Why DoubleVerify Holdings Stock Plunged by 5% on Monday
DoubleVerify (NYSE: DV) shareholders are a sturdy lot; they were already having a tough time even before Monday's monster tech stock sell-off. The company's shares were caught up in the general rout, and this was compounded by an analyst's price target cut. When the smoke cleared, DoubleVerify's stock closed the day more than 5% lower. This was worse than the performance of the S&P 500 index, which "only" declined by 3%.
Before market open, Baird's Vikram Kesavabhotla reduced his price target on DoubleVerify to $30 per share from his previous $34. This doesn't quite make him a DoubleVerify bear, though, as despite the cut he maintained his outperform (i.e., buy) recommendation.
The motives behind Kesavabhotla's more than 10% trimming weren't immediately clear. Yet it doesn't seem coincidental that the price target cut came less than a week after DoubleVerify published its second-quarter results.
Source Fool.com
