Innovid Corp. (NYSE:CTV) Short Interest Up 12.3% in September

by · The Markets Daily

Innovid Corp. (NYSE:CTV – Get Free Report) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 1,550,000 shares, an increase of 12.3% from the September 15th total of 1,380,000 shares. Approximately 1.7% of the shares of the company are sold short. Based on an average daily trading volume, of 261,400 shares, the short-interest ratio is currently 5.9 days.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CTV shares. Needham & Company LLC restated a “buy” rating and issued a $3.00 price target on shares of Innovid in a research note on Tuesday, August 6th. Morgan Stanley boosted their target price on shares of Innovid from $2.20 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd.

View Our Latest Research Report on CTV

Institutional Investors Weigh In On Innovid

A number of large investors have recently added to or reduced their stakes in CTV. Acadian Asset Management LLC lifted its holdings in shares of Innovid by 174.3% in the first quarter. Acadian Asset Management LLC now owns 521,866 shares of the company’s stock valued at $1,297,000 after purchasing an additional 331,643 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Innovid by 2,993.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 314,599 shares of the company’s stock valued at $582,000 after buying an additional 304,428 shares in the last quarter. Vanguard Group Inc. lifted its stake in Innovid by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock valued at $11,344,000 after buying an additional 279,830 shares in the last quarter. Legato Capital Management LLC acquired a new stake in Innovid during the 2nd quarter valued at $438,000. Finally, Rhumbline Advisers increased its position in Innovid by 3,951.8% during the second quarter. Rhumbline Advisers now owns 116,893 shares of the company’s stock worth $216,000 after buying an additional 114,008 shares in the last quarter. 25.46% of the stock is owned by institutional investors and hedge funds.

Innovid Price Performance

Shares of CTV stock traded up $0.07 during midday trading on Tuesday, reaching $1.90. 57,325 shares of the company traded hands, compared to its average volume of 347,782. The firm has a market cap of $274.38 million, a PE ratio of -8.69 and a beta of 3.11. The firm’s 50 day simple moving average is $1.76 and its two-hundred day simple moving average is $1.96. Innovid has a 1-year low of $0.95 and a 1-year high of $2.58.

Innovid (NYSE:CTV – Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). Innovid had a negative return on equity of 10.97% and a negative net margin of 14.15%. The firm had revenue of $37.95 million for the quarter, compared to analyst estimates of $39.35 million. During the same period in the prior year, the firm posted ($0.03) earnings per share. As a group, research analysts anticipate that Innovid will post -0.11 earnings per share for the current fiscal year.

About Innovid

(Get Free Report)

Innovid Corp. operates an independent software platform that provides ad serving, measurement, and creative services. It offers advertising services for the creation, delivery, and measurement of TV ads across connected TV, mobile TV, and desktop TV environments to advertisers, publishers, and media agencies.

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