By Sam Boughedda
Investing.com -- Shares of Taboola (NASDAQ:TBLA) surged 9.5% on Tuesday after announcing a three-year renewed partnership with Insider, the news and lifestyle publisher.
The advertising company's new deal maintains a decade-long brand partnership between the two, with Taboola providing audience recommendations to readers of Insider.
Insider has utilized the Taboola Feed tool, which provides Insider's audience with personalized content and targeted advertisements that help generate audience engagement and revenue for Insider. Taboola said that since the two companies began their partnership, Insider's revenue and recirculated content engagement have seen double-digit growth.
"Insider is a must-read for anyone who wants to discover their passions, whether in business, technology, arts, or entertainment," said Adam Singolda, CEO at Taboola. "To play a part in Insider's continued growth, while also becoming their longest-standing partner in our space, is a testament to the mutual trust and benefits we've developed."
Taboola's price target was trimmed from $15 to $13 at Cowen at the end of February due to first-quarter guidance coming in slightly below estimates. However, the firm kept an outperform rating on the stock, which is down 39% in 2022.