Short Interest in Brightcove Inc. (NASDAQ:BCOV) Grows By 86.4%

Brightcove Inc. (NASDAQ:BCOV) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 304,900 shares, an increase of 86.4% from the September 30th total of 163,600 shares. Based on an average trading volume of 153,600 shares, the days-to-cover ratio is currently 2.0 days.

Insider Buying and Selling

In related news, major shareholder Edenbrook Capital, Llc bought 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $1.98 per share, for a total transaction of $39,600.00. Following the completion of the transaction, the insider now owns 6,581,414 shares in the company, valued at $13,031,199.72. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders purchased 98,988 shares of company stock worth $200,689. 3.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Brightcove

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pitcairn Co. purchased a new position in Brightcove during the 1st quarter valued at about $27,000. Aaron Wealth Advisors LLC acquired a new stake in Brightcove during the 2nd quarter valued at approximately $34,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Brightcove during the 1st quarter valued at approximately $29,000. XTX Topco Ltd purchased a new position in shares of Brightcove during the 2nd quarter valued at approximately $36,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Brightcove in the 1st quarter worth $33,000. Hedge funds and other institutional investors own 80.12% of the company’s stock.

Brightcove Trading Up 0.9 %

Shares of BCOV opened at $2.26 on Friday. Brightcove has a twelve month low of $1.55 and a twelve month high of $3.10. The company has a market cap of $100.76 million, a P/E ratio of -10.27 and a beta of 0.74. The company’s fifty day simple moving average is $2.17 and its 200-day simple moving average is $2.13.

Brightcove (NASDAQ:BCOV) last announced its earnings results 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. Brightcove had a negative net margin of 4.28% and a negative return on equity of 8.86%. The business had revenue of $49.25 million for the quarter. During the same period in the prior year, the company posted ($0.07) EPS. Analysts predict that Brightcove will post -0.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.