 shares in the company, valued at $1,339,023.18. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 7,056 shares of company stock valued at $119,634. 3.00% of the stock is currently owned by company insiders.

About DoubleVerify

DoubleVerify Holdings, Inc provides a software platform for digital media measurement, and data analytics in the United States and internationally. The company provides solutions to advertisers that enable advertisers to increase the effectiveness and quality and return on their digital advertising investments.