Short Interest in Innovid Corp. (NYSE:CTV) Expands By 12.3%

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 trading volume of 261,400 shares, the days-to-cover ratio is currently 5.9 days. Currently, 1.7% of the company’s stock are short sold.

Institutional Trading of Innovid

Large investors have recently bought and sold shares of the company. SG Americas Securities LLC boosted its position in shares of Innovid by 124.1% in the 3rd 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 in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Innovid in the 2nd quarter worth about $81,000. American Century Companies Inc. purchased a new stake in Innovid in the second quarter worth approximately $61,000. Acadian Asset Management LLC grew its position in Innovid by 12.9% in the 2nd quarter. Acadian Asset Management LLC now owns 589,182 shares of the company’s stock worth $1,088,000 after purchasing an additional 67,316 shares during the period. Finally, Rhumbline Advisers raised its stake in Innovid by 3,951.8% during the 2nd quarter. Rhumbline Advisers now owns 116,893 shares of the company’s stock valued at $216,000 after buying an additional 114,008 shares during the last quarter. 25.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

CTV has been the topic of a number of analyst reports. Morgan Stanley upped their target price on shares of Innovid from $2.20 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Needham & Company LLC restated a “buy” rating and set a $3.00 price target on shares of Innovid in a research note on Tuesday, August 6th.

Innovid Stock Performance

Innovid stock traded up $0.04 during midday trading on Thursday, reaching $2.07. 25,220 shares of the stock were exchanged, compared to its average volume of 346,421. The company’s fifty day moving average is $1.77 and its 200-day moving average is $1.96. Innovid has a 52 week low of $0.95 and a 52 week high of $2.58. The firm has a market cap of $298.93 million, a PE ratio of -9.69 and a beta of 3.11.

Innovid (NYSE:CTV) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The business had revenue of $37.95 million during 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) EPS. On average, sell-side analysts anticipate that Innovid will post -0.11 earnings per share 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.