Short Interest in Brightcove Inc. (NASDAQ:BCOV) Expands By 15.3%

Brightcove Inc. (NASDAQ:BCOV) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 230,800 shares, a growth of 15.3% from the December 15th total of 200,100 shares. Based on an average daily volume of 567,900 shares, the days-to-cover ratio is currently 0.4 days.

Brightcove Stock Performance

Brightcove stock remained flat at $4.42 during trading hours on Friday. The company’s stock had a trading volume of 120,611 shares, compared to its average volume of 424,135. Brightcove has a 1-year low of $1.55 and a 1-year high of $4.44. The stock has a 50-day simple moving average of $4.09 and a 200-day simple moving average of $2.89. The stock has a market cap of $199.52 million, a price-to-earnings ratio of -21.05 and a beta of 1.01.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. StockNews.com began coverage on shares of Brightcove in a research note on Saturday, January 11th. They set a “buy” rating on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $4.45 price target (down from $5.00) on shares of Brightcove in a research note on Monday, November 25th. Finally, Lake Street Capital lowered shares of Brightcove from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. XTX Topco Ltd purchased a new position in Brightcove during the 2nd quarter valued at about $36,000. Cubist Systematic Strategies LLC bought a new position in shares of Brightcove during the second quarter valued at approximately $54,000. JPMorgan Chase & Co. lifted its stake in Brightcove by 99.3% in the third quarter. JPMorgan Chase & Co. now owns 30,689 shares of the software maker’s stock worth $66,000 after acquiring an additional 15,291 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Brightcove in the second quarter valued at $142,000. Finally, AQR Capital Management LLC purchased a new position in Brightcove during the 2nd quarter valued at $143,000. 80.12% of the stock is owned by hedge funds and other institutional investors.

About Brightcove

Brightcove Inc provides cloud-based streaming services the Americas, Europe, the Asia Pacific, Japan, India, and the Middle East. It offers Video Cloud, an online video streaming platform that enables its customers to publish, deliver, and distribute high-quality video to internet-connected devices. The company’s solutions and products comprise Brightcove Marketing Studio, a video streaming solution; Brightcove Communications Studio for marketers and corporate communications professionals; Brightcove Media Studio, a solution for over-the-top (OTT) video services, media publishers, and leading broadcasters to monetize their media, live stream at scale, and nurture their audience lifecycle; Brightcove Audience Insights, a customer data platform for video streaming businesses; Zencoder, a cloud-based video encoding service; and Brightcove Beacon, a platform that enables its customers to launch premium OTT video streaming experiences, as well as Brightcove Marketplace.