Viant Technology (NASDAQ:DSP) Shares Down 9.3% on Disappointing Earnings

Viant Technology Inc. (NASDAQ:DSP)’s stock price dropped 9.3% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $10.99 and last traded at $10.9260. Approximately 186,825 shares changed hands during trading, a decline of 10% from the average daily volume of 206,995 shares. The stock had previously closed at $12.04.

The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). Viant Technology had a return on equity of 1.31% and a net margin of 2.43%.The firm had revenue of $88.54 million for the quarter, compared to analysts’ expectations of $50.13 million.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DSP. Wall Street Zen raised Viant Technology from a “hold” rating to a “buy” rating in a report on Saturday, March 14th. DA Davidson boosted their price objective on Viant Technology from $15.50 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Rosenblatt Securities restated a “buy” rating and issued a $20.00 price objective on shares of Viant Technology in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Viant Technology in a research report on Wednesday, January 21st. Finally, Loop Capital set a $14.50 price target on shares of Viant Technology in a report on Tuesday, March 10th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $17.79.

Insider Transactions at Viant Technology

In other Viant Technology news, major shareholder Capital V. Llc sold 8,389 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $10.74, for a total transaction of $90,097.86. Following the completion of the transaction, the insider directly owned 37,500 shares of the company’s stock, valued at approximately $402,750. This represents a 18.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy Vanderhook sold 2,796 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $10.74, for a total value of $30,029.04. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 178,283 shares of company stock worth $1,883,485 in the last quarter. Insiders own 28.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Royce & Associates LP grew its stake in shares of Viant Technology by 72.3% during the 4th quarter. Royce & Associates LP now owns 912,043 shares of the company’s stock worth $10,981,000 after acquiring an additional 382,664 shares during the period. Topline Capital Management LLC bought a new stake in Viant Technology in the 3rd quarter valued at about $2,150,000. Invenomic Capital Management LP purchased a new stake in Viant Technology during the fourth quarter valued at about $2,748,000. Millennium Management LLC lifted its holdings in Viant Technology by 91.2% during the fourth quarter. Millennium Management LLC now owns 429,993 shares of the company’s stock valued at $5,177,000 after purchasing an additional 205,160 shares during the last quarter. Finally, Manatuck Hill Partners LLC bought a new position in Viant Technology during the second quarter worth about $1,323,000. Hedge funds and other institutional investors own 11.38% of the company’s stock.

Viant Technology Stock Down 12.0%

The stock has a market cap of $670.88 million, a P/E ratio of 33.09 and a beta of 1.00. The business’s 50-day simple moving average is $10.90 and its two-hundred day simple moving average is $10.79.

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.