Needham & Company LLC Reaffirms Buy Rating for Innovid (NYSE:CTV)

Needham & Company LLC reaffirmed their buy rating on shares of Innovid (NYSE:CTV) in a report released on Monday, Benzinga reports. The firm currently has a $3.00 target price on the stock.

A number of other brokerages have also commented on CTV. JMP Securities reissued a market outperform rating and set a $3.00 price objective on shares of Innovid in a report on Wednesday, April 10th. Morgan Stanley lifted their price target on shares of Innovid from $1.60 to $2.10 and gave the company an equal weight rating in a research report on Tuesday, April 16th. Finally, TheStreet raised shares of Innovid from a d rating to a c- rating in a report on Friday, March 15th.

Innovid Price Performance

NYSE CTV opened at $2.13 on Monday. The stock has a market capitalization of $307.59 million, a PE ratio of -10.14 and a beta of 3.28. Innovid has a 12-month low of $0.89 and a 12-month high of $2.58. The company has a 50 day moving average price of $2.25 and a two-hundred day moving average price of $1.78.

Innovid (NYSE:CTV) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The business had revenue of $36.74 million during the quarter, compared to the consensus estimate of $35.99 million. Innovid had a negative return on equity of 7.81% and a negative net margin of 20.24%. During the same quarter in the prior year, the company posted ($0.06) earnings per share. As a group, equities analysts anticipate that Innovid will post -0.04 EPS for the current year.

Insider Buying and Selling at Innovid

In related news, CEO Zvika Netter purchased 20,000 shares of Innovid stock in a transaction on Tuesday, May 21st. The stock was purchased at an average cost of $2.07 per share, with a total value of $41,400.00. Following the acquisition, the chief executive officer now directly owns 4,960,733 shares in the company, valued at $10,268,717.31. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders have acquired 56,000 shares of company stock valued at $107,420 in the last 90 days. 9.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Innovid

Several hedge funds have recently made changes to their positions in CTV. Acadian Asset Management LLC lifted its position in shares of Innovid by 230.9% in the 3rd quarter. Acadian Asset Management LLC now owns 190,223 shares of the company’s stock worth $242,000 after acquiring an additional 132,728 shares during the period. Jump Financial LLC acquired a new position in shares of Innovid in the third quarter valued at $34,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Innovid by 29.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 215,538 shares of the company’s stock valued at $276,000 after purchasing an additional 48,704 shares in the last quarter. Vanguard Group Inc. lifted its position in Innovid by 6.5% in the first quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock worth $11,344,000 after purchasing an additional 279,830 shares during the period. Finally, Lazard Asset Management LLC acquired a new stake in Innovid during the first quarter worth $58,000. Institutional investors own 25.46% of the company’s stock.

About Innovid

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.