Brightcove (NASDAQ:BCOV) Issues Q2 2024 Earnings Guidance

Brightcove (NASDAQ:BCOV) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of -0.050–0.030 for the period, compared to the consensus earnings per share estimate of -0.030. The company issued revenue guidance of $47.5 million-$48.5 million, compared to the consensus revenue estimate of $48.5 million. Brightcove also updated its FY 2024 guidance to -0.100–0.050 EPS.

Brightcove Stock Performance

NASDAQ:BCOV traded down $0.09 during trading hours on Wednesday, hitting $1.89. The stock had a trading volume of 226,977 shares, compared to its average volume of 218,614. The business’s 50 day moving average is $1.87 and its 200-day moving average is $2.25. The company has a market cap of $83.93 million, a price-to-earnings ratio of -3.50 and a beta of 0.66. Brightcove has a one year low of $1.55 and a one year high of $4.56.

Brightcove (NASDAQ:BCOV) last released its quarterly earnings data on Thursday, February 22nd. The software maker reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $50.16 million for the quarter. Brightcove had a negative return on equity of 17.02% and a negative net margin of 11.38%. On average, sell-side analysts anticipate that Brightcove will post -0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Rosenblatt Securities cut their price objective on shares of Brightcove from $7.50 to $5.00 and set a buy rating on the stock in a research report on Friday, February 23rd. StockNews.com raised Brightcove from a hold rating to a buy rating in a research report on Friday, March 22nd. Finally, Lake Street Capital reaffirmed a hold rating and set a $3.00 price target on shares of Brightcove in a research report on Friday, February 23rd.

Insider Buying and Selling

In other Brightcove news, major shareholder Edenbrook Capital, Llc bought 30,000 shares of Brightcove stock in a transaction dated Wednesday, March 20th. The stock was bought at an average cost of $1.88 per share, for a total transaction of $56,400.00. Following the purchase, the insider now owns 6,435,437 shares of the company’s stock, valued at approximately $12,098,621.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders acquired 56,541 shares of company stock worth $102,598. Company insiders own 4.20% of the company’s stock.

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.