Identiv (NASDAQ:INVE) Shares Pass Above 200 Day Moving Average – Here’s Why

Identiv, Inc. (NASDAQ:INVE)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.71 and traded as high as $3.74. Identiv shares last traded at $3.66, with a volume of 68,150 shares traded.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Identiv from a “sell” rating to a “hold” rating in a research report on Monday, November 11th.

Identiv Price Performance

The stock has a fifty day moving average of $3.82 and a 200 day moving average of $3.70. The firm has a market capitalization of $88.85 million, a P/E ratio of 1.22 and a beta of 1.36.

Identiv announced that its board has approved a share 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 purchase up to 11.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Identiv

Several institutional investors have recently added to or reduced their stakes in INVE. Acadian Asset Management LLC bought a new stake in Identiv in the second quarter worth about $164,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Identiv during the 3rd quarter worth approximately $228,000. Bank of Montreal Can purchased a new stake in shares of Identiv during the 2nd quarter worth approximately $370,000. Renaissance Technologies LLC raised its holdings in shares of Identiv by 4.9% in the 2nd quarter. Renaissance Technologies LLC now owns 86,382 shares of the technology company’s stock worth $371,000 after purchasing an additional 4,000 shares during the period. Finally, Royce & Associates LP lifted its stake in Identiv by 11.1% in the third quarter. Royce & Associates LP now owns 1,373,743 shares of the technology company’s stock valued at $4,849,000 after purchasing an additional 137,034 shares during the last quarter. Institutional investors own 65.16% of the company’s stock.

About Identiv

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.