Short Interest in Similarweb Ltd. (NYSE:SMWB) Drops By 43.4%

Similarweb Ltd. (NYSE:SMWB) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 152,300 shares, a decline of 43.4% from the October 31st total of 269,100 shares. Based on an average trading volume of 338,400 shares, the short-interest ratio is presently 0.5 days. Approximately 0.4% of the shares of the company are sold short.

Hedge Funds Weigh In On Similarweb

A number of large investors have recently modified their holdings of SMWB. Quadrature Capital Ltd purchased a new stake in shares of Similarweb during the 1st quarter worth $311,000. California State Teachers Retirement System boosted its holdings in Similarweb by 10.1% during the first quarter. California State Teachers Retirement System now owns 26,892 shares of the company’s stock worth $242,000 after buying an additional 2,475 shares in the last quarter. Legato Capital Management LLC grew its position in Similarweb by 4.5% during the second quarter. Legato Capital Management LLC now owns 102,987 shares of the company’s stock worth $800,000 after buying an additional 4,455 shares during the period. ANTIPODES PARTNERS Ltd increased its holdings 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 buying an additional 6,376 shares in the last quarter. Finally, Ceera Investments LLC lifted its position in shares of Similarweb by 38.3% during the 2nd quarter. Ceera Investments LLC now owns 259,827 shares of the company’s stock valued at $2,019,000 after acquiring an additional 71,994 shares during the period. 57.59% of the stock is owned by hedge funds and other institutional investors.

Similarweb Price Performance

Shares of SMWB stock traded up $0.29 during mid-day trading on Thursday, hitting $12.57. The stock had a trading volume of 561,855 shares, compared to its average volume of 219,752. The firm has a market cap of $1.02 billion, a PE ratio of -114.27 and a beta of 0.84. Similarweb has a fifty-two week low of $4.58 and a fifty-two week high of $12.99. The company’s 50-day simple moving average is $9.63 and its 200-day simple moving average is $8.43.

Analyst Upgrades and Downgrades

SMWB has been the topic of several research reports. Citigroup raised their price objective on Similarweb from $10.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Barclays lifted their price target on Similarweb from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Northland Capmk raised Similarweb to a “strong-buy” rating in a report on Tuesday, September 10th. Needham & Company LLC lifted their target price on shares of Similarweb from $11.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, JMP Securities increased their price target on shares of Similarweb from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 14th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Similarweb presently has an average rating of “Buy” and an average target price of $13.14.

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.