Short Interest in Innovid Corp. (NYSE:CTV) Grows By 226.4%

Innovid Corp. (NYSE:CTV) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 1,850,000 shares, an increase of 226.4% from the June 30th total of 566,800 shares. Approximately 1.9% of the company’s shares are sold short. Based on an average daily trading volume, of 517,100 shares, the short-interest ratio is presently 3.6 days.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Morgan Stanley lifted 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 price target on shares of Innovid in a research report on Friday, July 12th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $3.00 price target on shares of Innovid in a research report on Tuesday, June 4th.

Innovid Trading Up 3.0 %

CTV traded up $0.06 on Thursday, hitting $2.06. 1,646,593 shares of the stock traded hands, compared to its average volume of 398,856. Innovid has a 52 week low of $0.95 and a 52 week high of $2.58. The firm has a market capitalization of $297.48 million, a PE ratio of -9.81 and a beta of 3.14. The business has a fifty day moving average price of $1.94 and a two-hundred day moving average price of $1.93.

Innovid (NYSE:CTV) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The company had revenue of $36.74 million for the quarter, compared to analyst estimates of $35.99 million. Innovid had a negative net margin of 20.24% and a negative return on equity of 7.81%. During the same period in the previous year, the firm posted ($0.06) earnings per share. On average, equities research analysts forecast that Innovid will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Sequoia Capital Israel Iv Hold sold 8,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $2.10, for a total value of $16,800,000.00. Following the completion of the sale, the insider now owns 9,697,224 shares in the company, valued at approximately $20,364,170.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Innovid news, CEO Zvika Netter bought 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was acquired at an average price of $2.07 per share, with a total value of $41,400.00. Following the completion of the transaction, the chief executive officer now directly owns 4,960,733 shares in the company, valued at approximately $10,268,717.31. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sequoia Capital Israel Iv Hold sold 8,000,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $2.10, for a total value of $16,800,000.00. Following the completion of the sale, the insider now directly owns 9,697,224 shares of the company’s stock, valued at approximately $20,364,170.40. The disclosure for this sale can be found here. Corporate insiders own 9.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC acquired a new position in shares of Innovid in the 1st quarter worth approximately $56,000. Lazard Asset Management LLC acquired a new position in Innovid during the 1st quarter worth $58,000. Acadian Asset Management LLC lifted its holdings in Innovid by 174.3% during the 1st quarter. Acadian Asset Management LLC now owns 521,866 shares of the company’s stock worth $1,297,000 after buying an additional 331,643 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Innovid by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock worth $11,344,000 after buying an additional 279,830 shares in the last quarter. 25.46% of the stock is owned by institutional investors and hedge funds.

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.