Innovid Corp. (NYSE:CTV) Sees Significant 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 trading volume of 299,600 shares, the short-interest ratio is presently 1.2 days. Approximately 0.4% of the company’s stock are sold short.

Wall Street Analyst Weigh In

CTV has been the topic of a number of analyst reports. Morgan Stanley raised their price target on Innovid from $1.60 to $2.10 and gave the company an “equal weight” rating in a research note on Tuesday, April 16th. JMP Securities restated a “market outperform” rating and set a $3.00 target price on shares of Innovid in a research note on Wednesday, April 10th. TheStreet raised Innovid from a “d” rating to a “c-” rating in a report on Friday, March 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.25 price objective on shares of Innovid in a research report on Tuesday, February 27th.

Innovid Price Performance

Shares of NYSE CTV opened at $2.26 on Wednesday. The business has a 50-day moving average price of $2.16 and a 200 day moving average price of $1.65. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.99 and a quick ratio of 3.99. Innovid has a 52-week low of $0.85 and a 52-week high of $2.58.

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

Insider Activity

In related news, CEO Zvika Netter bought 25,000 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was purchased at an average cost of $1.84 per share, with a total value of $46,000.00. Following the purchase, the chief executive officer now directly owns 4,085,733 shares of the company’s stock, valued at approximately $7,517,748.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 9.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CTV. Jump Financial LLC purchased a new position in shares of Innovid during the third quarter worth about $34,000. Acadian Asset Management LLC lifted its position in Innovid by 230.9% during the 3rd quarter. Acadian Asset Management LLC now owns 190,223 shares of the company’s stock worth $242,000 after acquiring an additional 132,728 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Innovid by 29.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 215,538 shares of the company’s stock valued at $276,000 after purchasing an additional 48,704 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Innovid in the third quarter valued at approximately $3,098,000. 25.46% of the stock is currently owned by institutional investors and hedge funds.

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.