PubMatic, Inc. (NASDAQ:PUBM) Sees Significant Increase in Short Interest

PubMatic, Inc. (NASDAQ:PUBM) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,470,000 shares, an increase of 34.9% from the February 28th total of 1,090,000 shares. Currently, 3.2% of the company’s shares are short sold. Based on an average daily trading volume, of 457,400 shares, the days-to-cover ratio is currently 3.2 days.

PubMatic Stock Down 1.1 %

NASDAQ:PUBM traded down $0.10 on Wednesday, reaching $9.19. 18,853 shares of the company’s stock traded hands, compared to its average volume of 441,345. The stock has a 50-day simple moving average of $12.82 and a 200-day simple moving average of $14.39. PubMatic has a 12 month low of $8.90 and a 12 month high of $25.36. The firm has a market cap of $445.91 million, a PE ratio of 29.68 and a beta of 1.48.

PubMatic (NASDAQ:PUBM) last issued its earnings results on Thursday, February 27th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.11). PubMatic had a net margin of 5.96% and a return on equity of 6.12%. The business had revenue of $85.50 million for the quarter, compared to the consensus estimate of $88.24 million. On average, equities analysts anticipate that PubMatic will post 0.22 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Royal Bank of Canada lowered their price target on PubMatic from $21.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. JMP Securities reaffirmed a “market outperform” rating and issued a $20.00 target price on shares of PubMatic in a report on Monday, January 27th. Scotiabank dropped their target price on shares of PubMatic from $17.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Friday, February 28th. Finally, Lake Street Capital reduced their price target on shares of PubMatic from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.89.

Insiders Place Their Bets

In other news, CEO Rajeev K. Goel sold 24,891 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $15.14, for a total value of $376,849.74. Following the completion of the sale, the chief executive officer now directly owns 5,896 shares of the company’s stock, valued at approximately $89,265.44. This trade represents a 80.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Steven Pantelick sold 10,040 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.84, for a total transaction of $148,993.60. Following the completion of the sale, the chief financial officer now owns 38,285 shares of the company’s stock, valued at $568,149.40. This trade represents a 20.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 94,811 shares of company stock worth $1,438,381. 2.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PubMatic

Several hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new stake in PubMatic in the 4th quarter valued at $27,000. Cubist Systematic Strategies LLC bought a new stake in shares of PubMatic in the fourth quarter worth about $29,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of PubMatic in the fourth quarter worth about $57,000. FMR LLC lifted its position in shares of PubMatic by 201.6% in the third quarter. FMR LLC now owns 4,053 shares of the company’s stock worth $60,000 after buying an additional 2,709 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in PubMatic by 75.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,220 shares of the company’s stock valued at $77,000 after buying an additional 2,240 shares during the last quarter. Hedge funds and other institutional investors own 64.26% of the company’s stock.

PubMatic Company Profile

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.