Viant Technology (NASDAQ:DSP) Shares Gap Up After Analyst Upgrade

Viant Technology Inc. (NASDAQ:DSP) gapped up before the market opened on Wednesday after Needham & Company LLC raised their price target on the stock from $12.00 to $18.00. The stock had previously closed at $13.52, but opened at $15.26. Needham & Company LLC currently has a buy rating on the stock. Viant Technology shares last traded at $16.04, with a volume of 204,590 shares.

Other analysts have also recently issued reports about the company. JMP Securities increased their price objective on Viant Technology from $12.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Wednesday. Canaccord Genuity Group upgraded Viant Technology from a “hold” rating to a “buy” rating and upped their price target for the stock from $13.00 to $18.00 in a research note on Wednesday. Canaccord Genuity Group upgraded shares of Viant Technology from a “hold” rating to a “buy” rating and lifted their price objective for the company from $13.00 to $18.00 in a research report on Wednesday. Finally, Craig Hallum upped their price objective on shares of Viant Technology from $14.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Viant Technology presently has a consensus rating of “Buy” and a consensus target price of $15.86.

Insider Activity

In other Viant Technology news, CFO Larry Madden sold 2,768 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $11.23, for a total transaction of $31,084.64. Following the transaction, the chief financial officer now directly owns 529,848 shares in the company, valued at approximately $5,950,193.04. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 10,419 shares of company stock valued at $116,647 in the last three months. 28.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Viant Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of Viant Technology in the 2nd quarter worth about $47,000. FMR LLC raised its position in Viant Technology by 77.9% during the third quarter. FMR LLC now owns 7,134 shares of the company’s stock worth $79,000 after acquiring an additional 3,123 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Viant Technology in the second quarter valued at about $84,000. Victory Capital Management Inc. acquired a new stake in shares of Viant Technology in the third quarter valued at approximately $122,000. Finally, Summit Global Investments purchased a new position in shares of Viant Technology during the 2nd quarter worth approximately $111,000. 11.38% of the stock is currently owned by institutional investors and hedge funds.

Viant Technology Stock Performance

The company has a 50-day moving average of $11.45 and a 200-day moving average of $10.50. The stock has a market capitalization of $973.28 million, a price-to-earnings ratio of 252.71 and a beta of 0.72.

Viant Technology (NASDAQ:DSP) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.10). Viant Technology had a negative return on equity of 5.69% and a net margin of 0.47%. The company had revenue of $41.56 million for the quarter, compared to analysts’ expectations of $41.10 million. As a group, analysts expect that Viant Technology Inc. will post -0.37 earnings per share for the current year.

Viant Technology Company Profile

Viant Technology Inc operates as an advertising technology company. It provides Household ID, a people-based innovation that combines digital and personal identifiers into a normalized household profile; AI Bid Optimizer, solution that uses AI to analyze historical bid opportunities to predict the lowest media cost for desired advertisement; and Viant Data Platform, which offers marketers control over their own data with actionable insights into their marketing initiatives within a single platform.