Morgan Stanley Raises Innovid (NYSE:CTV) Price Target to $2.50

Innovid (NYSE:CTV) had its price target raised by Morgan Stanley from $2.20 to $2.50 in a report released on Tuesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other equities analysts have also recently commented on CTV. Needham & Company LLC reaffirmed a buy rating and issued a $3.00 price target on shares of Innovid in a research note on Friday, July 12th. JMP Securities reaffirmed a market outperform rating and issued a $3.00 price target on shares of Innovid in a research note on Tuesday, June 4th.

Innovid Trading Down 0.5 %

Shares of NYSE CTV opened at $2.05 on Tuesday. The stock has a market cap of $296.05 million, a price-to-earnings ratio of -9.76 and a beta of 3.14. Innovid has a 1-year low of $0.95 and a 1-year high of $2.58. The stock’s 50-day moving average is $1.94 and its 200 day moving average is $1.94.

Innovid (NYSE:CTV) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The firm had revenue of $36.74 million for the quarter, compared to analysts’ expectations of $35.99 million. Innovid had a negative net margin of 20.24% and a negative return on equity of 7.81%. During the same period in the prior year, the business posted ($0.06) earnings per share. On average, analysts forecast that Innovid will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Innovid news, CEO Zvika Netter acquired 20,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were purchased at an average cost of $2.07 per share, for a total transaction of $41,400.00. Following the transaction, the chief executive officer now owns 4,960,733 shares in the company, valued at $10,268,717.31. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other news, major shareholder Sequoia Capital Israel Iv Hold sold 8,000,000 shares of Innovid stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $2.10, for a total value of $16,800,000.00. Following the sale, the insider now directly owns 9,697,224 shares in the company, valued at approximately $20,364,170.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Zvika Netter acquired 20,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was acquired at an average price of $2.07 per share, for a total transaction of $41,400.00. Following the completion of the transaction, the chief executive officer now owns 4,960,733 shares in the company, valued at approximately $10,268,717.31. The disclosure for this purchase can be found here. Insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On Innovid

A number of large investors have recently made changes to their positions in the business. Acadian Asset Management LLC boosted 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 valued at $1,297,000 after purchasing an additional 331,643 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Innovid by 2,993.1% during the second quarter. Bank of New York Mellon Corp now owns 314,599 shares of the company’s stock valued at $582,000 after purchasing an additional 304,428 shares in the last quarter. Legato Capital Management LLC bought a new stake in shares of Innovid during the second quarter valued at approximately $438,000. Vanguard Group Inc. boosted its position in shares of Innovid by 6.5% during the first quarter. Vanguard Group Inc. now owns 4,555,974 shares of the company’s stock valued at $11,344,000 after purchasing an additional 279,830 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Innovid during the first quarter valued at approximately $58,000. 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.