Short Interest in Opera Limited (NASDAQ:OPRA) Declines By 22.5%

Opera Limited (NASDAQ:OPRA) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,340,000 shares, a drop of 22.5% from the October 15th total of 1,730,000 shares. Based on an average trading volume of 518,600 shares, the days-to-cover ratio is presently 2.6 days.

Opera Stock Performance

NASDAQ:OPRA traded down $0.05 during trading hours on Friday, reaching $18.25. The company had a trading volume of 509,331 shares, compared to its average volume of 648,007. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.10 and a quick ratio of 2.10. Opera has a 1-year low of $10.11 and a 1-year high of $19.69. The business’s 50 day moving average price is $15.92 and its 200-day moving average price is $14.32. The firm has a market cap of $1.61 billion, a PE ratio of 9.26 and a beta of 1.02.

Opera (NASDAQ:OPRA) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.17 by $0.05. Opera had a net margin of 39.22% and a return on equity of 19.22%. The company had revenue of $109.73 million for the quarter, compared to analyst estimates of $108.65 million. During the same quarter last year, the business earned $0.15 earnings per share. Research analysts forecast that Opera will post 0.79 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OPRA. GAMMA Investing LLC grew its stake in Opera by 135.4% during the 3rd quarter. GAMMA Investing LLC now owns 2,062 shares of the company’s stock worth $32,000 after buying an additional 1,186 shares during the last quarter. Larson Financial Group LLC acquired a new position in shares of Opera in the 3rd quarter valued at $61,000. Blue Trust Inc. raised its position in Opera by 334.7% in the 3rd quarter. Blue Trust Inc. now owns 4,177 shares of the company’s stock valued at $65,000 after purchasing an additional 3,216 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Opera during the 3rd quarter worth $74,000. Finally, EntryPoint Capital LLC grew its position in Opera by 248.8% during the 1st quarter. EntryPoint Capital LLC now owns 6,118 shares of the company’s stock worth $97,000 after purchasing an additional 4,364 shares during the last quarter. Institutional investors and hedge funds own 10.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OPRA. Lake Street Capital increased their target price on shares of Opera from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. B. Riley reissued a “buy” rating and issued a $25.00 price target (up from $24.00) on shares of Opera in a research report on Wednesday, October 30th. TD Cowen raised their price target on shares of Opera from $25.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their price objective on shares of Opera from $19.50 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Opera presently has an average rating of “Buy” and an average price target of $24.75.

Opera Company Profile

Opera Limited, together with its subsidiaries, provides mobile and PC web browsers and related products and services in Norway and internationally. The company offers mobile browser products, such as Opera Mini, Opera browser for Android and iOS, and Opera GX for PCs and Mobile; Opera Touch; PC browsers, including Opera for Computers and Opera GX; Apex Football; Opera VPN Pro; and Opera News, an AI-powered personalized news discovery and aggregation service.