Innovid (NYSE:CTV – Get Free Report) had its price objective dropped by stock analysts at Needham & Company LLC from $3.00 to $1.50 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 42.86% from the stock’s previous close.
Separately, Morgan Stanley boosted their price objective on Innovid from $1.10 to $1.40 and gave the stock an “equal weight” rating in a report on Wednesday, August 9th.
View Our Latest Research Report on CTV
Innovid Stock Performance
Innovid (NYSE:CTV – Get Free Report) last released its quarterly earnings data on Tuesday, August 8th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $34.55 million during the quarter, compared to analyst estimates of $32.90 million. Innovid had a negative net margin of 32.12% and a negative return on equity of 14.09%. As a group, equities research analysts predict that Innovid will post -0.11 EPS for the current year.
Insider Activity
In other Innovid news, insider David Helmreich purchased 50,000 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were acquired at an average cost of $1.09 per share, with a total value of $54,500.00. Following the completion of the transaction, the insider now owns 748,857 shares in the company, valued at $816,254.13. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Gilad Shany acquired 45,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was purchased at an average cost of $1.10 per share, with a total value of $49,500.00. Following the acquisition, the director now directly owns 1,265,662 shares of the company’s stock, valued at $1,392,228.20. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider David Helmreich bought 50,000 shares of Innovid stock in a transaction dated Friday, August 11th. The shares were bought at an average cost of $1.09 per share, for a total transaction of $54,500.00. Following the completion of the acquisition, the insider now owns 748,857 shares in the company, valued at approximately $816,254.13. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 165,000 shares of company stock valued at $181,300. 9.90% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vintage Ventures Advisors Ltd. raised its position in shares of Innovid by 22.5% in the 1st quarter. Vintage Ventures Advisors Ltd. now owns 7,052,864 shares of the company’s stock valued at $9,945,000 after buying an additional 1,296,879 shares in the last quarter. Vanguard Group Inc. increased its stake in Innovid by 398.0% in the third quarter. Vanguard Group Inc. now owns 4,223,094 shares of the company’s stock valued at $11,445,000 after acquiring an additional 3,375,086 shares during the last quarter. Whetstone Capital Advisors LLC raised its position in Innovid by 353.6% during the second quarter. Whetstone Capital Advisors LLC now owns 3,565,848 shares of the company’s stock valued at $3,887,000 after purchasing an additional 2,779,658 shares in the last quarter. Royce & Associates LP lifted its stake in Innovid by 468.7% during the second quarter. Royce & Associates LP now owns 2,782,397 shares of the company’s stock worth $3,033,000 after purchasing an additional 2,293,127 shares during the last quarter. Finally, AlpInvest Partners B.V. acquired a new stake in shares of Innovid in the 1st quarter valued at $2,515,000. Institutional investors and hedge funds own 52.29% of the company’s stock.
About Innovid
Innovid Corp. operates an independent software platform that provides ad serving, measurement, and creative services. The company 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.
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