Brightcove Inc. (NASDAQ:BCOV) Sees Large Increase in Short Interest

Brightcove Inc. (NASDAQ:BCOV) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 276,800 shares, a growth of 14.8% from the August 15th total of 241,100 shares. Based on an average daily volume of 164,400 shares, the short-interest ratio is currently 1.7 days.

Brightcove Price Performance

NASDAQ BCOV traded down $0.04 during trading hours on Tuesday, reaching $3.56. The company’s stock had a trading volume of 90,260 shares, compared to its average volume of 170,313. The company’s 50-day moving average is $3.92 and its two-hundred day moving average is $4.09. Brightcove has a fifty-two week low of $3.28 and a fifty-two week high of $7.39.

Brightcove (NASDAQ:BCOV) last released its quarterly earnings results on Wednesday, August 2nd. The software maker reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.03. Brightcove had a negative net margin of 12.31% and a negative return on equity of 18.63%. The business had revenue of $50.99 million for the quarter, compared to analyst estimates of $50.85 million. As a group, research analysts forecast that Brightcove will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Brightcove news, major shareholder Edenbrook Capital, Llc purchased 22,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 11th. The shares were purchased at an average cost of $4.01 per share, for a total transaction of $90,225.00. Following the completion of the purchase, the insider now directly owns 6,159,905 shares in the company, valued at $24,701,219.05. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have acquired 97,473 shares of company stock worth $379,564. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Brightcove

Several institutional investors and hedge funds have recently made changes to their positions in BCOV. Trigran Investments Inc. raised its stake in Brightcove by 0.9% in the 2nd quarter. Trigran Investments Inc. now owns 7,029,384 shares of the software maker’s stock valued at $28,188,000 after purchasing an additional 62,740 shares during the last quarter. Lynrock Lake LP raised its position in shares of Brightcove by 28.7% in the fourth quarter. Lynrock Lake LP now owns 3,146,959 shares of the software maker’s stock valued at $16,459,000 after buying an additional 701,509 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Brightcove by 13.9% during the second quarter. BlackRock Inc. now owns 3,079,211 shares of the software maker’s stock valued at $12,348,000 after buying an additional 376,943 shares during the period. Vanguard Group Inc. boosted its position in Brightcove by 3.0% during the third quarter. Vanguard Group Inc. now owns 2,785,391 shares of the software maker’s stock worth $17,548,000 after acquiring an additional 80,659 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in Brightcove by 162.0% in the 1st quarter. Federated Hermes Inc. now owns 2,205,445 shares of the software maker’s stock worth $17,202,000 after acquiring an additional 1,363,779 shares during the period. 85.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Rosenblatt Securities reissued a “buy” rating and set a $9.00 price objective on shares of Brightcove in a report on Tuesday, August 1st. Lake Street Capital raised Brightcove from a “hold” rating to a “buy” rating and boosted their price target for the stock from $4.50 to $5.00 in a research note on Monday, July 31st. Finally, StockNews.com started coverage on Brightcove in a research note on Thursday, August 17th. They issued a “buy” rating for the company.

Brightcove Company Profile

Brightcove Inc provides cloud-based streaming services. Its flagship product includes Video Cloud, an online video streaming platform that enables its customers to distribute high-quality 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 of multiple monetization models; Brightcove Player, a cloud-based technology for creating and managing video experiences; Zencoder, a cloud-based video encoding technology; and Brightcove Audience Insights, a business intelligence platform that provides actionable intelligence on viewers and subscribers.