Short Interest in Innovid Corp. (NYSE:CTV) Drops By 8.4%

Innovid Corp. (NYSE:CTV) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 1,310,000 shares, a drop of 8.4% from the October 15th total of 1,430,000 shares. Based on an average daily volume of 205,600 shares, the days-to-cover ratio is presently 6.4 days. Approximately 1.4% of the company’s shares are sold short.

Innovid Stock Performance

Shares of CTV stock remained flat at $1.67 during trading hours on Monday. The stock had a trading volume of 309,008 shares, compared to its average volume of 339,648. The firm has a 50 day moving average of $1.84 and a two-hundred day moving average of $1.89. Innovid has a 52 week low of $1.22 and a 52 week high of $2.58. The company has a market capitalization of $244.50 million, a P/E ratio of -18.56 and a beta of 3.08.

Institutional Investors Weigh In On Innovid

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTV. Connor Clark & Lunn Investment Management Ltd. boosted its position in Innovid by 2.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 402,421 shares of the company’s stock worth $724,000 after purchasing an additional 10,839 shares during the last quarter. FMR LLC increased its holdings in Innovid by 590.2% during the third quarter. FMR LLC now owns 15,413 shares of the company’s stock worth $28,000 after buying an additional 13,180 shares during the last quarter. Miller Investment Management LP bought a new stake in Innovid in the third quarter worth about $36,000. SG Americas Securities LLC grew its position in shares of Innovid by 124.1% during the 3rd quarter. SG Americas Securities LLC now owns 36,605 shares of the company’s stock valued at $66,000 after acquiring an additional 20,272 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in shares of Innovid during the 1st quarter worth approximately $58,000. Hedge funds and other institutional investors own 25.46% of the company’s stock.

Analyst Upgrades and Downgrades

CTV has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Innovid in a research note on Wednesday, November 13th. Morgan Stanley boosted their price objective on Innovid from $2.20 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd.

Innovid Company Profile

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.