Morgan Stanley Raises Innovid (NYSE:CTV) Price Target to $2.50

Innovid (NYSE:CTV) had its price target boosted by Morgan Stanley from $2.20 to $2.50 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities research analysts have also weighed in on CTV. JMP Securities reaffirmed a market outperform rating and set a $3.00 price target on shares of Innovid in a report on Tuesday, June 4th. Needham & Company LLC reaffirmed a buy rating and set a $3.00 price target on shares of Innovid in a report on Friday, July 12th.

Innovid Stock Down 0.5 %

Innovid stock opened at $2.05 on Tuesday. Innovid has a 52-week low of $0.95 and a 52-week high of $2.58. The firm has a fifty day moving average of $1.94 and a 200-day moving average of $1.94. The firm has a market capitalization of $296.05 million, a P/E ratio of -9.76 and a beta of 3.14.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Innovid

Several large investors have recently bought and sold shares of CTV. SG Americas Securities LLC acquired a new position in Innovid during the 1st quarter valued at about $56,000. Vanguard Group Inc. increased its stake in Innovid by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock valued at $11,344,000 after buying an additional 279,830 shares during the period. Acadian Asset Management LLC increased its stake in Innovid by 174.3% during the 1st quarter. Acadian Asset Management LLC now owns 521,866 shares of the company’s stock valued at $1,297,000 after buying an additional 331,643 shares during the period. Lazard Asset Management LLC acquired a new position in Innovid during the 1st quarter valued at about $58,000. Finally, Bank of New York Mellon Corp increased its stake in Innovid by 2,993.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 314,599 shares of the company’s stock valued at $582,000 after buying an additional 304,428 shares during the period. Institutional investors and hedge funds own 25.46% of the company’s stock.

About Innovid

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.