Innovid Corp. (NYSE:CTV) Short Interest Update

Innovid Corp. (NYSE:CTV) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 1,690,000 shares, a decrease of 8.6% from the July 15th total of 1,850,000 shares. Currently, 1.9% of the company’s stock are sold short. Based on an average trading volume of 566,200 shares, the short-interest ratio is currently 3.0 days.

Insiders Place Their Bets

In other Innovid 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 stock was 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 in the company, valued at approximately $20,364,170.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Zvika Netter purchased 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were bought at an average price of $2.07 per share, for a total transaction of $41,400.00. Following the purchase, the chief executive officer now directly owns 4,960,733 shares of the company’s stock, valued at approximately $10,268,717.31. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 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 owns 9,697,224 shares in the company, valued at approximately $20,364,170.40. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Institutional Trading of Innovid

Several institutional investors and hedge funds have recently modified their holdings of CTV. The Manufacturers Life Insurance Company bought a new position in Innovid in the second quarter worth approximately $81,000. American Century Companies Inc. purchased a new position in Innovid in the second quarter worth $61,000. Acadian Asset Management LLC grew its holdings in Innovid by 12.9% in the second quarter. Acadian Asset Management LLC now owns 589,182 shares of the company’s stock worth $1,088,000 after purchasing an additional 67,316 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Innovid by 3,951.8% during the second quarter. Rhumbline Advisers now owns 116,893 shares of the company’s stock valued at $216,000 after buying an additional 114,008 shares during the last quarter. Finally, Legato Capital Management LLC purchased a new stake in shares of Innovid during the second quarter valued at $438,000. Institutional investors own 25.46% of the company’s stock.

Innovid Stock Performance

CTV remained flat at $1.81 on Monday. The company had a trading volume of 179,623 shares, compared to its average volume of 390,588. The firm has a market cap of $261.39 million, a P/E ratio of -8.57 and a beta of 3.14. Innovid has a 12 month low of $0.95 and a 12 month high of $2.58. The company’s 50-day moving average is $1.85 and its two-hundred day moving average is $1.99.

Innovid (NYSE:CTV) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The firm had revenue of $37.95 million during the quarter, compared to the consensus estimate of $39.35 million. Innovid had a negative return on equity of 7.81% and a negative net margin of 20.24%. During the same period in the previous year, the business earned ($0.03) EPS. On average, sell-side analysts anticipate that Innovid will post -0.04 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on CTV. Morgan Stanley raised their target price on Innovid from $2.20 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. JMP Securities reaffirmed a “market outperform” rating and issued a $3.00 target price on shares of Innovid in a report on Tuesday, June 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 target price on shares of Innovid in a report on Tuesday, August 6th.

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.