Opera (NASDAQ:OPRA) Shares Gap Up - Here's Why

Shares of Opera Limited (NASDAQ:OPRA - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $18.80, but opened at $19.20. Opera shares last traded at $19.05, with a volume of 118,823 shares.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Lake Street Capital increased their price objective on Opera from $22.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. The Goldman Sachs Group boosted their price target on Opera from $19.50 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. B. Riley reaffirmed a "buy" rating and set a $25.00 price objective (up previously from $24.00) on shares of Opera in a research report on Wednesday, October 30th. Finally, TD Cowen lifted their price objective on Opera from $25.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $24.75.

Opera Stock Up 4.9 %

The company's 50 day simple moving average is $16.01 and its 200-day simple moving average is $14.38. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.75 billion, a P/E ratio of 10.02 and a beta of 1.02.

Opera (NASDAQ:OPRA - Get Free Report) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.05. The business had revenue of $109.73 million during the quarter, compared to the consensus estimate 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 previous year, the company posted $0.15 EPS. Research analysts forecast that Opera Limited will post 0.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its position in shares of Opera by 135.4% during the 3rd quarter. GAMMA Investing LLC now owns 2,062 shares of the company's stock valued at $32,000 after purchasing an additional 1,186 shares during the last quarter. Larson Financial Group LLC bought a new position in shares of Opera in the third quarter worth about $61,000. Blue Trust Inc. lifted its holdings in Opera by 334.7% during the 3rd quarter. Blue Trust Inc. now owns 4,177 shares of the company's stock valued at $65,000 after buying an additional 3,216 shares in the last quarter. Quantbot Technologies LP bought a new position in Opera in the 3rd quarter worth about $74,000. Finally, EntryPoint Capital LLC increased its holdings in Opera by 248.8% during the 1st quarter. EntryPoint Capital LLC now owns 6,118 shares of the company's stock worth $97,000 after purchasing an additional 4,364 shares during the period. 10.21% of the stock is owned by hedge funds and other institutional investors.

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.