Opera Limited (NASDAQ:OPRA) Sees Significant Decrease in Short Interest

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

Opera Stock Performance

Opera stock traded down $0.05 during mid-day trading on Friday, reaching $18.25. The company had a trading volume of 509,331 shares, compared to its average volume of 648,007. Opera has a 52 week low of $10.11 and a 52 week high of $19.69. The company has a 50 day moving average of $15.92 and a 200-day moving average of $14.32. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 9.26 and a beta of 1.02.

Opera (NASDAQ:OPRA) last announced its earnings results on Thursday, August 22nd. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.17 by $0.05. The company had revenue of $109.73 million for the quarter, compared to analysts’ expectations of $108.65 million. Opera had a return on equity of 19.22% and a net margin of 39.22%. During the same quarter in the prior year, the business earned $0.15 earnings per share. On average, sell-side analysts expect that Opera will post 0.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its holdings in Opera by 135.4% during the third quarter. GAMMA Investing LLC now owns 2,062 shares of the company’s stock valued at $32,000 after purchasing an additional 1,186 shares during the period. Larson Financial Group LLC bought a new stake in Opera in the third quarter valued at approximately $61,000. Blue Trust Inc. lifted its holdings in Opera by 334.7% during 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 position in Opera in the 3rd quarter valued at about $74,000. Finally, EntryPoint Capital LLC increased its stake in shares of Opera by 248.8% during the first 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 period. Institutional investors own 10.21% of the company’s stock.

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.