These Analysts Slash Their Forecasts On PubMatic After Q2 Results

PubMatic, Inc. PUBM reported upbeat financial results for the second quarter and issued third-quarter sales guidance below estimates on Monday.

PubMatic reported quarterly earnings of 5 cents per share which beat the analyst consensus estimate of a loss of 16 cents per share. The company reported quarterly sales of $71.09 million which beat the analyst consensus estimate of $67.77 million.

PubMatic said it sees third-quarter sales of $61.000 million to $66.000 million, versus market estimates of $70.54 million.

“We delivered a strong second quarter, with revenue and adjusted EBITDA exceeding expectations. We added new publishers, streamers and ad buyers to the platform, continued to scale Activate and commerce media, and saw significant growth in sell side targeting,” said Rajeev Goel, co-founder and CEO at PubMatic.

PubMatic shares fell 21.1% to trade at $8.34 on Tuesday.

These analysts made changes to their price targets on PubMatic following earnings announcement.

• B. Riley Securities analyst Zach Cummins downgraded PubMatic from Buy to Neutral and lowered the price target from $17 to $9.
• RBC Capital analyst Matthew Swanson maintained the stock with an Outperform rating and cut the price target from $14 to $11.
• Scotiabank analyst Nat Schindler maintained PubMatic with a Sector Perform and lowered the price target from $15 to $10.

Considering buying PUBM stock? Here’s what analysts think:

Read This Next:

• Cramer Expects This FinTech To Reach $100, Upset With Eli Lilly: ‘Come Back And Talk To Me’

Photo via Shutterstock