Identiv (NASDAQ:INVE) Posts Earnings Results, Misses Estimates By $0.06 EPS

Identiv (NASDAQ:INVE) issued its earnings results on Wednesday. The technology company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.06), FiscalAI reports. Identiv had a negative return on equity of 11.74% and a negative net margin of 70.52%.The firm had revenue of $5.68 million during the quarter, compared to analyst estimates of $5.73 million.

Identiv Trading Up 1.6%

NASDAQ:INVE traded up $0.04 during trading hours on Wednesday, hitting $2.62. 568,655 shares of the company traded hands, compared to its average volume of 167,349. The stock has a market capitalization of $62.91 million, a price-to-earnings ratio of -3.64 and a beta of 1.24. Identiv has a twelve month low of $2.43 and a twelve month high of $5.30. The firm has a 50-day moving average of $3.09 and a 200 day moving average of $3.49.

Wall Street Analyst Weigh In

INVE has been the topic of several analyst reports. Wall Street Zen raised shares of Identiv to a “hold” rating in a research report on Saturday, April 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Identiv in a research report on Wednesday, June 24th. UBS Group set a $3.10 price target on Identiv in a research note on Thursday, June 25th. Lake Street Capital lowered Identiv from a “buy” rating to a “hold” rating and lowered their price objective for the company from $6.00 to $4.00 in a report on Thursday, June 25th. Finally, Craig Hallum downgraded Identiv from a “buy” rating to a “hold” rating and set a $3.10 price objective on the stock. in a research note on Thursday, June 25th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $3.40.

Institutional Investors Weigh In On Identiv

Institutional investors have recently added to or reduced their stakes in the company. Pillsbury Lake Capital LLC bought a new position in Identiv in the fourth quarter valued at $3,630,000. Cannell Capital LLC bought a new position in shares of Identiv in the second quarter valued at $1,979,000. Essex Investment Management Co. LLC increased its holdings in Identiv by 75.6% during the fourth quarter. Essex Investment Management Co. LLC now owns 723,685 shares of the technology company’s stock worth $2,779,000 after buying an additional 311,540 shares during the last quarter. Boothbay Fund Management LLC increased its holdings in Identiv by 27.6% during the second quarter. Boothbay Fund Management LLC now owns 373,408 shares of the technology company’s stock worth $1,217,000 after buying an additional 80,678 shares during the last quarter. Finally, NewEdge Advisors LLC bought a new stake in Identiv during the fourth quarter worth $152,000. 65.16% of the stock is owned by institutional investors and hedge funds.

About Identiv

Identiv, Inc (NASDAQ: INVE) is a global provider of physical security and secure identification solutions, delivering hardware and software platforms that protect people, property and assets. Founded in 1969 through the establishment of Hirsch Electronics and later rebranded as Identiv in 2008, the company has evolved to address the convergence of physical and digital security in an increasingly connected world.

The company’s product portfolio spans RFID and NFC reader modules, smart card and credential technologies, access control hardware, secure IoT connectivity, and contactless identification solutions.