Identiv (NASDAQ:INVE) Issues Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Identiv (NASDAQ:INVE) issued its quarterly earnings results on Wednesday. The technology company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.06), FiscalAI reports. The business had revenue of $5.68 million for the quarter, compared to analysts’ expectations of $5.75 million. Identiv had a negative return on equity of 10.87% and a negative net margin of 62.93%.

Identiv Trading Up 1.1%

Identiv stock opened at $2.65 on Friday. The company has a 50-day moving average price of $3.02 and a 200 day moving average price of $3.48. Identiv has a 12-month low of $2.42 and a 12-month high of $5.30. The stock has a market cap of $63.63 million, a P/E ratio of -4.02 and a beta of 1.24.

Institutional Trading of Identiv

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Prelude Capital Management LLC increased its position in shares of Identiv by 0.6% during the third quarter. Prelude Capital Management LLC now owns 617,481 shares of the technology company’s stock valued at $2,130,000 after acquiring an additional 3,623 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Identiv in the 2nd quarter worth approximately $38,000. Jane Street Group LLC purchased a new position in shares of Identiv during the 2nd quarter worth approximately $55,000. Goldman Sachs Group Inc. boosted its position in shares of Identiv by 56.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 49,295 shares of the technology company’s stock worth $157,000 after purchasing an additional 17,811 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Identiv by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,186,883 shares of the technology company’s stock valued at $4,095,000 after purchasing an additional 20,719 shares during the last quarter. 65.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on INVE. Craig Hallum downgraded Identiv from a “buy” rating to a “hold” rating and set a $3.10 price target on the stock. in a research note on Thursday, June 25th. UBS Group set a $3.10 target price on shares of Identiv in a research note on Thursday, June 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Identiv in a research note on Wednesday, June 24th. Lake Street Capital lowered Identiv from a “buy” rating to a “hold” rating and decreased their target price for the company from $6.00 to $4.00 in a research report on Thursday, June 25th. Finally, Wall Street Zen raised shares of Identiv to a “hold” rating in a report on Saturday, April 25th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $3.40.

Identiv Company Profile

Identiv, Inc (NASDAQ: INVE) is a global provider of physical security and secure identification solutions, delivering hardware and software platforms that protect people, property and assets. Founded in 1969 through the establishment of Hirsch Electronics and later rebranded as Identiv in 2008, the company has evolved to address the convergence of physical and digital security in an increasingly connected world.

The company’s product portfolio spans RFID and NFC reader modules, smart card and credential technologies, access control hardware, secure IoT connectivity, and contactless identification solutions.