Innovid Corp. (NYSE:CTV) Short Interest Update

Innovid Corp. (NYSE:CTV) was the target of a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 1,430,000 shares, a decline of 7.7% from the September 30th total of 1,550,000 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average trading volume of 237,900 shares, the days-to-cover ratio is presently 6.0 days.

Innovid Stock Performance

CTV stock traded up $0.02 during midday trading on Friday, hitting $1.93. 137,926 shares of the stock were exchanged, compared to its average volume of 337,852. The stock has a market cap of $282.57 million, a price-to-earnings ratio of -13.78 and a beta of 3.11. Innovid has a fifty-two week low of $1.01 and a fifty-two week high of $2.58. The stock’s 50-day moving average price is $1.81 and its 200-day moving average price is $1.93.

Innovid (NYSE:CTV) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.07) 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 business had revenue of $37.95 million during the quarter, compared to analysts’ expectations of $39.35 million. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. Research analysts anticipate that Innovid will post -0.11 EPS for the current year.

Hedge Funds Weigh In On Innovid

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Innovid by 6.5% in the first quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock valued at $11,344,000 after purchasing an additional 279,830 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Innovid by 12.9% during the 2nd quarter. Acadian Asset Management LLC now owns 589,182 shares of the company’s stock worth $1,088,000 after acquiring an additional 67,316 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Innovid by 2,993.1% in the second quarter. Bank of New York Mellon Corp now owns 314,599 shares of the company’s stock worth $582,000 after acquiring an additional 304,428 shares during the last quarter. Legato Capital Management LLC acquired a new stake in shares of Innovid in the second quarter worth approximately $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 purchasing an additional 114,008 shares during the last quarter. Institutional investors and hedge funds own 25.46% of the company’s stock.

Wall Street Analyst Weigh In

CTV has been the topic of several recent analyst reports. Morgan Stanley boosted their target price on Innovid from $2.20 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Needham & Company LLC reissued a “buy” rating and issued a $3.00 target price on shares of Innovid in a report on Tuesday, August 6th.

Innovid Company Profile

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.