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

Innovid (NYSE:CTV)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $3.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 74.42% from the stock’s previous close.

Separately, Morgan Stanley lifted their price objective on Innovid from $2.20 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd.

Innovid Trading Down 5.0 %

Shares of CTV stock opened at $1.72 on Wednesday. The stock has a market capitalization of $251.83 million, a P/E ratio of -19.11 and a beta of 3.08. The firm’s 50 day moving average is $1.84 and its 200 day moving average is $1.90. Innovid has a 12-month low of $1.08 and a 12-month high of $2.58.

Institutional Trading of Innovid

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC grew its position in shares of Innovid by 174.3% during the 1st quarter. Acadian Asset Management LLC now owns 521,866 shares of the company’s stock valued at $1,297,000 after acquiring an additional 331,643 shares during the period. Bank of New York Mellon Corp increased its position in 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 worth $582,000 after buying an additional 304,428 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Innovid by 6.5% in the first 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 purchased a new position in shares of Innovid during the 2nd quarter valued at about $438,000. Finally, Royce & Associates LP grew its stake in shares of Innovid by 5.4% during the 3rd quarter. Royce & Associates LP now owns 4,376,721 shares of the company’s stock valued at $7,878,000 after acquiring an additional 223,940 shares during the period. 25.46% of the stock is owned by hedge funds and other institutional investors.

About Innovid

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.