Opera (NASDAQ:OPRA) Trading 7.5% Higher – Still a Buy?

Shares of Opera Limited Sponsored ADR (NASDAQ:OPRA) rose 7.5% during mid-day trading on Tuesday . The stock traded as high as $20.21 and last traded at $20.2160. Approximately 488,575 shares changed hands during trading, a decline of 13% from the average daily volume of 561,785 shares. The stock had previously closed at $18.80.

Analysts Set New Price Targets

A number of analysts have commented on the company. Wall Street Zen upgraded Opera from a “hold” rating to a “buy” rating in a research report on Saturday, June 20th. Weiss Ratings restated a “hold (c+)” rating on shares of Opera in a research report on Wednesday, July 8th. Finally, Zacks Research downgraded Opera from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.50.

Opera Trading Up 0.2%

The firm has a market capitalization of $1.81 billion, a PE ratio of 16.01 and a beta of 1.31. The stock’s 50 day moving average price is $18.63 and its two-hundred day moving average price is $15.96.

Opera Dividend Announcement

The business also recently declared a dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, July 7th were issued a $0.40 dividend. This represents a dividend yield of 407.0%. The ex-dividend date of this dividend was Tuesday, July 7th. Opera’s payout ratio is 61.90%.

Insider Activity

In other news, CEO Lin Song sold 44,400 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $18.52, for a total value of $822,288.00. Following the sale, the chief executive officer directly owned 120,846 shares in the company, valued at $2,238,067.92. This represents a 26.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 84.36% of the stock is owned by corporate insiders.

Institutional Trading of Opera

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its holdings in Opera by 459.5% in the 1st quarter. Parallel Advisors LLC now owns 3,038 shares of the company’s stock valued at $43,000 after purchasing an additional 2,495 shares in the last quarter. State of Tennessee Department of Treasury purchased a new stake in shares of Opera during the second quarter worth about $83,000. GAMMA Investing LLC raised its position in shares of Opera by 10.4% in the second quarter. GAMMA Investing LLC now owns 6,904 shares of the company’s stock valued at $137,000 after buying an additional 652 shares during the last quarter. Ascentis Independent Advisors acquired a new position in shares of Opera in the first quarter valued at approximately $141,000. Finally, Quent Capital LLC purchased a new position in shares of Opera during the fourth quarter valued at approximately $212,000. Hedge funds and other institutional investors own 10.21% of the company’s stock.

About Opera

Opera Limited (NASDAQ: OPRA) is a global software and internet services company best known for its cross-platform web browsers, including the flagship Opera Browser, Opera Mini for mobile devices and Opera GX designed for the gaming community. The company integrates features such as ad blocking, built-in VPN services and a cryptocurrency wallet into its desktop and mobile applications, aiming to deliver fast, secure and feature-rich browsing experiences to hundreds of millions of users worldwide.

Beyond its consumer-facing browsers, Opera operates Opera News, a personalized content and news aggregation platform with a strong presence in Africa and Asia, and Opera Ads, a digital advertising network that leverages user-behavior data to provide targeted ad placements across devices.