Short Interest in Innovid Corp. (NYSE:CTV) Declines By 8.6%

Innovid Corp. (NYSE:CTV - Get Free Report) was the target of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 1,690,000 shares, a decline of 8.6% from the July 15th total of 1,850,000 shares. Based on an average trading volume of 566,200 shares, the short-interest ratio is presently 3.0 days. Approximately 1.9% of the shares of the company are short sold.

Innovid Trading Up 2.3 %

Shares of NYSE CTV traded up $0.04 during midday trading on Friday, hitting $1.81. 759,383 shares of the company's stock were exchanged, compared to its average volume of 391,924. Innovid has a 12-month low of $0.95 and a 12-month high of $2.58. The company has a market cap of $261.39 million, a price-to-earnings ratio of -8.62 and a beta of 3.14. The business's fifty day moving average price is $1.85 and its two-hundred day moving average price is $1.99.

Innovid (NYSE:CTV - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.06). The firm had revenue of $37.95 million during the quarter, compared to the consensus estimate of $39.35 million. Innovid had a negative return on equity of 7.81% and a negative net margin of 20.24%. During the same quarter in the previous year, the firm earned ($0.03) EPS. Equities analysts expect that Innovid will post -0.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Morgan Stanley lifted their target price on Innovid from $2.20 to $2.50 and gave the company an "equal weight" rating in a report on Tuesday, July 23rd. JMP Securities reaffirmed a "market outperform" rating and set a $3.00 target price on shares of Innovid in a report on Tuesday, June 4th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $3.00 target price on shares of Innovid in a report on Tuesday, August 6th.

Insider Activity at Innovid

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

Institutional Trading of Innovid

A number of hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company bought a new stake in Innovid in the 2nd quarter worth approximately $81,000. American Century Companies Inc. bought a new stake in Innovid in the second quarter valued at approximately $61,000. Acadian Asset Management LLC lifted its position in Innovid by 12.9% in the second quarter. Acadian Asset Management LLC now owns 589,182 shares of the company's stock valued at $1,088,000 after purchasing an additional 67,316 shares during the last quarter. Rhumbline Advisers lifted its position in Innovid by 3,951.8% in the second quarter. Rhumbline Advisers now owns 116,893 shares of the company's stock valued at $216,000 after purchasing an additional 114,008 shares during the last quarter. Finally, Legato Capital Management LLC bought a new stake in Innovid in the second quarter valued at approximately $438,000. Institutional investors 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.