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

Innovid Corp. (NYSE:CTVGet Rating) saw a large decline in short interest in the month of May. As of May 15th, there was short interest totalling 330,500 shares, a decline of 18.1% from the April 30th total of 403,700 shares. Based on an average daily trading volume, of 190,900 shares, the days-to-cover ratio is presently 1.7 days. Approximately 0.4% of the company’s shares are short sold.

Several equities analysts have recently issued reports on the company. BMO Capital Markets decreased their target price on Innovid from $13.00 to $8.00 and set an “outperform” rating for the company in a research report on Tuesday, February 8th. Needham & Company LLC decreased their target price on Innovid from $10.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, February 25th. Finally, JMP Securities restated a “buy” rating and set a $9.00 target price on shares of Innovid in a research report on Tuesday, February 8th.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Innovid in the 4th quarter valued at approximately $8,434,000. Diker Management LLC bought a new stake in Innovid in the 4th quarter valued at approximately $2,394,000. Segantii Capital Management Ltd bought a new stake in Innovid in the 4th quarter valued at approximately $42,000. MYDA Advisors LLC bought a new stake in Innovid in the 4th quarter valued at approximately $2,826,000. Finally, Phoenix Holdings Ltd. lifted its stake in Innovid by 7.6% in the 1st quarter. Phoenix Holdings Ltd. now owns 3,807,530 shares of the company’s stock valued at $22,997,000 after acquiring an additional 268,189 shares in the last quarter.

Shares of CTV traded down $0.79 on Tuesday, hitting $4.08. The company’s stock had a trading volume of 34,477 shares, compared to its average volume of 195,022. The business has a fifty day moving average of $5.53. Innovid has a fifty-two week low of $3.53 and a fifty-two week high of $10.05.

Innovid (NYSE:CTVGet Rating) last issued its quarterly earnings data on Friday, May 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01).

About Innovid (Get Rating)

Innovid Corp. operates an independent software platform that provides ad serving and creative services. The company 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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