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 research note published on Monday, Benzinga reports. The brokerage currently has a $3.00 price target on the stock.

Several other equities analysts have also issued reports on the company. Morgan Stanley lifted their price target on Innovid from $1.60 to $2.10 and gave the company an equal weight rating in a research note on Tuesday, April 16th. TheStreet upgraded Innovid from a d rating to a c- rating in a research report on Friday, March 15th. Finally, JMP Securities restated a market outperform rating and set a $3.00 price objective on shares of Innovid in a research report on Wednesday, April 10th.

Innovid Stock Performance

CTV opened at $2.13 on Monday. Innovid has a 52-week low of $0.89 and a 52-week high of $2.58. The firm has a market capitalization of $307.59 million, a PE ratio of -10.14 and a beta of 3.28. The business’s 50-day simple moving average is $2.25 and its 200 day simple moving average is $1.78.

Innovid (NYSE:CTV) last posted its earnings results on Tuesday, May 7th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Innovid had a negative net margin of 20.24% and a negative return on equity of 7.81%. The firm had revenue of $36.74 million during the quarter, compared to analyst estimates of $35.99 million. During the same period in the previous year, the company posted ($0.06) EPS. On average, research analysts forecast that Innovid will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Zvika Netter acquired 20,000 shares of the firm’s 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 owns 4,960,733 shares of the company’s stock, valued at approximately $10,268,717.31. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders purchased 56,000 shares of company stock valued at $107,420. Corporate insiders own 9.90% of the company’s stock.

Hedge Funds Weigh In On Innovid

Several institutional investors have recently bought and sold shares of the company. Jump Financial LLC purchased a new stake in shares of Innovid during the third quarter worth $34,000. Acadian Asset Management LLC raised its position in shares of Innovid by 230.9% in the third quarter. Acadian Asset Management LLC now owns 190,223 shares of the company’s stock worth $242,000 after buying an additional 132,728 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position 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 worth $276,000 after buying an additional 48,704 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Innovid in the first quarter worth $56,000. Finally, Vanguard Group Inc. raised its position in shares of 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 buying an additional 279,830 shares in the last quarter. Hedge funds and other 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.