Viant Technology (NASDAQ:DSP) Trading Down 7% – Here’s Why

Viant Technology Inc. (NASDAQ:DSP) traded down 7% during trading on Friday . The company traded as low as $11.48 and last traded at $11.5440. 73,760 shares traded hands during trading, a decline of 69% from the average daily volume of 237,234 shares. The stock had previously closed at $12.41.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on DSP. Rosenblatt Securities reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Viant Technology in a research report on Thursday, April 16th. Weiss Ratings downgraded Viant Technology from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, May 13th. B. Riley Financial raised their price objective on Viant Technology from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. DA Davidson raised their price target on shares of Viant Technology from $16.00 to $16.50 and gave the company a “buy” rating in a report on Tuesday, May 12th. Finally, Wall Street Zen downgraded shares of Viant Technology from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $18.00.

Viant Technology Trading Down 5.8%

The stock has a market cap of $766.05 million, a price-to-earnings ratio of 32.54 and a beta of 1.03. The business has a 50 day simple moving average of $11.84 and a two-hundred day simple moving average of $11.33.

Viant Technology (NASDAQ:DSP) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The company had revenue of $88.54 million for the quarter, compared to the consensus estimate of $50.13 million. Viant Technology had a net margin of 2.51% and a return on equity of 2.40%. Research analysts anticipate that Viant Technology Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In other Viant Technology news, major shareholder Capital V. Llc sold 15,000 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $11.12, for a total value of $166,800.00. Following the sale, the insider directly owned 22,500 shares of the company’s stock, valued at $250,200. This trade represents a 40.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Larry Madden sold 25,376 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $11.10, for a total transaction of $281,673.60. Following the completion of the sale, the chief financial officer directly owned 459,155 shares in the company, valued at approximately $5,096,620.50. This trade represents a 5.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 290,202 shares of company stock valued at $3,300,047 over the last ninety days. Company insiders own 29.43% of the company’s stock.

Institutional Investors Weigh In On Viant Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL lifted its stake in shares of Viant Technology by 39.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 191,636 shares of the company’s stock worth $1,654,000 after acquiring an additional 54,507 shares during the period. Norwood Investment Partners LP acquired a new stake in shares of Viant Technology in the fourth quarter valued at $1,186,000. Royce & Associates LP raised its position in Viant Technology by 72.3% in the fourth quarter. Royce & Associates LP now owns 912,043 shares of the company’s stock worth $10,981,000 after acquiring an additional 382,664 shares in the last quarter. Nano Cap New Millennium Growth Fund L P acquired a new position in shares of Viant Technology in the 4th quarter worth approximately $873,000. Finally, Manatuck Hill Partners LLC bought a new stake in Viant Technology during the second quarter worth approximately $1,323,000. 11.38% of the stock is currently owned by institutional investors.

About Viant Technology

Viant Technology Inc (Nasdaq: DSP) is a software-as-a-service (SaaS) advertising technology company that delivers data-driven solutions to marketers and agencies. Its core offering, Adelphic, is a programmatic demand-side platform (DSP) that empowers clients to plan, execute and optimize digital ad campaigns across desktop, mobile, connected TV and other emerging channels.

Complementing its DSP, Viant offers PeopleCloud, a people-based data management platform (DMP) that aggregates and normalizes first- and third-party audience data.