Analyst John Blackledge of TD Cowen maintained a Hold rating on AdTheorent Holding (ADTH – Research Report), with a price target of $2.75.
John Blackledge’s Hold rating on AdTheorent Holding is a result of various factors. The company’s 3Q revenue surpassed Blackledge’s estimate by 1%, demonstrating a growth trend driven by the increasing adoption of Self-Service offerings and a continued strong performance in the Health vertical. Management also provided reassurances by reiterating their 2023 guidance, with 4Q revenue targets aligning with estimates and an EBITDA guide that showed promising prospects.
In more detail, Blackledge noted the strong performance in ADTH’s Self-Service and Health sectors. Self-Service revenue grew 28% quarter over quarter due to a 36% increase in impressions and a 57% increase in advertiser count. Additionally, the Health sector’s revenue grew by 28% year over year, backed by a 51% increase in advertiser growth. On the downside, ADTH’s active customer growth was modest, at around 2% year over year. The firm’s 3Q adjusted EBITDA also exceeded estimates and management’s guidance, providing positive signals for future performance. Lastly, management’s reiterated 2023 guidance and the in-line 4Q revenue forecast further contributed to Blackledge’s decision to maintain a Hold rating on the stock.
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AdTheorent Holding (ADTH) Company Description:
MCAP Acquisition Corp is a blank check company.
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