Similarweb (NYSE:SMWB) Shares Gap Down – Here’s What Happened

Similarweb Ltd. (NYSE:SMWB) shares gapped down before the market opened on Tuesday . The stock had previously closed at $12.80, but opened at $11.86. Similarweb shares last traded at $12.50, with a volume of 225,872 shares.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. JMP Securities increased their target price on shares of Similarweb from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 14th. Citigroup increased their target price 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. Needham & Company LLC increased their target price on shares of Similarweb from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Similarweb in a research report on Wednesday, August 7th. Finally, Northland Securities increased their target price on shares of Similarweb from $15.00 to $17.00 and gave the stock an “outperform” rating in a research report on Tuesday. Eight 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 stock has a consensus rating of “Buy” and an average target price of $13.14.

Similarweb Stock Performance

The stock has a market cap of $978.32 million, a PE ratio of -116.55 and a beta of 0.84. The stock has a fifty day simple moving average of $9.47 and a two-hundred day simple moving average of $8.37.

Hedge Funds Weigh In On Similarweb

Several institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC boosted its stake in shares of Similarweb by 201.0% during the 3rd quarter. Barclays PLC now owns 15,414 shares of the company’s stock valued at $136,000 after buying an additional 10,293 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Similarweb during the 3rd quarter valued at approximately $70,000. XTX Topco Ltd lifted its stake in Similarweb by 9.0% during the third quarter. XTX Topco Ltd now owns 53,980 shares of the company’s stock worth $477,000 after purchasing an additional 4,453 shares during the last quarter. State Street Corp lifted its stake in Similarweb by 32.5% during the third 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 during the last quarter. Finally, Centiva Capital LP bought a new position in Similarweb during the third quarter worth $212,000. 57.59% of the stock is currently owned by hedge funds and other institutional investors.

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.