Innovid Corp. (NYSE:CTV) Short Interest Up 226.4% in July

Innovid Corp. (NYSE:CTV) saw a large increase in short interest in July. As of July 15th, there was short interest totalling 1,850,000 shares, an increase of 226.4% from the June 30th total of 566,800 shares. Based on an average trading volume of 517,100 shares, the short-interest ratio is presently 3.6 days. Approximately 1.9% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CTV. Morgan Stanley increased their target price on shares of Innovid from $2.20 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $3.00 price target on shares of Innovid in a research note on Friday, July 12th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $3.00 price objective on shares of Innovid in a research note on Tuesday, June 4th.

Innovid Stock Performance

Shares of Innovid stock traded down $0.01 during trading hours on Friday, reaching $2.05. 313,659 shares of the company were exchanged, compared to its average volume of 1,111,120. The firm has a market cap of $296.04 million, a PE ratio of -9.76 and a beta of 3.14. Innovid has a 1 year low of $0.95 and a 1 year high of $2.58. The stock’s fifty day moving average is $1.94 and its 200 day moving average is $1.94.

Innovid (NYSE:CTV) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Innovid had a negative net margin of 20.24% and a negative return on equity of 7.81%. The company had revenue of $36.74 million during the quarter, compared to analyst estimates of $35.99 million. During the same period in the prior year, the business earned ($0.06) EPS. Research analysts expect that Innovid will post -0.04 earnings per share for the current year.

Insider Activity at Innovid

In related news, CEO Zvika Netter bought 20,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was bought at an average cost of $2.07 per share, for a total transaction of $41,400.00. Following the acquisition, the chief executive officer now directly owns 4,960,733 shares in the company, valued at $10,268,717.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Zvika Netter bought 20,000 shares of Innovid stock in a transaction on Tuesday, May 21st. The shares were bought at an average cost of $2.07 per share, with a total value of $41,400.00. Following the completion of the purchase, the chief executive officer now directly owns 4,960,733 shares of the company’s stock, valued at $10,268,717.31. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sequoia Capital Israel Iv Hold sold 8,000,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $2.10, for a total transaction of $16,800,000.00. Following the completion of the sale, the insider now directly owns 9,697,224 shares of the company’s stock, valued at approximately $20,364,170.40. The disclosure for this sale can be found here. 9.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Innovid

Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of Innovid in the 1st quarter valued at about $56,000. Lazard Asset Management LLC purchased a new stake in shares of Innovid during the 1st quarter worth approximately $58,000. Legato Capital Management LLC acquired a new position in shares of Innovid in the 2nd quarter valued at $438,000. Bank of New York Mellon Corp boosted its holdings in shares of 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. Finally, Acadian Asset Management LLC grew its position in shares of Innovid by 174.3% in the 1st quarter. Acadian Asset Management LLC now owns 521,866 shares of the company’s stock valued at $1,297,000 after buying an additional 331,643 shares during the last quarter. Institutional investors and hedge funds own 25.46% of the company’s stock.

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.