Similarweb Stock Surges 186% After Citi Raises Target Price Amid Mixed Market Moves
Wall Street saw moderate gains over the last two trading days of the week, with the Dow Jones rising 0.6%, the S&P 500 increasing by 1.2%, and the Nasdaq climbing 1.6%. Among Israeli-related stocks, Similarweb stood out with a significant rally. The software company’s shares rose 7.8% over Thursday and Friday, closing at $6.66 per share, valuing the company at $583 million. This marks a 186% increase from its low three months ago, although the stock remains down 11.1% year-to-date. Similarweb, led by founder Or Offer who recently announced plans to retire next year, provides market data based on its platform analyzing online user behavior. No new company reports explained the recent price jump, but investment bank Citi raised its price target from $3 to $7 while maintaining a neutral rating, reflecting a 5.1% premium over the current share price. The stock’s recent rise was also supported by share purchases from CEO Offer and company directors. According to the Wall Street Journal, eight analysts cover Similarweb, with five neutral and three positive ratings, and price targets ranging from $5 to $7. Analysts forecast second-quarter revenue growth of about 6.5% to $75.6 million and a net profit per share of 3 cents (Non-GAAP), with results expected next month.
In contrast, Ciabra, a software company focused on AI-driven social media monitoring to combat fake news, has struggled since its Nasdaq debut in late March. Its shares plunged 20.9% on Thursday and ended the week unchanged, leaving the company valued under $5 million. Ciabra merged with a SPAC but has lost over 94% of its value since trading began. The recent drop followed a capital raise announcement involving institutional investors and insiders buying shares and options at 43.5 cents per unit, aiming to raise about $6 million. At the end of Q1, Ciabra held $3.3 million in cash. The company also adjusted the conversion price of existing preferred shares, with one holder converting $10.7 million worth into securities issued in the private placement. CEO Dan Barmi described the capital raise and conversion as removing structural burdens and aligning the company’s capital structure for its next growth phase.
Meanwhile, Innoviz, an Israeli automotive technology company, announced four new partnerships in the counter-drone defense market, integrating its LiDAR technology into security solutions. CEO and founder Omer Keilaf described their LiDAR as "the eyes of the security ecosystem," providing precise 3D location data to enhance existing defense systems. Innoviz also appointed former Rafael CEO Yoav Har-Even to its board to boost momentum in the defense sector. Although Innoviz’s LiDAR was originally developed for autonomous vehicles, the company is now expanding into this urgent security market. Despite these developments, Innoviz’s stock has not rallied on Wall Street and trades slightly below pre-announcement levels. The company is currently valued at $140 million, down 25.6% year-to-date.
Overall, the Israeli tech stocks showed mixed performance amid broader market gains, with Similarweb’s sharp rebound contrasting with Ciabra’s decline and Innoviz’s cautious market response.
