Brightcove (NASDAQ:BCOV) Upgraded to “Buy” at Lake Street Capital

Brightcove (NASDAQ:BCOV) was upgraded by Lake Street Capital from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Marketbeat.com reports. The firm currently has a $3.50 target price on the software maker’s stock, up from their prior target price of $2.75. Lake Street Capital’s price target would suggest a potential upside of 26.81% from the company’s previous close.

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

Brightcove Price Performance

BCOV stock traded up $0.62 during mid-day trading on Tuesday, reaching $2.76. 672,640 shares of the company traded hands, compared to its average volume of 230,221. The company has a market capitalization of $123.98 million, a P/E ratio of -13.80 and a beta of 0.74. Brightcove has a 52-week low of $1.55 and a 52-week high of $2.87. The company has a fifty day moving average price of $2.17 and a 200-day moving average price of $2.15.

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

Insider Buying and Selling

In other news, major shareholder Edenbrook Capital, Llc bought 30,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $2.01 per share, with a total value of $60,300.00. Following the completion of the transaction, the insider now owns 6,561,414 shares of the company’s stock, valued at approximately $13,188,442.14. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders acquired 98,988 shares of company stock worth $200,689. 4.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BCOV. Pitcairn Co. purchased a new position in shares of Brightcove during the 1st quarter valued at about $27,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Brightcove during the 1st quarter valued at about $29,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Brightcove during the 1st quarter valued at about $33,000. Aaron Wealth Advisors LLC purchased a new position in shares of Brightcove during the 2nd quarter valued at about $34,000. Finally, XTX Topco Ltd purchased a new position in shares of Brightcove during the 2nd quarter valued at about $36,000. 80.12% of the stock is owned by hedge funds and other institutional investors.

Brightcove Company Profile

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.