Insider Selling: Innovid Corp. (NYSE:CTV) Major Shareholder Sells 8,000,000 Shares of Stock

Innovid Corp. (NYSE:CTV) major shareholder Sequoia Capital Israel Iv Hold sold 8,000,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $2.10, for a total value of $16,800,000.00. Following the transaction, the insider now owns 9,697,224 shares of the company’s stock, valued at approximately $20,364,170.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Innovid Price Performance

Shares of CTV stock traded down $0.07 during mid-day trading on Friday, hitting $2.05. The stock had a trading volume of 229,904 shares, compared to its average volume of 260,421. Innovid Corp. has a 12-month low of $0.89 and a 12-month high of $2.58. The firm has a market capitalization of $296.04 million, a P/E ratio of -9.76 and a beta of 3.28. The firm’s 50-day moving average is $2.25 and its two-hundred day moving average is $1.78.

Innovid (NYSE:CTV) last issued its earnings results on Tuesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Innovid had a negative return on equity of 7.81% and a negative net margin of 20.24%. The firm had revenue of $36.74 million during the quarter, compared to analysts’ expectations of $35.99 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. Analysts expect that Innovid Corp. will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CTV shares. Needham & Company LLC restated a “buy” rating and set a $3.00 price objective on shares of Innovid in a report on Monday. Morgan Stanley boosted their price objective on Innovid from $1.60 to $2.10 and gave the company an “equal weight” rating in a report on Tuesday, April 16th. TheStreet upgraded Innovid from a “d” rating to a “c-” rating in a report on Friday, March 15th. Finally, JMP Securities restated a “market outperform” rating and set a $3.00 price objective on shares of Innovid in a report on Wednesday, April 10th.

Institutional Investors Weigh In On Innovid

Hedge funds have recently made changes to their positions in the company. Jump Financial LLC bought a new position in shares of Innovid in the 3rd quarter worth $34,000. SG Americas Securities LLC bought a new position in shares of Innovid in the 1st quarter worth $56,000. Lazard Asset Management LLC bought a new position in shares of Innovid in the 1st quarter worth $58,000. Acadian Asset Management LLC raised its position in shares of Innovid by 230.9% in the 3rd quarter. Acadian Asset Management LLC now owns 190,223 shares of the company’s stock worth $242,000 after acquiring an additional 132,728 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Innovid by 29.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 215,538 shares of the company’s stock worth $276,000 after acquiring an additional 48,704 shares in the last quarter. 25.46% of the stock is currently owned by hedge funds and other institutional investors.

About Innovid

Innovid Corp. operates an independent software platform that provides ad serving, measurement, and creative services. It offers advertising services for the creation, delivery, and measurement of TV ads across connected TV, mobile TV, and desktop TV environments to advertisers, publishers, and media agencies.