Innovid (NYSE:CTV) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Innovid (NYSE:CTV) in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a $3.00 price target on the stock.

Separately, Morgan Stanley upped their price objective on shares of Innovid from $2.20 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd.

Innovid Price Performance

Innovid stock opened at $1.67 on Wednesday. The firm has a market cap of $244.50 million, a P/E ratio of -18.56 and a beta of 3.08. The stock’s 50 day moving average is $1.84 and its 200 day moving average is $1.89. Innovid has a one year low of $1.12 and a one year high of $2.58.

Institutional Investors Weigh In On Innovid

Several large investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Innovid by 2.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 402,421 shares of the company’s stock valued at $724,000 after buying an additional 10,839 shares during the period. FMR LLC lifted its position in shares of Innovid by 590.2% during the 3rd quarter. FMR LLC now owns 15,413 shares of the company’s stock valued at $28,000 after acquiring an additional 13,180 shares during the period. Miller Investment Management LP bought a new position in Innovid during the third quarter worth $36,000. SG Americas Securities LLC boosted its stake in 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 acquiring an additional 20,272 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Innovid in the first quarter valued at $58,000. Institutional investors and hedge funds own 25.46% of the company’s stock.

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.