Similarweb (NYSE:SMWB) Sees Large Volume Increase – Here’s What Happened

Similarweb Ltd. (NYSE:SMWB) saw unusually-high trading volume on Wednesday . Approximately 123,825 shares were traded during trading, a decline of 36% from the previous session’s volume of 193,946 shares.The stock last traded at $10.75 and had previously closed at $10.70.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SMWB. Citigroup raised their target price on Similarweb from $10.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday. JMP Securities lifted their price objective on Similarweb from $16.00 to $17.00 and gave the company a “market outperform” rating in a research note on Thursday. William Blair reissued an “outperform” rating on shares of Similarweb in a research note on Monday, September 9th. Northland Securities assumed coverage on Similarweb in a research note on Tuesday, September 10th. They set an “outperform” rating and a $15.00 price target for the company. Finally, Needham & Company LLC boosted their target price on Similarweb from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Similarweb presently has a consensus rating of “Buy” and an average target price of $12.86.

Similarweb Stock Performance

The firm has a fifty day moving average price of $9.02 and a two-hundred day moving average price of $8.12.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in shares of Similarweb during the third quarter valued at approximately $75,000. ANTIPODES PARTNERS Ltd grew its holdings in Similarweb by 122.5% in the second quarter. ANTIPODES PARTNERS Ltd now owns 11,580 shares of the company’s stock worth $90,000 after purchasing an additional 6,376 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in shares of Similarweb during the third quarter valued at $122,000. Verition Fund Management LLC purchased a new stake in Similarweb in the third quarter valued at $160,000. Finally, Blair William & Co. IL boosted its holdings in Similarweb by 20.1% in the first quarter. Blair William & Co. IL now owns 21,662 shares of the company’s stock valued at $195,000 after purchasing an additional 3,621 shares during the last quarter. Hedge funds and other institutional investors own 57.59% of the company’s stock.

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.