Brightcove Inc. (NASDAQ:BCOV) Major Shareholder Acquires 5,230 Shares

Brightcove Inc. (NASDAQ:BCOV) major shareholder Edenbrook Capital, Llc acquired 5,230 shares of Brightcove stock in a transaction on Tuesday, September 10th. The shares were bought at an average price of $2.04 per share, for a total transaction of $10,669.20. Following the completion of the purchase, the insider now directly owns 6,621,535 shares in the company, valued at $13,507,931.40. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Edenbrook Capital, Llc also recently made the following trade(s):

• On Friday, September 6th, Edenbrook Capital, Llc purchased 11,600 shares of Brightcove stock. The shares were bought at an average cost of $2.04 per share, for a total transaction of $23,664.00.
• On Monday, August 12th, Edenbrook Capital, Llc acquired 20,000 shares of Brightcove stock. The stock was purchased at an average cost of $1.98 per share, with a total value of $39,600.00.
• On Friday, August 9th, Edenbrook Capital, Llc bought 30,000 shares of Brightcove stock. The shares were purchased at an average cost of $2.01 per share, for a total transaction of $60,300.00.

Brightcove Stock Performance

Shares of NASDAQ BCOV traded down $0.04 during midday trading on Tuesday, hitting $2.06. The company’s stock had a trading volume of 35,972 shares, compared to its average volume of 247,319. Brightcove Inc. has a 1-year low of $1.55 and a 1-year high of $3.88. The firm’s fifty day moving average price is $2.29 and its 200-day moving average price is $2.08. The firm has a market cap of $92.54 million, a P/E ratio of -9.55 and a beta of 0.74.

Brightcove (NASDAQ:BCOV) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. The business had revenue of $49.25 million for the quarter. Brightcove had a negative return on equity of 8.86% and a negative net margin of 4.28%. During the same period last year, the business posted ($0.07) EPS. As a group, research analysts predict that Brightcove Inc. will post -0.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Brightcove from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th.

Hedge Funds Weigh In On Brightcove

Several hedge funds and other institutional investors have recently modified their holdings of the company. Lynrock Lake LP increased its holdings in shares of Brightcove by 2.3% in the 2nd quarter. Lynrock Lake LP now owns 4,407,745 shares of the software maker’s stock worth $10,446,000 after acquiring an additional 100,000 shares during the period. Nantahala Capital Management LLC bought a new position in Brightcove in the 2nd quarter worth about $3,114,000. Acadian Asset Management LLC increased its stake in shares of Brightcove by 17.3% in the second quarter. Acadian Asset Management LLC now owns 940,508 shares of the software maker’s stock valued at $2,227,000 after purchasing an additional 139,049 shares during the period. First Eagle Investment Management LLC raised its holdings in shares of Brightcove by 81.4% during the second quarter. First Eagle Investment Management LLC now owns 600,334 shares of the software maker’s stock valued at $1,423,000 after buying an additional 269,302 shares during the last quarter. Finally, GSA Capital Partners LLP raised its holdings in shares of Brightcove by 151.0% during the first quarter. GSA Capital Partners LLP now owns 225,176 shares of the software maker’s stock valued at $437,000 after buying an additional 135,462 shares during the last quarter. Institutional investors and hedge funds own 80.12% of the company’s stock.

About Brightcove

Brightcove Inc provides cloud-based streaming services the Americas, Europe, the Asia Pacific, Japan, India, and the Middle East. It offers Video Cloud, an online video streaming platform that enables its customers to publish, deliver, and distribute high-quality video to internet-connected devices. The company's solutions and products comprise Brightcove Marketing Studio, a video streaming solution; Brightcove Communications Studio for marketers and corporate communications professionals; Brightcove Media Studio, a solution for over-the-top (OTT) video services, media publishers, and leading broadcasters to monetize their media, live stream at scale, and nurture their audience lifecycle; Brightcove Audience Insights, a customer data platform for video streaming businesses; Zencoder, a cloud-based video encoding service; and Brightcove Beacon, a platform that enables its customers to launch premium OTT video streaming experiences, as well as Brightcove Marketplace.