Kumar Mukul, the President of Engineering at PubMatic, Inc. (NASDAQ:PUBM), recently executed a sale of 7,000 shares of the company's Class A common stock. The transaction, which took place on December 2, 2024, was conducted at a weighted average price of $16.5437 per share, amounting to a total value of approximately $115,805.
This sale was carried out under a pre-arranged Rule 10b5-1 trading plan that Mukul adopted on March 5, 2024. Following this transaction, Mukul holds 44,888 shares directly. Additionally, there was a conversion of 7,000 shares of Class B common stock into Class A common stock, a process that did not involve any monetary transaction. The stock has shown strong momentum with a 7% gain in the past week. For deeper insights into PubMatic's insider trading patterns and 10+ additional ProTips, visit InvestingPro.
In other recent news, PubMatic, a digital advertising technology company, has announced an expansion of its partnership with Western Union (NYSE:WU). The collaboration will utilize PubMatic's Sell-Side Platform (SSP) to enhance onsite monetization for Western Union, leveraging first-party data for audience extension. The integration of these platforms is expected to increase efficiency and reduce fragmentation in Western Union's advertising strategies and operations.
In recent financial developments, PubMatic reported a 13% increase in year-over-year revenue in the third quarter of 2024, exceeding market expectations. The company's adjusted EBITDA stood at $18.5 million, reflecting a healthy 26% margin. In addition to its strong earnings, PubMatic's mobile app business expanded over 20% for the fourth consecutive quarter.
The company has raised its full-year revenue guidance to between $292 million and $296 million, with Q4 revenue expected to fall between $86 million and $90 million. As part of its growth strategy, PubMatic is investing in AI technologies to enhance efficiency and productivity. These recent developments underscore PubMatic's commitment to continued growth and innovation in the advertising technology space.
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