Similarweb (NYSE:SMWB) Shares Gap Down on Disappointing Earnings

Similarweb Ltd. (NYSE:SMWB) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $8.17, but opened at $7.40. Similarweb shares last traded at $8.20, with a volume of 153,723 shares changing hands.

The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.09). The company had revenue of $67.09 million for the quarter, compared to the consensus estimate of $66.37 million. Similarweb had a negative return on equity of 47.62% and a negative net margin of 4.58%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SMWB. Northland Securities boosted their price objective on shares of Similarweb from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. JMP Securities reissued a “market outperform” rating and issued a $17.00 price objective on shares of Similarweb in a research note on Thursday, February 13th. The Goldman Sachs Group reduced their price objective on shares of Similarweb from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Citigroup boosted their price objective on shares of Similarweb from $14.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $14.00 price objective on shares of Similarweb in a research note on Thursday, February 13th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $15.75.

Institutional Trading of Similarweb

A number of institutional investors have recently bought and sold shares of SMWB. Global Retirement Partners LLC bought a new stake in Similarweb during the fourth quarter valued at $29,000. New York State Common Retirement Fund bought a new stake in Similarweb during the fourth quarter valued at $39,000. Heck Capital Advisors LLC bought a new stake in Similarweb during the fourth quarter valued at $115,000. KLP Kapitalforvaltning AS bought a new stake in Similarweb during the fourth quarter valued at $115,000. Finally, Fullcircle Wealth LLC acquired a new position in shares of Similarweb during the first quarter valued at about $117,000. Institutional investors own 57.59% of the company’s stock.

Similarweb Price Performance

The firm’s fifty day moving average price is $7.79 and its two-hundred day moving average price is $11.10. The stock has a market cap of $605.60 million, a price-to-earnings ratio of -52.35 and a beta of 1.13.

Similarweb Company Profile

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.