Innovid Corp. (NYSE:CTV) Sees Large Decline in Short Interest

Innovid Corp. (NYSE:CTV) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 1,310,000 shares, a decline of 8.4% from the October 15th total of 1,430,000 shares. Based on an average trading volume of 205,600 shares, the short-interest ratio is presently 6.4 days. Approximately 1.4% of the shares of the company are short sold.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CTV shares. Needham & Company LLC reiterated a “buy” rating and set a $3.00 price target on shares of Innovid in a research report on Wednesday, November 13th. Morgan Stanley upped their price target on Innovid from $2.20 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd.

Institutional Trading of Innovid

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted 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 worth $11,344,000 after acquiring an additional 279,830 shares during the period. Royce & Associates LP lifted its stake in Innovid by 5.4% in the third quarter. Royce & Associates LP now owns 4,376,721 shares of the company’s stock worth $7,878,000 after acquiring an additional 223,940 shares during the period. Whetstone Capital Advisors LLC lifted its stake in Innovid by 0.7% in the third quarter. Whetstone Capital Advisors LLC now owns 3,268,879 shares of the company’s stock worth $5,884,000 after acquiring an additional 23,642 shares during the period. Geode Capital Management LLC lifted its stake in Innovid by 8.2% in the third quarter. Geode Capital Management LLC now owns 2,433,158 shares of the company’s stock worth $4,380,000 after acquiring an additional 184,309 shares during the period. Finally, State Street Corp lifted its stake in Innovid by 12.6% in the third quarter. State Street Corp now owns 1,188,183 shares of the company’s stock worth $2,139,000 after acquiring an additional 133,281 shares during the period. Hedge funds and other institutional investors own 25.46% of the company’s stock.

Innovid Stock Performance

Shares of CTV remained flat at $1.67 during midday trading on Monday. The stock had a trading volume of 309,008 shares, compared to its average volume of 339,648. The stock’s 50 day moving average is $1.84 and its 200-day moving average is $1.89. Innovid has a 12-month low of $1.22 and a 12-month high of $2.58. The firm has a market cap of $244.50 million, a price-to-earnings ratio of -18.56 and a beta of 3.08.

About Innovid

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.