Innovid Corp. (NYSE:CTV) Sees Large Increase in Short Interest

Innovid Corp. (NYSE:CTV) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totalling 355,900 shares, an increase of 5.0% from the March 31st total of 338,800 shares. Based on an average daily volume of 299,600 shares, the days-to-cover ratio is presently 1.2 days. Currently, 0.4% of the company’s stock are short sold.

Analyst Ratings Changes

Several analysts recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of Innovid in a report on Tuesday, February 27th. TheStreet raised shares of Innovid from a “d” rating to a “c-” rating in a report on Friday, March 15th. Morgan Stanley increased their price target on shares of Innovid from $1.60 to $2.10 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. Finally, JMP Securities restated a “market outperform” rating and issued a $3.00 price objective on shares of Innovid in a research note on Wednesday, April 10th.

Innovid Stock Performance

Shares of NYSE:CTV opened at $2.26 on Wednesday. The firm’s 50 day simple moving average is $2.16 and its two-hundred day simple moving average is $1.65. The company has a quick ratio of 3.99, a current ratio of 3.99 and a debt-to-equity ratio of 0.10. Innovid has a 1-year low of $0.85 and a 1-year high of $2.58.

Innovid (NYSE:CTV) last issued its earnings results on Tuesday, February 27th. The company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). Innovid had a negative net margin of 22.81% and a negative return on equity of 8.92%. The company had revenue of $38.62 million during the quarter, compared to the consensus estimate of $36.90 million. During the same quarter in the prior year, the firm posted ($0.03) EPS.

Insiders Place Their Bets

In other Innovid news, CEO Zvika Netter acquired 25,000 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were acquired at an average price of $1.84 per share, for a total transaction of $46,000.00. Following the completion of the acquisition, the chief executive officer now owns 4,085,733 shares in the company, valued at $7,517,748.72. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jump Financial LLC purchased a new position in Innovid during the third quarter valued at $34,000. Acadian Asset Management LLC boosted its stake in Innovid by 230.9% during the third quarter. Acadian Asset Management LLC now owns 190,223 shares of the company’s stock valued at $242,000 after buying an additional 132,728 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Innovid by 29.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 215,538 shares of the company’s stock worth $276,000 after acquiring an additional 48,704 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Innovid during the 3rd quarter worth approximately $3,098,000. 25.46% of the stock is currently owned by institutional investors.

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.