Short Interest in Brightcove Inc. (NASDAQ:BCOV) Declines By 18.2%

Brightcove Inc. (NASDAQ:BCOV) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 249,300 shares, a decrease of 18.2% from the October 15th total of 304,900 shares. Based on an average daily volume of 186,700 shares, the days-to-cover ratio is presently 1.3 days.

Brightcove Stock Performance

BCOV stock opened at $3.04 on Friday. Brightcove has a fifty-two week low of $1.55 and a fifty-two week high of $3.06. The company has a market capitalization of $137.23 million, a price-to-earnings ratio of -14.48 and a beta of 0.74. The business’s 50 day moving average price is $2.29 and its two-hundred day moving average price is $2.22.

Analysts Set New Price Targets

A number of research analysts have commented on the company. StockNews.com raised Brightcove from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Lake Street Capital raised Brightcove from a “hold” rating to a “buy” rating and raised their price target for the stock from $2.75 to $3.50 in a research note on Tuesday, November 5th.

Insider Activity

In other news, major shareholder Edenbrook Capital, Llc acquired 20,000 shares of the firm’s stock in a transaction on Thursday, September 26th. The shares were purchased at an average price of $2.07 per share, for a total transaction of $41,400.00. Following the completion of the transaction, the insider now owns 6,651,535 shares of the company’s stock, valued at $13,768,677.45. The trade was a 0.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders purchased 48,988 shares of company stock valued at $100,789. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Brightcove

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of Brightcove by 8.3% in the 3rd quarter. Geode Capital Management LLC now owns 488,275 shares of the software maker’s stock worth $1,055,000 after buying an additional 37,584 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Brightcove by 1,124.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 245,526 shares of the software maker’s stock worth $530,000 after purchasing an additional 225,482 shares during the period. Edenbrook Capital LLC grew its holdings in Brightcove by 1.8% in the third quarter. Edenbrook Capital LLC now owns 6,651,535 shares of the software maker’s stock worth $14,367,000 after purchasing an additional 120,121 shares during the period. P.A.W. Capital Corp bought a new position in shares of Brightcove during the third quarter valued at approximately $540,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Brightcove during the second quarter valued at approximately $54,000. Hedge funds and other institutional investors own 80.12% 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.