Similarweb (NYSE:SMWB) Sees Strong Trading Volume – Here’s Why

Similarweb Ltd. (NYSE:SMWB) saw unusually-strong trading volume on Wednesday . Approximately 375,708 shares changed hands during mid-day trading, a decline of 19% from the previous session’s volume of 462,825 shares.The stock last traded at $15.96 and had previously closed at $15.12.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. The Goldman Sachs Group assumed coverage on Similarweb in a research report on Wednesday, December 11th. They issued a “buy” rating and a $16.00 price objective on the stock. Northland Securities lifted their price target on shares of Similarweb from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. William Blair reiterated an “outperform” rating on shares of Similarweb in a report on Thursday, December 19th. Citigroup upped their price target on shares of Similarweb from $10.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Similarweb in a research report on Thursday. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $13.50.

Similarweb Price Performance

The stock has a market capitalization of $1.28 billion, a P/E ratio of -143.38 and a beta of 0.97. The company has a fifty day moving average of $13.29 and a two-hundred day moving average of $9.96.

Hedge Funds Weigh In On Similarweb

Hedge funds have recently added to or reduced their stakes in the business. Scalar Gauge Management LLC grew its stake in Similarweb by 45.5% during the 3rd quarter. Scalar Gauge Management LLC now owns 863,923 shares of the company’s stock worth $7,637,000 after buying an additional 270,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Similarweb by 112.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 449,896 shares of the company’s stock worth $3,977,000 after purchasing an additional 238,428 shares during the last quarter. P.A.W. Capital Corp acquired a new position in Similarweb in the third quarter worth approximately $3,536,000. Walleye Capital LLC grew its holdings in shares of Similarweb by 115.9% in the 3rd quarter. Walleye Capital LLC now owns 354,653 shares of the company’s stock worth $3,135,000 after acquiring an additional 190,380 shares during the last quarter. Finally, State Street Corp increased its stake in Similarweb by 32.5% in the 3rd quarter. State Street Corp now owns 187,919 shares of the company’s stock worth $1,661,000 after purchasing an additional 46,102 shares in the last quarter. Institutional investors and hedge funds own 57.59% of the company’s stock.

Similarweb Company Profile

Similarweb Ltd. provides cloud-based digital intelligence solutions in the United States, Europe, the Asia Pacific, the United Kingdom, Israel, and internationally. The company offers digital research intelligence solutions for its customers to benchmark performance against competitors and market leaders, analyze trends in the market, conduct deeper research into specific companies, and analyze audience behavior; and digital marketing intelligence solutions for its customers to understand their competitors' online acquisition strategies in each marketing channel, and optimize their own strategies.