Brightcove Inc. (NASDAQ:BCOV – Get Rating) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 661,400 shares, a decline of 10.3% from the August 15th total of 737,100 shares. Based on an average daily volume of 134,600 shares, the short-interest ratio is presently 4.9 days. Approximately 1.7% of the shares of the stock are short sold.
Insider Buying and Selling
In other Brightcove news, major shareholder Edenbrook Capital, Llc purchased 16,369 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were bought at an average cost of $6.63 per share, with a total value of $108,526.47. Following the acquisition, the insider now owns 5,015,043 shares in the company, valued at $33,249,735.09. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have acquired 151,272 shares of company stock valued at $989,588. Corporate insiders own 3.70% of the company’s stock.
Hedge Funds Weigh In On Brightcove
Several large investors have recently modified their holdings of BCOV. Dimensional Fund Advisors LP increased its position in shares of Brightcove by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 328,919 shares of the software maker’s stock valued at $3,362,000 after purchasing an additional 1,751 shares during the last quarter. Springhouse Capital Management LP bought a new position in Brightcove in the 4th quarter valued at $440,000. Bluefin Capital Management LLC bought a new position in Brightcove in the 4th quarter valued at $285,000. PDT Partners LLC grew its position in Brightcove by 14.7% in the 4th quarter. PDT Partners LLC now owns 37,538 shares of the software maker’s stock valued at $384,000 after acquiring an additional 4,813 shares during the last quarter. Finally, Lynrock Lake LP bought a new position in Brightcove in the 4th quarter valued at $7,947,000. Institutional investors own 86.21% of the company’s stock.
Brightcove Stock Up 0.2 %
Brightcove (NASDAQ:BCOV – Get Rating) last issued its quarterly earnings data on Tuesday, August 2nd. The software maker reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.05. Brightcove had a positive return on equity of 2.63% and a negative net margin of 1.20%. During the same quarter in the previous year, the business posted $0.04 EPS. Research analysts predict that Brightcove will post -0.06 EPS for the current fiscal year.
Analyst Ratings Changes
Separately, Rosenblatt Securities started coverage on Brightcove in a report on Thursday, September 8th. They set a “neutral” rating and a $8.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $13.33.
Brightcove Inc provides cloud-based services for video. Its flagship product includes Video Cloud, an online video platform that enables its customers to publish and distribute video to Internet-connected devices. The company also offers Brightcove Live, a solution for live streaming; Brightcove Beacon, an application that enables companies to launch over-the-top video experiences on multiple monetization models; Brightcove Player, a video player technology with a cloud-based service for creating and managing experiences; and Zencoder, a cloud-based video encoding technology.
- Get a free copy of the StockNews.com research report on Brightcove (BCOV)
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