PubMatic (NASDAQ:PUBM) Shares Gap Up Following Strong Earnings

PubMatic, Inc. (NASDAQ:PUBM) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $24.02, but opened at $25.17. PubMatic shares last traded at $24.27, with a volume of 284,861 shares.

The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.07. PubMatic had a return on equity of 3.29% and a net margin of 3.33%. The firm had revenue of $66.70 million for the quarter, compared to analysts’ expectations of $62.19 million. During the same quarter last year, the firm earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. B. Riley assumed coverage on PubMatic in a research note on Friday, April 19th. They set a “buy” rating and a $27.00 price objective on the stock. Royal Bank of Canada boosted their price objective on PubMatic from $26.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, JMP Securities boosted their price objective on PubMatic from $18.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Tuesday, February 27th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

Insider Transactions at PubMatic

In other news, insider Paulina Klimenko sold 2,083 shares of PubMatic stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $17.00, for a total transaction of $35,411.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Paulina Klimenko sold 2,083 shares of PubMatic stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $17.00, for a total transaction of $35,411.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Steven Pantelick sold 8,876 shares of PubMatic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $23.71, for a total value of $210,449.96. Following the sale, the chief financial officer now directly owns 16,833 shares in the company, valued at $399,110.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 192,063 shares of company stock valued at $4,110,143. 2.90% of the stock is currently owned by insiders.

Institutional Trading of PubMatic

Hedge funds and other institutional investors have recently bought and sold shares of the company. Guinness Atkinson Asset Management Inc increased its holdings in PubMatic by 48.6% in the third quarter. Guinness Atkinson Asset Management Inc now owns 3,032 shares of the company’s stock valued at $37,000 after buying an additional 992 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in PubMatic in the third quarter valued at about $68,000. SG Americas Securities LLC acquired a new position in PubMatic in the first quarter valued at approximately $107,000. Public Employees Retirement System of Ohio acquired a new position in PubMatic in the third quarter valued at approximately $142,000. Finally, Quantbot Technologies LP acquired a new position in PubMatic in the third quarter valued at approximately $154,000. 64.26% of the stock is owned by institutional investors.

PubMatic Stock Down 6.0 %

The stock has a 50 day simple moving average of $22.60 and a 200 day simple moving average of $17.96. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of 152.34 and a beta of 1.52.

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.