Brightcove Inc. (NASDAQ:BCOV) Sees Significant Growth in Short Interest

Brightcove Inc. (NASDAQ:BCOV) saw a significant increase in short interest in March. As of March 15th, there was short interest totalling 1,520,000 shares, an increase of 16.0% from the February 29th total of 1,310,000 shares. Based on an average daily volume of 227,200 shares, the days-to-cover ratio is presently 6.7 days.

Insider Activity at Brightcove

In other Brightcove news, major shareholder Edenbrook Capital, Llc purchased 30,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was acquired at an average price of $1.88 per share, with a total value of $56,400.00. Following the completion of the acquisition, the insider now owns 6,435,437 shares in the company, valued at $12,098,621.56. The acquisition was disclosed in a filing with the SEC, which is available at this link. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Brightcove

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its position in shares of Brightcove by 386.1% during the 1st quarter. Tower Research Capital LLC TRC now owns 6,237 shares of the software maker’s stock worth $28,000 after acquiring an additional 4,954 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Brightcove during the 4th quarter worth about $53,000. Zebra Capital Management LLC acquired a new stake in shares of Brightcove during the 1st quarter worth about $81,000. Ameriprise Financial Inc. acquired a new stake in shares of Brightcove during the 3rd quarter worth about $35,000. Finally, Werba Rubin Papier Wealth Management acquired a new stake in shares of Brightcove during the 4th quarter worth about $27,000. Institutional investors and hedge funds own 80.12% of the company’s stock.

Brightcove Stock Performance

BCOV stock traded down $0.05 during mid-day trading on Monday, reaching $1.89. The company had a trading volume of 55,776 shares, compared to its average volume of 228,321. The company has a market capitalization of $82.61 million, a price-to-earnings ratio of -3.60 and a beta of 0.68. The firm has a fifty day simple moving average of $2.13 and a 200 day simple moving average of $2.52. Brightcove has a fifty-two week low of $1.81 and a fifty-two week high of $4.63.

Brightcove (NASDAQ:BCOV) last posted its quarterly earnings results on Thursday, February 22nd. The software maker reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The company had revenue of $50.16 million for the quarter. Brightcove had a negative return on equity of 17.02% and a negative net margin of 11.38%. As a group, analysts predict that Brightcove will post -0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on BCOV shares. Rosenblatt Securities decreased their price target on Brightcove from $7.50 to $5.00 and set a “buy” rating for the company in a report on Friday, February 23rd. Lake Street Capital reaffirmed a “hold” rating and set a $3.00 target price on shares of Brightcove in a research note on Friday, February 23rd. Finally, StockNews.com raised Brightcove from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd.

About Brightcove

Brightcove Inc provides cloud-based streaming services the Americas, Europe, the Asia Pacific, Japan, India, and the Middle East. It offers Video Cloud, an online video streaming platform that enables its customers to publish, deliver, and distribute high-quality video to internet-connected devices. The company's solutions and products comprise Brightcove Marketing Studio, a video streaming solution; Brightcove Communications Studio for marketers and corporate communications professionals; Brightcove Media Studio, a solution for over-the-top (OTT) video services, media publishers, and leading broadcasters to monetize their media, live stream at scale, and nurture their audience lifecycle; Brightcove Audience Insights, a customer data platform for video streaming businesses; Zencoder, a cloud-based video encoding service; and Brightcove Beacon, a platform that enables its customers to launch premium OTT video streaming experiences, as well as Brightcove Marketplace.