Innovid (NYSE:CTV) Stock Rating Reaffirmed by Needham & Company LLC

Innovid (NYSE:CTVGet Free Report)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a note issued to investors on Monday, Benzinga reports. They currently have a $3.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 43.54% from the company’s previous close.

CTV has been the topic of a number of other reports. JMP Securities reissued a “market outperform” rating and issued a $3.00 price target on shares of Innovid in a research report on Wednesday, April 10th. TheStreet raised Innovid from a “d” rating to a “c-” rating in a research report on Friday, March 15th. Finally, Morgan Stanley upped their price objective on Innovid from $1.60 to $2.10 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th.

Check Out Our Latest Research Report on Innovid

Innovid Stock Up 6.6 %

Shares of CTV opened at $2.09 on Monday. The business’s 50 day moving average price is $2.24 and its 200-day moving average price is $1.77. Innovid has a 52 week low of $0.89 and a 52 week high of $2.58. The stock has a market cap of $301.82 million, a P/E ratio of -9.95 and a beta of 3.28.

Innovid (NYSE:CTVGet Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Innovid had a negative return on equity of 7.81% and a negative net margin of 20.24%. The company had revenue of $36.74 million during the quarter, compared to the consensus estimate of $35.99 million. During the same period in the prior year, the firm earned ($0.06) earnings per share. On average, equities analysts anticipate that Innovid will post -0.04 EPS for the current year.

Insider Activity at Innovid

In other news, CEO Zvika Netter purchased 25,000 shares of the stock in a transaction dated Wednesday, February 28th. The shares were purchased at an average cost of $1.84 per share, with a total value of $46,000.00. Following the acquisition, the chief executive officer now directly owns 4,085,733 shares of the company’s stock, valued at $7,517,748.72. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Innovid

Hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC lifted its holdings in shares of Innovid by 230.9% during the 3rd 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 period. Jump Financial LLC purchased a new stake in shares of Innovid in the 3rd quarter worth $34,000. Connor Clark & Lunn Investment Management Ltd. increased 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 worth $276,000 after purchasing an additional 48,704 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Innovid by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock worth $11,344,000 after purchasing an additional 279,830 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in shares of Innovid in the 1st quarter worth $58,000. 25.46% of the stock is owned by institutional investors.

About Innovid

(Get Free Report)

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.

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