Short Interest in Identiv, Inc. (NASDAQ:INVE) Rises By 13.7%

Identiv, Inc. (NASDAQ:INVE) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 157,700 shares, a growth of 13.7% from the October 15th total of 138,700 shares. Approximately 0.7% of the company’s stock are short sold. Based on an average trading volume of 71,100 shares, the short-interest ratio is currently 2.2 days.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. StockNews.com upgraded Identiv from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Craig Hallum reduced their price objective on shares of Identiv from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, B. Riley reduced their price target on shares of Identiv from $9.50 to $8.50 and set a “buy” rating for the company in a research report on Friday, August 9th.

Identiv Stock Performance

Identiv stock traded up $0.13 during trading hours on Monday, reaching $3.77. 11,940 shares of the stock were exchanged, compared to its average volume of 85,066. Identiv has a 52-week low of $2.95 and a 52-week high of $9.24. The firm’s 50 day moving average is $3.57 and its 200 day moving average is $3.84. The stock has a market cap of $90.07 million, a P/E ratio of 1.23 and a beta of 1.35.

Identiv declared that its board has initiated a stock buyback program on Thursday, November 7th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 11.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Identiv

A number of large investors have recently modified their holdings of INVE. Vanguard Group Inc. grew its holdings in Identiv by 0.3% during the first quarter. Vanguard Group Inc. now owns 1,190,743 shares of the technology company’s stock worth $9,431,000 after acquiring an additional 3,407 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Identiv by 156.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 231,167 shares of the technology company’s stock worth $994,000 after purchasing an additional 140,981 shares during the period. Bank of Montreal Can acquired a new position in shares of Identiv during the 2nd quarter worth $370,000. Acadian Asset Management LLC purchased a new position in shares of Identiv in the 2nd quarter valued at about $164,000. Finally, Perritt Capital Management Inc boosted its holdings in Identiv by 54.2% during the second quarter. Perritt Capital Management Inc now owns 85,300 shares of the technology company’s stock worth $367,000 after buying an additional 30,000 shares in the last quarter. 65.16% of the stock is owned by hedge funds and other institutional investors.

Identiv Company Profile

Identiv, Inc, a security technology company, that provides secure identification and physical security solutions that secure things, data, and physical places worldwide. It operates in two segments, Identity and Premises. The Identity segment offers products and solutions that enables secure access to information serving the logical access and cyber security markets, as well as protecting connected objects and information using radio-frequency identification embedded security.