PUBM PubMatic, Inc.
Price Chart
Executive Summary
B. Riley Securities upgraded PubMatic (PUBM) from Neutral to Buy on Feb 27, 2026, raising its price target to $10.50 from $10. The upgrade is part of a 7-firm cluster action on the same day, though the other six firms maintained their existing ratings. B. Riley has a 54% accuracy rate on 986 calls with an average return of 10%, placing it below average among firms covering PUBM. Consensus is heavily bullish: 13 of 19 analysts rate Buy or Strong Buy, 6 Hold, 0 Sell. The mean price target is $12.89, implying 33% upside from the current $9.72; B. Riley's $10.50 target is well below consensus. EPS estimates have been revised upward over the past 30 days — the current-quarter EPS went from -$0.04 to -$0.01, and the full-year 2026 EPS rose from $0.25 to $0.29. Insider selling is notable: CEO Rajeev Goel sold $1.23M worth in three tranches from Apr 13 to May 14, 2026. Institutional buying is strong — Morgan Stanley, UBS, and Two Sigma all doubled their positions. Short interest is elevated at 64% of float. The upgrade is directionally bullish but from a below-average firm with a below-consensus target, making it a modest positive signal at best.
Impact Score
Consensus & Targets
Of 19 analysts covering PUBM: 4 Strong Buy, 9 Buy, 6 Hold, 0 Sell, 0 Strong Sell. That's 68% Buy-equivalent, 32% Hold, 0% Sell. Consensus is decisively bullish, though the high proportion of Hold ratings suggests some caution.
Current price: $9.72. Mean target: $12.89 (median $12.00). High: $21.00 (Rosenblatt). Low: $8.00. Implied upside to mean: 33%. B. Riley's $10.50 target sits 19% below the mean and 50% below the high — a below-consensus view even after the upgrade.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-05-08 | RBC Capital | maintain | Outperform | $13.00 |
| 2026-04-23 | Rosenblatt | maintain | Buy | $21.00 |
| 2026-03-20 | Rosenblatt | maintain | Buy | — |
| 2026-02-27 | Rosenblatt | maintain | Buy | $21.00 |
| 2026-02-27 | B. Riley Securities | upgrade | Buy | $10.50 |
| 2025-11-11 | B. Riley Securities | maintain | Neutral | $10.00 |
| 2025-11-11 | Evercore ISI Group | maintain | Outperform | $13.00 |
| 2025-11-11 | Rosenblatt | maintain | Buy | $20.00 |
| 2025-09-09 | Rosenblatt | maintain | Buy | $17.00 |
| 2025-08-21 | Rosenblatt | initiate | Buy | $17.00 |
No upgrades or downgrades in the past 30 days. EPS revisions are positive: current-quarter EPS revised from -$0.04 to -$0.01 over 30 days, and full-year 2026 EPS from $0.25 to $0.29. Revenue estimates for the current year rose from $290M to $294M. The revision trend is clearly upward.
Firm Track Record — B. Riley Securities
B. Riley Securities accuracy: 54% on 986 calls | avg return: 10%
Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 9 firms with ≥5 scored calls.
| Firm | Accuracy | Calls | Avg Return | vs Average |
|---|---|---|---|---|
| Citizens Capital Markets | 100% | 2/2 | 18.5% | top tier |
| Macquarie | 100% | 2/2 | 5.7% | top tier |
| RBC Capital | 67% | 4/6 | -2.2% | top tier |
| Rosenblatt | 67% | 2/3 | -9.6% | top tier |
| Scotiabank | 67% | 2/3 | -1.6% | top tier |
| JMP Securities | 50% | 1/2 | -9.9% | below average |
| Lake Street | 33% | 1/3 | 9.1% | below average |
| Evercore ISI Group | 33% | 1/3 | -11.6% | below average |
| B. Riley Securities | 33% | 1/3 | -4.8% | below average |
B. Riley Securities has a 54% accuracy rate on 986 calls with an average return of 10%. Among firms covering PUBM, B. Riley ranks below average — its 33% accuracy on 3 PUBM calls is the worst of the group. The best-performing firms on PUBM are Citizens Capital Markets (100% on 2 calls) and Macquarie (100% on 2 calls). RBC Capital (67% on 6 calls) and Rosenblatt (67% on 3 calls) also outperform B. Riley.
Earnings Estimates
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| 0q | $-0.01 | $-0.08 — $0.07 | $68.9M | ↑1 ↓0 |
| +1q | $0.02 | $-0.06 — $0.11 | $71.1M | ↑0 ↓0 |
| +1y | $0.49 | $0.28 — $0.70 | $317.0M | ↑3 ↓0 |
| 0y | $0.28 | $0.18 — $0.42 | $293.8M | ↑2 ↓0 |
Cross-Platform Signals
Insider selling is a bearish divergence: CEO Rajeev Goel sold $1.23M in three tranches (Apr 13, Apr 27, May 14), and two other executives sold ~$237K combined. No insider buys. Institutional buying is strongly bullish — Morgan Stanley, UBS, and Two Sigma all doubled their positions. Short interest is 64% of float, extremely elevated and suggesting heavy bearish positioning. No congressional trades. The insider selling and high short interest diverge from the bullish analyst consensus, creating a mixed signal.
Actionable Insight
The upgrade from B. Riley is a modest positive, but the below-consensus target, below-average firm accuracy, and heavy insider selling argue against chasing this call. The 64% short interest could fuel a squeeze if earnings surprise positively, but the insider sales suggest management sees limited near-term upside. Wait for a pullback toward $9 or confirmation from a higher-accuracy firm before acting.
Documents Analyzed
Report based on filing metadata.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 19, 2026
21d ago
|
Insider Cluster
| $9.88 $11.44 | ▼ −15.79% | ▼ −13.99% | $11.24 (−13.77%) |
|
May 16, 2026
24d ago
|
ANALYST-UPGRADE
| $8.10 $8.91 | ▲ +10.00% | ▲ +11.69% | $11.24 (+38.77%) |
|
Apr 22, 2026
6w ago
|
8-K
| $9.16 $9.72 | ▲ +6.11% | ▲ +4.64% | $11.24 (+22.71%) |
|
Apr 16, 2026
7w ago
|
ANALYST-UPGRADE
| $9.79 $9.16 | ▼ −6.44% | ▼ −7.42% | $11.24 (+14.81%) |
|
Apr 16, 2026
7w ago
|
ANALYST-UPGRADE
| $9.79 $9.16 | ▼ −6.44% | ▼ −7.42% | $11.24 (+14.81%) |
|
Apr 16, 2026
7w ago
|
ANALYST-DOWNGRADE
| $9.79 $9.16 | ▲ +6.44% | ▲ +7.42% | $11.24 (−14.81%) |
|
Apr 16, 2026
7w ago
|
ANALYST-DOWNGRADE
| $9.79 $9.16 | ▲ +6.44% | ▲ +7.42% | $11.24 (−14.81%) |
|
Apr 16, 2026
7w ago
|
ANALYST-UPGRADE
| $9.79 $9.16 | ▼ −6.44% | ▼ −7.42% | $11.24 (+14.81%) |
|
Apr 16, 2026
7w ago
|
ANALYST-UPGRADE
| $9.79 $9.16 | ▼ −6.44% | ▼ −7.42% | $11.24 (+14.81%) |
|
Apr 15, 2026
7w ago
|
DEFA14A
| $9.79 $9.16 | ▼ −6.44% | ▼ −7.42% | $11.24 (+14.81%) |
US Market Status
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