“There was a significant fall in the number of short positions in Brightcove Inc. during August (NASDAQ: BCOV). There were 661,400 shares available for a quick sale as of August 31, which is a decline of 10.3% from the 737,100 shares that were available for a short sale the previous day. Because an average of 134,600 shares are exchanged daily, the current short-interest ratio is 4.9 days. This number was calculated as a result of the fact that short positions are currently total. About 1.7% of the total shares actively traded in the company are in temporary positions.
On August 2, the most recent quarterly report for Brightcove (NASDAQ: BCOV) was made available for the general public to review and consume. The software company reported quarterly earnings per share of $0.10, which was significantly higher than the consensus estimate of $0.05 (also $0.10). The return on equity for Brightcove was 2.63 percent, and the net margin for the company was 1.20 percent. The company reported a profit of $0.04 per share for the same period the year before, compared to the current year. According to the general view among financial experts, Brightcove is expected to announce a loss of $0.06 per share for the current financial year. On September 8, a separate piece of news revealed that Rosenblatt Securities had initiated coverage of Brightcove.
They gave the stock a ” neutral ” rating and forecasted it would reach $8.00 in price over the next twelve months. Only one of the equity research analysts following the company has urged purchasing shares, while the other three have suggested retaining current holdings. According to data from Bloomberg.com, the market now recommends “Hold” for this company, and the average price target is $13.33. NASDAQ: BCOV was first available for trading on Monday with an opening price of $6.61. Over the last year, Brightcove’s share price has ranged from a record low of $5.84 to a record high of $12.46. The price of one share of the company’s stock is currently $6.48, which, when compared to its 50-day and 200-day moving averages, results in a price of $6.88.
Related news and articles On July 29, Edenbrook Capital, LLC, a large company shareholder, purchased 15,000 shares of the company’s stock. During the process of acquiring the business, each share was acquired for an average price of $5.98, bringing the total cost to $89,700.00. Following the successful transaction, the corporate insider is now the owner of 4,844,955 shares, each of which has a value equal to $28,972,830.90 on the market. If you click on this link, you will be taken to an SEC filing that includes further details regarding the acquisition. During the most recent period of the company’s fiscal year, business insiders purchased 151,272 shares for a total cost of $989,581. Company insiders own 3.70 percent of the total number of shares issued and outstanding in the corporation.
Recently, several hedge funds have modified the positions that they have placed in the company in response to recent developments. The asset holdings of Federated Hermes Inc. were bolstered by an increase of 10.4% in the number of shares of Brightcove during the second quarter. Following the acquisition of 230,456 more shares of the software developer’s stock during the most recent fiscal quarter, Federated Hermes Inc. now holds 2,435,901 shares of the company’s stock. There is a value of $15,395,000 attached to these shares. During the second quarter, Jane Street Group LLC increased its interest in Brightcove by 80.0%, bringing its total ownership to 100%. Jane Street Group LLC is now the direct owner of 20,495 software company shares.
These shares have a value of $130,000 and were acquired through purchasing 9,110 more shares in the software company during the most recent fiscal quarter. After the addition of Brightcove to their investment portfolio during the second quarter, Woodline Partners LP made a new investment purchase of approximately $167,000. During the second quarter, Cubist Systematic Strategies LLC made a new investment in Brightcove. The total value of this investment was close to $275,000 at the time it was made. This takes us to our final and final point: during the second quarter, Millennium Management LLC added a new investment in Brightcove that had a value of around $227,000. The proportion of the entire stock in the company that institutions own amounts to 86.21 percent. “