Brightcove (NASDAQ:BCOV) Updates FY 2024 Earnings Guidance

Brightcove (NASDAQ:BCOV) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of -0.100–0.050 for the period, compared to the consensus EPS estimate of -0.080. The company issued revenue guidance of $195.0 million-$198.0 million, compared to the consensus revenue estimate of $197.1 million. Brightcove also updated its Q2 2024 guidance to -0.050–0.030 EPS.

Analysts Set New Price Targets

BCOV has been the topic of several recent research reports. Lake Street Capital reaffirmed a hold rating and issued a $3.00 price objective on shares of Brightcove in a report on Friday, February 23rd. Rosenblatt Securities lowered their target price on Brightcove from $7.50 to $5.00 and set a buy rating on the stock in a research note on Friday, February 23rd. Finally, StockNews.com upgraded Brightcove from a hold rating to a buy rating in a research report on Friday, March 22nd.

Brightcove Stock Down 4.5 %

Shares of Brightcove stock traded down $0.09 on Wednesday, reaching $1.89. The company’s stock had a trading volume of 226,977 shares, compared to its average volume of 218,614. Brightcove has a 52-week low of $1.55 and a 52-week high of $4.56. The company has a market capitalization of $83.93 million, a P/E ratio of -3.56 and a beta of 0.66. The stock has a 50-day moving average price of $1.87 and a 200-day moving average price of $2.25.

Brightcove (NASDAQ:BCOV) last posted its quarterly earnings data on Thursday, February 22nd. The software maker reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The company had revenue of $50.16 million during the quarter. Brightcove had a negative net margin of 11.38% and a negative return on equity of 17.02%. Sell-side analysts forecast that Brightcove will post -0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Brightcove news, major shareholder Edenbrook Capital, Llc bought 30,000 shares of Brightcove stock in a transaction dated Wednesday, March 20th. The stock was acquired at an average cost of $1.88 per share, for a total transaction of $56,400.00. Following the completion of the transaction, the insider now directly owns 6,435,437 shares of the company’s stock, valued at $12,098,621.56. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders bought 56,541 shares of company stock worth $102,598. 4.20% of the stock is owned by corporate insiders.

Brightcove Company Profile

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.