Brightcove (NASDAQ:BCOV) Releases FY 2024 Earnings Guidance

Brightcove (NASDAQ:BCOV) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of -0.100–0.050 for the period, compared to the consensus estimate of -0.080. The company issued revenue guidance of $195.0 million-$198.0 million, compared to the consensus revenue estimate of $197.1 million. Brightcove also updated its Q2 2024 guidance to -0.050–0.030 EPS.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BCOV. Lake Street Capital restated a hold rating and set a $3.00 price target on shares of Brightcove in a research report on Friday, February 23rd. StockNews.com raised shares of Brightcove from a hold rating to a buy rating in a research note on Friday, March 22nd. Finally, Rosenblatt Securities lowered their price target on shares of Brightcove from $7.50 to $5.00 and set a buy rating for the company in a report on Friday, February 23rd.

Brightcove Trading Down 4.5 %

Shares of NASDAQ:BCOV traded down $0.09 during trading on Wednesday, hitting $1.89. 226,977 shares of the company’s stock were exchanged, compared to its average volume of 218,614. Brightcove has a 1-year low of $1.55 and a 1-year high of $4.56. The firm has a market cap of $83.93 million, a P/E ratio of -3.56 and a beta of 0.66. The firm has a 50-day moving average price of $1.87 and a two-hundred day moving average price of $2.25.

Brightcove (NASDAQ:BCOV) last posted its earnings results on Thursday, February 22nd. The software maker reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. The company had revenue of $50.16 million during the quarter. Brightcove had a negative return on equity of 17.02% and a negative net margin of 11.38%. As a group, research analysts predict that Brightcove will post -0.33 EPS for the current year.

Insider Transactions at Brightcove

In other news, major shareholder Edenbrook Capital, Llc acquired 30,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was acquired at an average price of $1.88 per share, for a total transaction of $56,400.00. Following the transaction, the insider now directly owns 6,435,437 shares in the company, valued at $12,098,621.56. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have bought a total of 56,541 shares of company stock valued at $102,598 over the last three months. 4.20% of the stock is currently owned by corporate insiders.

About Brightcove

Brightcove Inc provides cloud-based streaming services the Americas, Europe, the Asia Pacific, Japan, India, and the Middle East. It offers Video Cloud, an online video streaming platform that enables its customers to publish, deliver, and distribute high-quality video to internet-connected devices. The company's solutions and products comprise Brightcove Marketing Studio, a video streaming solution; Brightcove Communications Studio for marketers and corporate communications professionals; Brightcove Media Studio, a solution for over-the-top (OTT) video services, media publishers, and leading broadcasters to monetize their media, live stream at scale, and nurture their audience lifecycle; Brightcove Audience Insights, a customer data platform for video streaming businesses; Zencoder, a cloud-based video encoding service; and Brightcove Beacon, a platform that enables its customers to launch premium OTT video streaming experiences, as well as Brightcove Marketplace.