Brightcove Inc. (NASDAQ:BCOV) Trading Down 8.6% Following Weak Earnings
Brightcove Inc. (NASDAQ:BCOV)’s share price was down 8.6% during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $6.30 and last traded at $6.40, with a volume of 663,545 shares trading hands. The stock had previously closed at $7.00.
The software maker reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.14) by $0.02. The company had revenue of $38.75 million for the quarter, compared to analysts’ expectations of $37.13 million. Brightcove had a negative return on equity of 19.65% and a negative net margin of 12.22%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same period last year, the business posted ($0.01) earnings per share.
A number of equities analysts have recently issued reports on BCOV shares. Zacks Investment Research downgraded shares of Brightcove from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 18th. Stifel Nicolaus lowered their target price on shares of Brightcove from $13.00 to $10.50 and set a “buy” rating for the company in a research note on Friday, May 5th. TheStreet downgraded shares of Brightcove from a “c-” rating to a “d+” rating in a research note on Tuesday, May 9th. ValuEngine downgraded shares of Brightcove from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Finally, B. Riley cut shares of Brightcove from a “buy” rating to a “neutral” rating and set a $5.50 price target for the company. in a report on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $10.40.
Several hedge funds and other institutional investors have recently modified their holdings of BCOV. Russell Investments Group Ltd. purchased a new position in Brightcove during the fourth quarter worth $119,000. Parametric Portfolio Associates LLC boosted its position in Brightcove by 14.0% in the first quarter. Parametric Portfolio Associates LLC now owns 17,819 shares of the software maker’s stock worth $159,000 after buying an additional 2,183 shares during the last quarter. Citadel Advisors LLC boosted its position in Brightcove by 212.1% in the first quarter. Citadel Advisors LLC now owns 18,167 shares of the software maker’s stock worth $162,000 after buying an additional 34,367 shares during the last quarter. American International Group Inc. boosted its position in Brightcove by 7.1% in the first quarter. American International Group Inc. now owns 18,452 shares of the software maker’s stock worth $164,000 after buying an additional 1,223 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in Brightcove by 21.8% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 23,154 shares of the software maker’s stock worth $186,000 after buying an additional 4,148 shares during the last quarter. 68.52% of the stock is owned by hedge funds and other institutional investors.
The company’s market cap is $234.40 million. The stock’s 50 day moving average is $6.40 and its 200 day moving average is $7.28.
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Brightcove Company Profile
Brightcove Inc is a global provider of cloud-based services for video. The Company’s products and services include Brightcove Video Cloud (Video Cloud), Brightcove Zencoder (Zencoder), Brightcove Once (Once), Brightcove Perform (Perform), Brightcove Video Marketing Suite (Video Marketing Suite), Brightcove Lift (Lift), Brightcove OTT Flow (OTT Flow) and Brightcove Enterprise Video Suite (Enterprise Video Suite), among others.
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