Viant Technology (NASDAQ:DSP) Shares Down 8.7% – Here’s What Happened

Viant Technology Inc. (NASDAQ:DSP)’s share price dropped 8.7% during trading on Thursday . The company traded as low as $23.10 and last traded at $23.68. Approximately 156,026 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 246,851 shares. The stock had previously closed at $25.95.

Analysts Set New Price Targets

DSP has been the topic of a number of recent analyst reports. Scotiabank initiated coverage on Viant Technology in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $27.00 price objective on the stock. JMP Securities lifted their target price on Viant Technology from $17.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Craig Hallum lifted their target price on Viant Technology from $14.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group raised Viant Technology from a “hold” rating to a “buy” rating and lifted their target price for the stock from $13.00 to $18.00 in a research report on Wednesday, November 13th. Finally, Needham & Company LLC lifted their target price on Viant Technology from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $20.29.

Viant Technology Price Performance

The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 377.35 and a beta of 1.01. The firm has a 50 day simple moving average of $20.45 and a 200-day simple moving average of $15.14.

Insider Buying and Selling

In other Viant Technology news, CFO Larry Madden sold 22,504 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $17.03, for a total transaction of $383,243.12. Following the transaction, the chief financial officer now owns 392,634 shares of the company’s stock, valued at approximately $6,686,557.02. This represents a 5.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Max O. Valdes sold 7,500 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $20.51, for a total value of $153,825.00. Following the sale, the director now owns 63,452 shares of the company’s stock, valued at approximately $1,301,400.52. The trade was a 10.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 72,856 shares of company stock worth $1,413,963 in the last quarter. 28.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Viant Technology

Large investors have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in Viant Technology in the fourth quarter valued at about $3,022,000. Martingale Asset Management L P lifted its holdings in shares of Viant Technology by 17.7% during the 4th quarter. Martingale Asset Management L P now owns 27,016 shares of the company’s stock valued at $513,000 after purchasing an additional 4,066 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Viant Technology by 29.2% in the 4th quarter. Renaissance Technologies LLC now owns 471,200 shares of the company’s stock valued at $8,948,000 after purchasing an additional 106,400 shares during the period. Federated Hermes Inc. increased its stake in Viant Technology by 0.8% during the 4th quarter. Federated Hermes Inc. now owns 58,492 shares of the company’s stock worth $1,111,000 after purchasing an additional 465 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Viant Technology by 76.3% during the 4th quarter. Wells Fargo & Company MN now owns 8,846 shares of the company’s stock worth $168,000 after buying an additional 3,829 shares during the period. Institutional investors own 11.38% of the company’s stock.

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.