Needham & Company LLC Reiterates “Buy” Rating for Innovid (NYSE:CTV)

Needham & Company LLC reissued their buy rating on shares of Innovid (NYSE:CTV) in a research report report published on Tuesday, Benzinga reports. They currently have a $3.00 price target on the stock.

Other equities research analysts also recently issued reports about the stock. JMP Securities reissued a market outperform rating and issued a $3.00 price objective on shares of Innovid in a research report on Tuesday, June 4th. Morgan Stanley raised their target price on shares of Innovid from $2.20 to $2.50 and gave the stock an equal weight rating in a research note on Tuesday, July 23rd.

Innovid Trading Down 3.6 %

CTV traded down $0.06 on Tuesday, reaching $1.62. The stock had a trading volume of 178,175 shares, compared to its average volume of 393,831. Innovid has a 12-month low of $0.95 and a 12-month high of $2.58. The business’s 50-day moving average price is $1.89 and its two-hundred day moving average price is $1.97. The company has a market cap of $233.95 million, a P/E ratio of -7.71 and a beta of 3.14.

Innovid (NYSE:CTV) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The business had revenue of $37.95 million for the quarter, compared to analyst estimates of $39.35 million. Innovid had a negative return on equity of 7.81% and a negative net margin of 20.24%. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. As a group, analysts predict that Innovid will post -0.04 earnings per share for the current year.

Insider Transactions at Innovid

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CTV. Acadian Asset Management LLC lifted its position in shares of Innovid by 174.3% during the first quarter. Acadian Asset Management LLC now owns 521,866 shares of the company’s stock worth $1,297,000 after purchasing an additional 331,643 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Innovid by 2,993.1% in the second quarter. Bank of New York Mellon Corp now owns 314,599 shares of the company’s stock worth $582,000 after buying an additional 304,428 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Innovid by 6.5% in the first quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock worth $11,344,000 after buying an additional 279,830 shares during the last quarter. Legato Capital Management LLC bought a new stake in shares of Innovid in the second quarter worth $438,000. Finally, Rhumbline Advisers increased its stake in shares of Innovid by 3,951.8% in the second quarter. Rhumbline Advisers now owns 116,893 shares of the company’s stock worth $216,000 after buying an additional 114,008 shares during the last quarter. 25.46% of the stock is owned by institutional investors and hedge funds.

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.