Brightcove (NASDAQ:BCOV) Rating Increased to Buy at Lake Street Capital

Brightcove (NASDAQ:BCOV) was upgraded by equities researchers at Lake Street Capital from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm currently has a $3.50 price target on the software maker’s stock, up from their prior price target of $2.75. Lake Street Capital’s price target would suggest a potential upside of 32.58% from the stock’s previous close.

Separately, StockNews.com upgraded Brightcove from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th.

Brightcove Price Performance

NASDAQ:BCOV opened at $2.64 on Tuesday. The company has a 50 day moving average price of $2.18 and a 200-day moving average price of $2.16. Brightcove has a 1-year low of $1.55 and a 1-year high of $2.88. The firm has a market cap of $118.59 million, a price-to-earnings ratio of -13.20 and a beta of 0.74.

Brightcove (NASDAQ:BCOV) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Brightcove had a negative net margin of 4.28% and a negative return on equity of 8.86%. The business had revenue of $49.25 million during the quarter. During the same quarter last year, the company posted ($0.07) EPS. On average, sell-side analysts anticipate that Brightcove will post -0.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Brightcove

In related news, major shareholder Edenbrook Capital, Llc bought 20,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of $1.98 per share, with a total value of $39,600.00. Following the completion of the purchase, the insider now directly owns 6,581,414 shares of the company’s stock, valued at approximately $13,031,199.72. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have purchased a total of 98,988 shares of company stock valued at $200,689 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Brightcove

A number of hedge funds have recently made changes to their positions in the company. Pitcairn Co. acquired a new position in Brightcove in the 1st quarter valued at $27,000. Aaron Wealth Advisors LLC purchased a new stake in shares of Brightcove during the second quarter worth $34,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Brightcove in the first quarter valued at about $29,000. XTX Topco Ltd purchased a new position in shares of Brightcove in the second quarter worth about $36,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Brightcove during the first quarter worth about $33,000. Institutional investors and hedge funds 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.