Similarweb (NYSE:SMWB) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Similarweb Ltd. (NYSE:SMWB) saw an uptick in trading volume on Thursday . 660,331 shares traded hands during mid-day trading, an increase of 214% from the previous session’s volume of 210,110 shares.The stock last traded at $12.59 and had previously closed at $12.23.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SMWB. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Similarweb in a report on Wednesday, August 7th. Citigroup boosted their price target on Similarweb from $10.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. JMP Securities increased their price objective on Similarweb from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 14th. Northland Capmk raised shares of Similarweb to a “strong-buy” rating in a research report on Tuesday, September 10th. Finally, Needham & Company LLC raised their price target 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. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $12.86.

Similarweb Stock Up 2.2 %

The firm’s fifty day simple moving average is $9.23 and its 200 day simple moving average is $8.25.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SMWB. Public Employees Retirement System of Ohio acquired a new stake in shares of Similarweb in the 3rd quarter valued at $70,000. Quantbot Technologies LP acquired a new stake in Similarweb in the third quarter valued at about $75,000. ANTIPODES PARTNERS Ltd grew its position in Similarweb by 122.5% in the second quarter. ANTIPODES PARTNERS Ltd now owns 11,580 shares of the company’s stock valued at $90,000 after acquiring an additional 6,376 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Similarweb during the third quarter worth about $122,000. Finally, Barclays PLC lifted its holdings in shares of Similarweb by 201.0% in the third quarter. Barclays PLC now owns 15,414 shares of the company’s stock worth $136,000 after acquiring an additional 10,293 shares during the last quarter. 57.59% of the stock is owned by institutional investors.

About Similarweb

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.