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

Innovid Corp. (NYSE:CTV) was the target of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 1,310,000 shares, a decrease of 8.4% from the October 15th total of 1,430,000 shares. Based on an average trading volume of 205,600 shares, the short-interest ratio is presently 6.4 days. Currently, 1.4% of the shares of the company are short sold.

Hedge Funds Weigh In On Innovid

A number of large investors have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in Innovid in the 1st quarter valued at about $56,000. Vanguard Group Inc. lifted its holdings in Innovid by 6.5% during the first quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock worth $11,344,000 after acquiring an additional 279,830 shares during the period. Acadian Asset Management LLC lifted its holdings in 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 acquiring an additional 331,643 shares during the period. Lazard Asset Management LLC bought a new position in Innovid in the 1st quarter valued at $58,000. Finally, Bank of New York Mellon Corp increased its position in shares of Innovid by 2,993.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 314,599 shares of the company’s stock valued at $582,000 after purchasing an additional 304,428 shares during the last quarter. 25.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 price objective on shares of Innovid in a research report on Wednesday, November 13th. Morgan Stanley upped their price objective on shares of Innovid from $2.20 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd.

Innovid Stock Performance

Shares of CTV stock remained flat at $1.67 during trading hours on Monday. 309,008 shares of the stock traded hands, compared to its average volume of 339,648. The stock has a market capitalization of $244.50 million, a price-to-earnings ratio of -18.56 and a beta of 3.08. Innovid has a one year low of $1.22 and a one year high of $2.58. The company’s fifty day simple moving average is $1.84 and its 200 day simple moving average is $1.89.

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.