Needham & Company LLC Reaffirms “Hold” Rating for Innovid (NYSE:CTV)

Innovid (NYSE:CTV)‘s stock had its “hold” rating reiterated by Needham & Company LLC in a research note issued to investors on Friday, Marketbeat reports. They presently have a $3.00 price target on the stock. Needham & Company LLC’s price target suggests a potential downside of 1.64% from the company’s previous close.

Separately, JMP Securities downgraded Innovid from an “outperform” rating to a “market perform” rating in a research note on Thursday. Four analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $2.83.

Innovid Price Performance

CTV opened at $3.05 on Friday. Innovid has a fifty-two week low of $1.25 and a fifty-two week high of $3.05. The company has a market cap of $452.83 million, a price-to-earnings ratio of -33.89 and a beta of 3.08. The firm has a 50 day simple moving average of $1.89 and a 200 day simple moving average of $1.89.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC raised its position in shares of Innovid by 174.3% during the first quarter. Acadian Asset Management LLC now owns 521,866 shares of the company’s stock worth $1,297,000 after purchasing an additional 331,643 shares during the period. Vanguard Group Inc. raised its holdings in Innovid by 6.5% during the 1st 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 during the period. Legato Capital Management LLC bought a new position in Innovid in the second quarter valued at approximately $438,000. Bank of New York Mellon Corp boosted its holdings in shares of Innovid by 2,993.1% in the second quarter. Bank of New York Mellon Corp now owns 314,599 shares of the company’s stock valued at $582,000 after buying an additional 304,428 shares during the period. Finally, Rhumbline Advisers increased its position in shares of Innovid by 3,951.8% during the second quarter. Rhumbline Advisers now owns 116,893 shares of the company’s stock worth $216,000 after acquiring an additional 114,008 shares in the last quarter. 25.46% of the stock is currently owned by institutional investors.

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.