Innovid Corp. (NYSE:CTV) Short Interest Up 12.3% in September

Innovid Corp. (NYSE:CTV) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 1,550,000 shares, an increase of 12.3% from the September 15th total of 1,380,000 shares. Based on an average daily trading volume, of 261,400 shares, the days-to-cover ratio is currently 5.9 days. Approximately 1.7% of the shares of the company are sold short.

Institutional Investors Weigh In On Innovid

Several institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC raised its holdings in shares of Innovid by 124.1% during the third quarter. SG Americas Securities LLC now owns 36,605 shares of the company’s stock worth $66,000 after purchasing an additional 20,272 shares during the last quarter. Lazard Asset Management LLC acquired a new position in Innovid in the first quarter valued at approximately $58,000. American Century Companies Inc. acquired a new stake in shares of Innovid during the 2nd quarter worth approximately $61,000. The Manufacturers Life Insurance Company acquired a new position in shares of Innovid in the 2nd quarter valued at $81,000. Finally, Acadian Asset Management LLC grew its position in Innovid by 12.9% during the second quarter. Acadian Asset Management LLC now owns 589,182 shares of the company’s stock valued at $1,088,000 after buying an additional 67,316 shares during the period. 25.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CTV has been the subject of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $3.00 target price on shares of Innovid in a research report on Tuesday, August 6th. Morgan Stanley lifted 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.

Innovid Stock Performance

Innovid stock traded up $0.04 during midday trading on Thursday, hitting $2.07. 25,220 shares of the company’s stock were exchanged, compared to its average volume of 346,421. Innovid has a 12 month low of $0.95 and a 12 month high of $2.58. The company has a market cap of $298.93 million, a PE ratio of -9.69 and a beta of 3.11. The firm has a 50-day moving average of $1.77 and a two-hundred day moving average of $1.96.

Innovid (NYSE:CTV) last issued 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 business had revenue of $37.95 million for the quarter, compared to analysts’ expectations of $39.35 million. Innovid had a negative net margin of 14.15% and a negative return on equity of 10.97%. During the same period in the previous year, the business earned ($0.03) earnings per share. As a group, equities analysts expect that Innovid will post -0.11 earnings per share for the current year.

About Innovid

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.