Needham & Company LLC Reaffirms Buy Rating for Innovid (NYSE:CTV)

Innovid (NYSE:CTV)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They currently have a $3.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 72.41% from the stock’s current price.

CTV has been the topic of several other reports. TheStreet raised shares of Innovid from a “d” rating to a “c-” rating in a report on Friday, March 15th. Morgan Stanley increased their target price on 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 reiterated a “market outperform” rating and set a $3.00 price objective on shares of Innovid in a research note on Tuesday, June 4th.

Innovid Trading Up 4.8 %

Shares of Innovid stock opened at $1.74 on Friday. Innovid has a 12 month low of $0.95 and a 12 month high of $2.58. The firm has a market capitalization of $251.28 million, a P/E ratio of -8.29 and a beta of 3.14. The business’s fifty day simple moving average is $1.97 and its 200 day simple moving average is $1.90.

Innovid (NYSE:CTV) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The company had revenue of $36.74 million for the quarter, compared to the consensus estimate of $35.99 million. Innovid had a negative net margin of 20.24% and a negative return on equity of 7.81%. During the same quarter in the previous year, the company posted ($0.06) EPS. Analysts predict that Innovid will post -0.04 EPS for the current fiscal year.

Insider Activity at Innovid

In other Innovid news, major shareholder Sequoia Capital Israel Iv Hold sold 8,000,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $2.10, for a total value of $16,800,000.00. Following the transaction, the insider now directly owns 9,697,224 shares in the company, valued at approximately $20,364,170.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Zvika Netter acquired 20,000 shares of Innovid stock in a transaction dated Tuesday, May 21st. The shares were purchased at an average cost of $2.07 per share, for a total transaction of $41,400.00. Following the transaction, the chief executive officer now owns 4,960,733 shares of the company’s stock, valued at $10,268,717.31. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Sequoia Capital Israel Iv Hold sold 8,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $2.10, for a total value of $16,800,000.00. Following the completion of the sale, the insider now directly owns 9,697,224 shares of the company’s stock, valued at approximately $20,364,170.40. The disclosure for this sale can be found here. 9.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Lazard Asset Management LLC purchased a new position in Innovid in the 1st quarter worth approximately $58,000. Acadian Asset Management LLC increased its stake in shares of Innovid by 174.3% in the first quarter. Acadian Asset Management LLC now owns 521,866 shares of the company’s stock worth $1,297,000 after buying an additional 331,643 shares during the period. Vanguard Group Inc. raised its holdings in Innovid by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock valued at $11,344,000 after buying an additional 279,830 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Innovid during the 1st quarter valued at $56,000. Hedge funds and other institutional investors own 25.46% of the company’s stock.

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.