Short Interest in Brightcove Inc. (BCOV) Drops By 24.2%
Brightcove Inc. (NASDAQ:BCOV) saw a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 825,099 shares, a decline of 24.2% from the October 31st total of 1,089,090 shares. Based on an average daily volume of 622,496 shares, the days-to-cover ratio is currently 1.3 days. Approximately 2.6% of the company’s shares are sold short.
Shares of Brightcove (NASDAQ:BCOV) opened at 8.25 on Wednesday. The company’s 50-day moving average is $10.39 and its 200 day moving average is $10.19. Brightcove has a 52 week low of $4.70 and a 52 week high of $13.80. The stock’s market capitalization is $278.71 million.
Brightcove (NASDAQ:BCOV) last posted its earnings results on Wednesday, November 2nd. The company reported $0.02 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.02. Brightcove had a negative net margin of 3.71% and a negative return on equity of 4.00%. The firm earned $38.39 million during the quarter, compared to the consensus estimate of $37.32 million. During the same period last year, the firm posted $0.03 EPS. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, equities analysts forecast that Brightcove will post $0.06 EPS for the current fiscal year.
Several equities analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Brightcove from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Wednesday, August 10th. B. Riley restated a “buy” rating and issued a $11.00 price objective on shares of Brightcove in a report on Wednesday, August 3rd. Finally, Dougherty & Co upped their price objective on shares of Brightcove from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, September 6th. Five investment analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and an average price target of $13.63.
In other Brightcove news, Director Scott Kurnit sold 20,300 shares of the business’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $12.45, for a total value of $252,735.00. Following the transaction, the director now directly owns 124,194 shares in the company, valued at approximately $1,546,215.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Chet Kapoor sold 297,400 shares of the business’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $13.00, for a total transaction of $3,866,200.00. The disclosure for this sale can be found here. 12.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. increased its position in Brightcove by 70.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 75,093 shares of the company’s stock valued at $469,000 after buying an additional 30,994 shares during the period. Bank of Montreal Can acquired a new position in Brightcove during the second quarter valued at $201,000. Strs Ohio increased its position in Brightcove by 8.3% in the second quarter. Strs Ohio now owns 24,900 shares of the company’s stock valued at $219,000 after buying an additional 1,900 shares during the period. Hood River Capital Management LLC acquired a new position in Brightcove during the second quarter valued at $781,000. Finally, Gilder Gagnon Howe & Co. LLC acquired a new position in Brightcove during the second quarter valued at $5,324,000. Hedge funds and other institutional investors own 70.06% of the company’s stock.
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Brightcove Inc is a provider of cloud-based services for video. The Company’s flagship product is Brightcove Video Cloud (Video Cloud), an online video platform. Its other products include Brightcove Zencoder (Zencoder), Brightcove Once (Once), Brightcove Gallery (Gallery), Brightcove Perform (Perform), Brightcove Video Marketing Suite (Video Marketing Suite) and Brightcove Lift (Lift).
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