Opera (NASDAQ:OPRA) Announces Quarterly Earnings Results

Opera (NASDAQ:OPRA) posted its earnings results on Thursday. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02, reports. The company had revenue of $101.87 million for the quarter, compared to analyst estimates of $100.60 million. Opera had a net margin of 41.00% and a return on equity of 19.81%. Opera updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Opera Stock Performance

Shares of OPRA stock opened at $13.34 on Friday. The firm’s 50 day moving average price is $14.37 and its 200-day moving average price is $12.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.69 and a current ratio of 2.56. Opera has a one year low of $9.40 and a one year high of $28.58. The firm has a market cap of $1.18 billion, a P/E ratio of 7.10 and a beta of 0.81.

Hedge Funds Weigh In On Opera

Several large investors have recently made changes to their positions in the stock. Citigroup Inc. acquired a new position in shares of Opera in the 3rd quarter worth approximately $190,327,000. Roumell Asset Management LLC lifted its holdings in shares of Opera by 169.2% in the 4th quarter. Roumell Asset Management LLC now owns 376,870 shares of the company’s stock worth $4,986,000 after acquiring an additional 236,870 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of Opera in the 3rd quarter worth approximately $3,842,000. Walleye Capital LLC acquired a new position in shares of Opera in the 3rd quarter worth approximately $3,652,000. Finally, Monashee Investment Management LLC acquired a new position in shares of Opera in the 3rd quarter worth approximately $3,381,000. 10.21% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OPRA has been the topic of several recent analyst reports. TheStreet upgraded shares of Opera from a “c+” rating to a “b-” rating in a report on Monday, March 4th. TD Cowen boosted their target price on shares of Opera from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, March 1st.

About Opera

Opera Limited, together with its subsidiaries, provides mobile and PC web browsers. It operates in two segments, Browser and News, and Other. The company offers mobile browser products, such as Opera Mini, Opera for Android and iOS, Opera GX Mobile, and 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.