Brightcove Inc. (NASDAQ:BCOV) Sees Large Increase in Short Interest

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

Brightcove Price Performance

BCOV stock remained flat at $4.42 during trading hours on Friday. 120,611 shares of the company’s stock were exchanged, compared to its average volume of 424,135. The company’s fifty day moving average is $4.09 and its 200-day moving average is $2.89. Brightcove has a 12-month low of $1.55 and a 12-month high of $4.44.

Hedge Funds Weigh In On Brightcove

A number of hedge funds and other institutional investors have recently bought and sold shares of BCOV. Edenbrook Capital LLC lifted its position in shares of Brightcove by 1.8% in the third quarter. Edenbrook Capital LLC now owns 6,651,535 shares of the software maker’s stock valued at $14,367,000 after buying an additional 120,121 shares during the last quarter. Lynrock Lake LP lifted its holdings in Brightcove by 2.3% during the 2nd quarter. Lynrock Lake LP now owns 4,407,745 shares of the software maker’s stock valued at $10,446,000 after purchasing an additional 100,000 shares during the last quarter. Nantahala Capital Management LLC bought a new position in Brightcove during the second quarter worth $3,114,000. First Eagle Investment Management LLC increased its holdings in shares of Brightcove by 81.4% in the second quarter. First Eagle Investment Management LLC now owns 600,334 shares of the software maker’s stock valued at $1,423,000 after purchasing an additional 269,302 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Brightcove by 8.3% in the third quarter. Geode Capital Management LLC now owns 488,275 shares of the software maker’s stock valued at $1,055,000 after purchasing an additional 37,584 shares during the period. Institutional investors own 80.12% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BCOV shares. Lake Street Capital downgraded shares of Brightcove from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Rosenblatt Securities restated a “neutral” rating and issued a $4.45 price objective (down previously from $5.00) on shares of Brightcove in a report on Monday, November 25th. Finally, StockNews.com started coverage on Brightcove in a report on Sunday. They set a “buy” rating on the stock.

Brightcove Company Profile

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.