Short Interest in Brightcove Inc. (NASDAQ:BCOV) Drops By 5.4%

Brightcove Inc. (NASDAQ:BCOV) saw a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 1,580,000 shares, a drop of 5.4% from the May 15th total of 1,670,000 shares. Based on an average daily trading volume, of 215,000 shares, the short-interest ratio is currently 7.3 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BCOV. Price T Rowe Associates Inc. MD bought a new stake in shares of Brightcove in the 1st quarter worth approximately $29,000. Quadrature Capital Ltd raised its position in Brightcove by 12.4% in the 1st quarter. Quadrature Capital Ltd now owns 84,963 shares of the software maker’s stock worth $165,000 after purchasing an additional 9,353 shares during the period. Pitcairn Co. bought a new stake in Brightcove in the first quarter worth $27,000. Acadian Asset Management LLC boosted its position in Brightcove by 12.5% during the first quarter. Acadian Asset Management LLC now owns 801,459 shares of the software maker’s stock valued at $1,553,000 after buying an additional 88,935 shares during the period. Finally, First Eagle Investment Management LLC bought a new position in shares of Brightcove during the first quarter valued at about $642,000. 80.12% of the stock is currently owned by institutional investors.

Brightcove Stock Performance

Shares of NASDAQ:BCOV opened at $2.00 on Wednesday. The firm has a fifty day moving average of $1.94 and a 200 day moving average of $2.13. Brightcove has a 52-week low of $1.55 and a 52-week high of $4.56. The firm has a market capitalization of $89.16 million, a PE ratio of -9.09 and a beta of 0.72.

Brightcove (NASDAQ:BCOV) last posted its quarterly earnings data on Wednesday, May 8th. The software maker reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $50.48 million during the quarter. Brightcove had a negative return on equity of 7.87% and a negative net margin of 4.74%. On average, sell-side analysts forecast that Brightcove will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. StockNews.com upgraded Brightcove from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. Rosenblatt Securities decreased their price objective on shares of Brightcove from $7.50 to $5.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. Finally, Lake Street Capital reaffirmed a “hold” rating and issued a $3.00 target price on shares of Brightcove in a research note on Friday, February 23rd.

About Brightcove

Brightcove Inc provides cloud-based streaming services the Americas, Europe, the Asia Pacific, Japan, India, and the Middle East. It offers Video Cloud, an online video streaming platform that enables its customers to publish, deliver, and distribute high-quality video to internet-connected devices. The company's solutions and products comprise Brightcove Marketing Studio, a video streaming solution; Brightcove Communications Studio for marketers and corporate communications professionals; Brightcove Media Studio, a solution for over-the-top (OTT) video services, media publishers, and leading broadcasters to monetize their media, live stream at scale, and nurture their audience lifecycle; Brightcove Audience Insights, a customer data platform for video streaming businesses; Zencoder, a cloud-based video encoding service; and Brightcove Beacon, a platform that enables its customers to launch premium OTT video streaming experiences, as well as Brightcove Marketplace.