Investment Research report

DoubleVerify Holdings, Inc.

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DoubleVerify Holdings, Inc.
Triple Verifying DoubleVerify’s Financial and Business Claims
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Research Overview

INDEX:
S&P 500
Sector:
Technology
Position:
Short
Date:
May 2, 2023

After conducting a forensic financial review of DoubleVerify Holdings, Inc. (NYSE: DV), a software platform for digital media measurement and analytics, Spruce Point has grave concerns about the accuracy of its financial reporting to investors, efficacy of its product suite and the sustainability of its growth story. Based on our investigation, we forecast a 35% to 45% downside risk, or $15.90-$18.80 per share.

  • DoubleVerify is under pressure as it struggles to grow in a saturated and highly price competitive industry
  • International markets, key to the growth case, appear to be struggling
  • DV’s acquisitions and product development are riddled with issues
  • A notable industry expert questions legacy fraud verification vendors’ product performance and billing practices
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