PubMatic (NASDAQ:PUBM) Shares Down 9.5% – Here’s Why

PubMatic, Inc. (NASDAQ:PUBM) was down 9.5% on Thursday . The stock traded as low as $15.74 and last traded at $15.51. Approximately 153,478 shares traded hands during trading, a decline of 48% from the average daily volume of 293,475 shares. The stock had previously closed at $17.14.

Wall Street Analyst Weigh In

PUBM has been the subject of a number of recent research reports. Macquarie reaffirmed a “neutral” rating and issued a $19.00 target price on shares of PubMatic in a report on Thursday, November 14th. JMP Securities reiterated a “market outperform” rating and issued a $20.00 target price on shares of PubMatic in a research report on Monday, January 27th. Evercore ISI increased their target price on PubMatic from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Scotiabank initiated coverage on PubMatic in a research report on Thursday, December 5th. They issued a “sector perform” rating and a $17.00 target price for the company. Finally, Royal Bank of Canada dropped their target price on PubMatic from $21.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

PubMatic Stock Performance

The stock has a market capitalization of $730.16 million, a price-to-earnings ratio of 49.21 and a beta of 1.41. The stock has a fifty day simple moving average of $15.41 and a two-hundred day simple moving average of $15.52.

Insiders Place Their Bets

In other PubMatic news, CFO Steven Pantelick sold 4,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $16.56, for a total value of $66,240.00. Following the completion of the sale, the chief financial officer now directly owns 22,506 shares in the company, valued at approximately $372,699.36. This trade represents a 15.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mukul Kumar sold 7,000 shares of PubMatic stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $16.54, for a total transaction of $115,780.00. Following the completion of the sale, the insider now directly owns 44,888 shares of the company’s stock, valued at approximately $742,447.52. This trade represents a 13.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 139,489 shares of company stock worth $2,168,677. 2.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PUBM. Pitcairn Co. increased its position in shares of PubMatic by 7.3% during the fourth quarter. Pitcairn Co. now owns 21,654 shares of the company’s stock worth $318,000 after acquiring an additional 1,477 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in PubMatic in the 4th quarter valued at about $27,000. Principal Financial Group Inc. lifted its position in PubMatic by 9.7% in the 4th quarter. Principal Financial Group Inc. now owns 25,178 shares of the company’s stock valued at $370,000 after acquiring an additional 2,234 shares in the last quarter. American Century Companies Inc. lifted its position in PubMatic by 0.9% in the 4th quarter. American Century Companies Inc. now owns 271,864 shares of the company’s stock valued at $3,994,000 after acquiring an additional 2,461 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in PubMatic by 5.7% in the 4th quarter. Russell Investments Group Ltd. now owns 47,062 shares of the company’s stock valued at $691,000 after acquiring an additional 2,528 shares in the last quarter. Institutional investors and hedge funds own 64.26% of the company’s stock.

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.