Innovid Corp. (NYSE:CTV) Short Interest Update

Innovid Corp. (NYSE:CTV) was the recipient of a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 1,850,000 shares, a growth of 226.4% from the June 30th total of 566,800 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average daily volume of 517,100 shares, the short-interest ratio is presently 3.6 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 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 transaction, the insider now owns 9,697,224 shares of the company’s stock, valued at $20,364,170.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Zvika Netter bought 20,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were bought at an average cost of $2.07 per share, with a total value of $41,400.00. Following the purchase, the chief executive officer now directly owns 4,960,733 shares in the company, valued at $10,268,717.31. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Sequoia Capital Israel Iv Hold sold 8,000,000 shares of the business’s stock in a transaction on 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 in the company, valued at $20,364,170.40. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CTV. Vanguard Group Inc. grew its holdings in Innovid by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock worth $11,344,000 after acquiring an additional 279,830 shares during the period. Acadian Asset Management LLC grew its holdings in shares of Innovid by 174.3% in 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. Bank of New York Mellon Corp grew its holdings in shares of Innovid by 2,993.1% in 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. Legato Capital Management LLC acquired a new position in shares of Innovid in the 2nd quarter valued at $438,000. Finally, Lazard Asset Management LLC acquired a new position in shares of Innovid in the 1st quarter valued at $58,000. Institutional investors own 25.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CTV. Needham & Company LLC reissued a “buy” rating and set a $3.00 target price on shares of Innovid in a research report on Friday, July 12th. JMP Securities reissued a “market outperform” rating and set a $3.00 target price on shares of Innovid in a research report on Tuesday, June 4th. Finally, Morgan Stanley raised their price target on Innovid from $2.20 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday.

Innovid Stock Down 0.5 %

CTV traded down $0.01 during midday trading on Friday, reaching $2.05. 313,659 shares of the company’s stock were exchanged, compared to its average volume of 398,261. The firm has a market capitalization of $296.05 million, a price-to-earnings ratio of -9.76 and a beta of 3.14. Innovid has a one year low of $0.95 and a one year high of $2.58. The business has a 50-day simple moving average of $1.94 and a two-hundred day simple moving average of $1.94.

Innovid (NYSE:CTV) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The business had revenue of $36.74 million for the quarter, compared to the consensus estimate of $35.99 million. Innovid had a negative return on equity of 7.81% and a negative net margin of 20.24%. During the same quarter in the prior year, the business earned ($0.06) EPS. As a group, research analysts anticipate that Innovid will post -0.04 EPS for the current fiscal year.

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.