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

Innovid Corp. (NYSE:CTV - Get Free Report) was the recipient of a significant decline in short interest during the month of August. As of August 15th, there was short interest totalling 1,400,000 shares, a decline of 17.2% from the July 31st total of 1,690,000 shares. Based on an average daily volume of 568,900 shares, the days-to-cover ratio is currently 2.5 days. Currently, 1.6% of the company's stock are short sold.

Institutional Trading of Innovid

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of Innovid in the first quarter worth about $56,000. Vanguard Group Inc. boosted its stake in shares of 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. Acadian Asset Management LLC boosted its stake in shares of Innovid by 174.3% in the first quarter. Acadian Asset Management LLC now owns 521,866 shares of the company's stock worth $1,297,000 after acquiring an additional 331,643 shares during the period. Lazard Asset Management LLC bought a new position in shares of Innovid in the first quarter worth about $58,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Innovid by 2,993.1% in the second quarter. Bank of New York Mellon Corp now owns 314,599 shares of the company's stock worth $582,000 after acquiring an additional 304,428 shares during the period. Hedge funds and other institutional investors own 25.46% of the company's stock.

Innovid Price Performance

Innovid stock traded up $0.02 during mid-day trading on Friday, reaching $1.83. 96,886 shares of the stock traded hands, compared to its average volume of 376,401. The business's 50-day moving average is $1.83 and its 200-day moving average is $2.00. The stock has a market capitalization of $264.28 million, a PE ratio of -8.71 and a beta of 3.14. Innovid has a 12-month low of $0.95 and a 12-month high of $2.58.

Innovid (NYSE:CTV - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.06). The company had revenue of $37.95 million during the quarter, compared to analysts' expectations 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 company earned ($0.03) EPS. Equities analysts anticipate that Innovid will post -0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

CTV has been the subject of a number of research reports. JMP Securities reiterated a "market outperform" rating and set a $3.00 price objective on shares of Innovid in a research report on Tuesday, June 4th. Morgan Stanley upped their price objective on Innovid from $2.20 to $2.50 and gave the company an "equal weight" rating in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $3.00 price objective on shares of Innovid in a research report on Tuesday, August 6th.

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.

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