Opera Limited (NASDAQ:OPRA) Sees Significant Decrease in Short Interest

Opera Limited (NASDAQ:OPRA) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 1,340,000 shares, a drop of 22.5% from the October 15th total of 1,730,000 shares. Based on an average daily trading volume, of 518,600 shares, the short-interest ratio is currently 2.6 days.

Opera Stock Down 0.3 %

NASDAQ:OPRA traded down $0.05 during mid-day trading on Friday, hitting $18.25. The company had a trading volume of 509,331 shares, compared to its average volume of 648,007. The business has a fifty day simple moving average of $15.92 and a 200-day simple moving average of $14.32. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 9.26 and a beta of 1.02. Opera has a 1 year low of $10.11 and a 1 year high of $19.69. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.01.

Opera (NASDAQ:OPRA) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.17 by $0.05. The firm had revenue of $109.73 million for the quarter, compared to analyst estimates of $108.65 million. Opera had a return on equity of 19.22% and a net margin of 39.22%. During the same period in the previous year, the company posted $0.15 EPS. Equities analysts forecast that Opera will post 0.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of OPRA. XTX Topco Ltd bought a new position in shares of Opera during the third quarter worth about $187,000. National Bank of Canada FI raised its position in shares of Opera by 14.4% during the 3rd quarter. National Bank of Canada FI now owns 9,333 shares of the company’s stock worth $144,000 after purchasing an additional 1,175 shares during the period. State Street Corp lifted its holdings in shares of Opera by 5.1% in the 3rd quarter. State Street Corp now owns 17,129 shares of the company’s stock worth $265,000 after purchasing an additional 832 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in Opera during the 3rd quarter valued at approximately $888,000. Finally, Portolan Capital Management LLC increased its holdings in shares of Opera by 63.5% in the 3rd quarter. Portolan Capital Management LLC now owns 711,820 shares of the company’s stock worth $10,998,000 after acquiring an additional 276,356 shares during the period. Institutional investors and hedge funds own 10.21% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on OPRA shares. Lake Street Capital upped their price objective on shares of Opera from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. TD Cowen increased their price target on shares of Opera from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group boosted their price objective on shares of Opera from $19.50 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, B. Riley reaffirmed a “buy” rating and issued a $25.00 target price (up from $24.00) on shares of Opera in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Opera presently has a consensus rating of “Buy” and an average target price of $24.75.

Opera Company Profile

Opera Limited, together with its subsidiaries, provides mobile and PC web browsers and related products and services in Norway and internationally. The company offers mobile browser products, such as Opera Mini, Opera browser for Android and iOS, and Opera GX for PCs and Mobile; Opera Touch; PC browsers, including Opera for Computers and Opera GX; Apex Football; Opera VPN Pro; and Opera News, an AI-powered personalized news discovery and aggregation service.