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

Innovid Corp. (NYSE:CTV - Get Free Report) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 1,100,000 shares, an increase of 209.9% from the December 15th total of 355,000 shares. Based on an average daily trading volume, of 2,260,000 shares, the days-to-cover ratio is currently 0.5 days. Currently, 1.1% of the company's shares are sold short.

Hedge Funds Weigh In On Innovid

Several large investors have recently modified their holdings of the stock. FMR LLC boosted its holdings in shares of Innovid by 590.2% in the 3rd quarter. FMR LLC now owns 15,413 shares of the company's stock valued at $28,000 after buying an additional 13,180 shares during the period. Miller Investment Management LP acquired a new position in Innovid in the third quarter valued at approximately $36,000. American Century Companies Inc. bought a new position in shares of Innovid during the second quarter valued at approximately $61,000. SG Americas Securities LLC raised its position in shares of Innovid by 124.1% during the 3rd quarter. SG Americas Securities LLC now owns 36,605 shares of the company's stock worth $66,000 after purchasing an additional 20,272 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Innovid in the 2nd quarter worth approximately $81,000. Institutional investors own 25.46% of the company's stock.

Innovid Price Performance

CTV traded up $0.02 during trading on Tuesday, hitting $3.04. The company had a trading volume of 1,483,728 shares, compared to its average volume of 3,042,729. The company has a market cap of $451.36 million, a PE ratio of -33.78 and a beta of 3.26. Innovid has a 1-year low of $1.25 and a 1-year high of $3.40. The business has a 50-day moving average of $2.76 and a 200-day moving average of $2.16.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Needham & Company LLC restated a "hold" rating and set a $3.00 price objective on shares of Innovid in a research note on Friday, November 22nd. JMP Securities downgraded shares of Innovid from an "outperform" rating to a "market perform" rating in a research report on Thursday, November 21st. Finally, Citizens Jmp downgraded Innovid from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 21st. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Innovid currently has a consensus rating of "Hold" and an average target price of $2.83.

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.