Innovid Corp. (NYSE:CTV) Sees Large Decline in Short Interest

Innovid Corp. (NYSE:CTV) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totalling 355,000 shares, a decline of 33.7% from the November 30th total of 535,200 shares. Based on an average daily trading volume, of 1,970,000 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.4% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CTV shares. Citizens Jmp downgraded Innovid from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 21st. Needham & Company LLC reiterated a “hold” rating and issued a $3.00 target price on shares of Innovid in a research note on Friday, November 22nd. Finally, JMP Securities lowered Innovid from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Innovid currently has an average rating of “Hold” and an average target price of $2.83.

Innovid Trading Down 0.6 %

Shares of CTV opened at $3.09 on Friday. The stock’s fifty day simple moving average is $2.51 and its 200 day simple moving average is $2.06. Innovid has a twelve month low of $1.25 and a twelve month high of $3.40. The firm has a market capitalization of $458.78 million, a P/E ratio of -34.33 and a beta of 3.30.

Hedge Funds Weigh In On Innovid

A number of large investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Innovid by 2.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 402,421 shares of the company’s stock valued at $724,000 after acquiring an additional 10,839 shares in the last quarter. FMR LLC grew its stake in shares of Innovid by 590.2% in the third quarter. FMR LLC now owns 15,413 shares of the company’s stock valued at $28,000 after buying an additional 13,180 shares in the last quarter. Miller Investment Management LP acquired a new position in Innovid during the 3rd quarter worth approximately $36,000. SG Americas Securities LLC grew its position in Innovid by 124.1% in the third quarter. SG Americas Securities LLC now owns 36,605 shares of the company’s stock valued at $66,000 after acquiring an additional 20,272 shares in the last quarter. Finally, Whetstone Capital Advisors LLC raised its stake in shares of Innovid by 0.7% during the third quarter. Whetstone Capital Advisors LLC now owns 3,268,879 shares of the company’s stock valued at $5,884,000 after purchasing an additional 23,642 shares during the period. 25.46% of the stock is currently owned by hedge funds and other institutional investors.

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.