Brightcove (NASDAQ:BCOV) Upgraded to “Buy” at Lake Street Capital

Brightcove (NASDAQ:BCOV) was upgraded by equities research analysts at Lake Street Capital from a “hold” rating to a “buy” rating in a research report issued on Tuesday, MarketBeat reports. The brokerage presently has a $3.50 target price on the software maker’s stock, up from their prior target price of $2.75. Lake Street Capital’s price objective would suggest a potential upside of 26.81% from the company’s previous close.

Separately, StockNews.com raised Brightcove from a “hold” rating to a “buy” rating in a research note on Thursday, September 5th.

Brightcove Stock Up 29.0 %

NASDAQ BCOV traded up $0.62 during trading hours on Tuesday, reaching $2.76. The company’s stock had a trading volume of 672,640 shares, compared to its average volume of 230,221. The firm’s 50-day moving average price is $2.17 and its 200-day moving average price is $2.15. Brightcove has a 1 year low of $1.55 and a 1 year high of $2.87. The company has a market capitalization of $123.98 million, a price-to-earnings ratio of -13.80 and a beta of 0.74.

Brightcove (NASDAQ:BCOV) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Brightcove had a negative return on equity of 8.86% and a negative net margin of 4.28%. The company had revenue of $49.25 million for the quarter. During the same period in the prior year, the firm posted ($0.07) earnings per share. Equities research analysts anticipate that Brightcove will post -0.32 EPS for the current fiscal year.

Insider Activity at Brightcove

In other Brightcove news, major shareholder Edenbrook Capital, Llc bought 20,000 shares of Brightcove stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $1.98 per share, with a total value of $39,600.00. Following the transaction, the insider now directly owns 6,581,414 shares of the company’s stock, valued at approximately $13,031,199.72. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired 98,988 shares of company stock valued at $200,689 in the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. First Eagle Investment Management LLC acquired a new stake in Brightcove during the first quarter worth about $642,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Brightcove during the second quarter worth approximately $142,000. Nantahala Capital Management LLC purchased a new position in Brightcove during the second quarter worth approximately $3,114,000. GSA Capital Partners LLP boosted its position in Brightcove by 151.0% during the first quarter. GSA Capital Partners LLP now owns 225,176 shares of the software maker’s stock worth $437,000 after purchasing an additional 135,462 shares in the last quarter. Finally, Aaron Wealth Advisors LLC purchased a new position in Brightcove during the second quarter worth approximately $34,000. 80.12% of the stock is owned by institutional investors and hedge funds.

Brightcove Company Profile

Brightcove Inc provides cloud-based streaming services the Americas, Europe, the Asia Pacific, Japan, India, and the Middle East. It offers Video Cloud, an online video streaming platform that enables its customers to publish, deliver, and distribute high-quality video to internet-connected devices. The company’s solutions and products comprise Brightcove Marketing Studio, a video streaming solution; Brightcove Communications Studio for marketers and corporate communications professionals; Brightcove Media Studio, a solution for over-the-top (OTT) video services, media publishers, and leading broadcasters to monetize their media, live stream at scale, and nurture their audience lifecycle; Brightcove Audience Insights, a customer data platform for video streaming businesses; Zencoder, a cloud-based video encoding service; and Brightcove Beacon, a platform that enables its customers to launch premium OTT video streaming experiences, as well as Brightcove Marketplace.