Viant Technology (NASDAQ:DSP) Shares Down 9.4% – Here’s What Happened

Shares of Viant Technology Inc. (NASDAQ:DSP) were down 9.4% on Wednesday . The company traded as low as $12.37 and last traded at $12.69. Approximately 90,456 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 224,162 shares. The stock had previously closed at $14.01.

Analysts Set New Price Targets

Several research analysts have commented on DSP shares. Loop Capital set a $14.50 price target on shares of Viant Technology in a report on Tuesday, March 10th. B. Riley Financial boosted their price target on shares of Viant Technology from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Freedom Capital upgraded shares of Viant Technology to a “strong-buy” rating in a report on Tuesday, March 10th. Wall Street Zen cut shares of Viant Technology from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, DA Davidson boosted their price target on shares of Viant Technology from $16.00 to $16.50 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Viant Technology currently has an average rating of “Buy” and an average price target of $18.00.

Viant Technology Trading Down 12.7%

The firm’s fifty day moving average price is $11.03 and its 200-day moving average price is $11.07. The firm has a market cap of $801.43 million, a price-to-earnings ratio of 33.97 and a beta of 1.04.

Viant Technology (NASDAQ:DSP) last issued its earnings results on Monday, May 11th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.11). Viant Technology had a net margin of 2.51% and a return on equity of 2.40%. The company had revenue of $88.54 million during the quarter, compared to analyst estimates of $50.13 million. On average, sell-side analysts expect that Viant Technology Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Viant Technology

In other news, CFO Larry Madden sold 18,538 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $11.85, for a total value of $219,675.30. Following the completion of the transaction, the chief financial officer owned 535,161 shares in the company, valued at approximately $6,341,657.85. This represents a 3.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Capital V. Llc sold 15,000 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $11.80, for a total transaction of $177,000.00. Following the completion of the transaction, the insider owned 23,760 shares of the company’s stock, valued at approximately $280,368. The trade was a 38.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 195,798 shares of company stock valued at $2,181,451. Company insiders own 29.43% of the company’s stock.

Institutional Trading of Viant Technology

Several institutional investors and hedge funds have recently bought and sold shares of DSP. Topline Capital Management LLC purchased a new stake in shares of Viant Technology in the third quarter valued at about $2,150,000. Tudor Investment Corp ET AL raised its holdings in shares of Viant Technology by 39.7% in the third quarter. Tudor Investment Corp ET AL now owns 191,636 shares of the company’s stock valued at $1,654,000 after buying an additional 54,507 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its holdings in shares of Viant Technology by 474.3% in the third quarter. Dynamic Technology Lab Private Ltd now owns 70,533 shares of the company’s stock valued at $609,000 after buying an additional 58,251 shares during the last quarter. Royce & Associates LP raised its holdings in shares of Viant Technology by 72.3% in the fourth quarter. Royce & Associates LP now owns 912,043 shares of the company’s stock valued at $10,981,000 after buying an additional 382,664 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P purchased a new stake in shares of Viant Technology in the fourth quarter valued at about $873,000. Hedge funds and other institutional investors own 11.38% of the company’s stock.

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.