Opera Limited (NASDAQ:OPRA) Short Interest Down 22.5% in October

Opera Limited (NASDAQ:OPRA) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,340,000 shares, a decrease of 22.5% from the October 15th total of 1,730,000 shares. Based on an average trading volume of 518,600 shares, the days-to-cover ratio is presently 2.6 days.

Opera Price Performance

Shares of OPRA stock traded down $0.05 during trading hours on Friday, hitting $18.25. The company had a trading volume of 509,331 shares, compared to its average volume of 648,007. Opera has a 12 month low of $10.11 and a 12 month high of $19.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.10 and a current ratio of 2.10. The firm’s fifty day moving average is $15.92 and its 200 day moving average is $14.32. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 9.26 and a beta of 1.02.

Opera (NASDAQ:OPRA) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. The firm had revenue of $109.73 million for the quarter, compared to analysts’ expectations of $108.65 million. Opera had a return on equity of 19.22% and a net margin of 39.22%. During the same period in the prior year, the business posted $0.15 earnings per share. On average, sell-side analysts predict that Opera will post 0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

OPRA has been the topic of several research analyst reports. B. Riley restated a “buy” rating and set a $25.00 price objective (up from $24.00) on shares of Opera in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their target price on Opera from $19.50 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. TD Cowen raised their price target on Opera from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Lake Street Capital boosted their price target on shares of Opera from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $24.75.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OPRA. Avantax Advisory Services Inc. raised its stake in shares of Opera by 56.8% during the first quarter. Avantax Advisory Services Inc. now owns 24,597 shares of the company’s stock worth $389,000 after buying an additional 8,915 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Opera during the 1st quarter valued at $475,000. Hennion & Walsh Asset Management Inc. raised its position in shares of Opera by 45.5% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 83,734 shares of the company’s stock valued at $1,176,000 after acquiring an additional 26,201 shares during the last quarter. Harvey Capital Management Inc. acquired a new position in shares of Opera in the 3rd quarter valued at $2,420,000. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of Opera by 2.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 85,761 shares of the company’s stock worth $1,356,000 after purchasing an additional 1,804 shares during the last quarter. Institutional investors and hedge funds own 10.21% of the company’s stock.

About Opera

Opera Limited, together with its subsidiaries, provides mobile and PC web browsers and related products and services in Norway and internationally. The company offers mobile browser products, such as Opera Mini, Opera browser for Android and iOS, and Opera GX for PCs and Mobile; Opera Touch; PC browsers, including Opera for Computers and Opera GX; Apex Football; Opera VPN Pro; and Opera News, an AI-powered personalized news discovery and aggregation service.