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

Innovid Corp. (NYSE:CTV) was the target of a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 355,000 shares, a drop of 33.7% from the November 30th total of 535,200 shares. Based on an average daily volume of 1,970,000 shares, the short-interest ratio is currently 0.2 days. Approximately 0.4% of the shares of the company are sold short.

Innovid Stock Down 0.6 %

Shares of CTV stock opened at $3.09 on Monday. The stock has a market cap of $458.78 million, a P/E ratio of -34.33 and a beta of 3.30. Innovid has a 52 week low of $1.25 and a 52 week high of $3.40. The company’s fifty day simple moving average is $2.51 and its two-hundred day simple moving average is $2.06.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CTV shares. Needham & Company LLC reaffirmed a “hold” rating and issued a $3.00 price objective on shares of Innovid in a research note on Friday, November 22nd. Citizens Jmp cut shares of Innovid from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 21st. Finally, JMP Securities downgraded shares of Innovid from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, Innovid currently has an average rating of “Hold” and an average price target of $2.83.

Institutional Trading of Innovid

Several hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in 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 purchasing an additional 304,428 shares during the last quarter. Royce & Associates LP increased its holdings in shares of Innovid by 5.4% in the 3rd quarter. Royce & Associates LP now owns 4,376,721 shares of the company’s stock worth $7,878,000 after buying an additional 223,940 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Innovid by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,433,158 shares of the company’s stock valued at $4,380,000 after buying an additional 184,309 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Innovid by 326.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 205,249 shares of the company’s stock valued at $369,000 after acquiring an additional 157,112 shares during the last quarter. Finally, State Street Corp grew its position in Innovid by 12.6% in the third quarter. State Street Corp now owns 1,188,183 shares of the company’s stock worth $2,139,000 after acquiring an additional 133,281 shares in the last quarter. 25.46% of the stock is owned by hedge funds and other institutional investors.

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.