Short Interest in Brightcove Inc. (NASDAQ:BCOV) Rises By 12.1%

Brightcove Inc. (NASDAQ:BCOV) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 141,800 shares, an increase of 12.1% from the August 15th total of 126,500 shares. Based on an average daily trading volume, of 294,600 shares, the days-to-cover ratio is currently 0.5 days.

Brightcove Price Performance

Brightcove stock remained flat at $2.06 during mid-day trading on Monday. The company had a trading volume of 44,721 shares, compared to its average volume of 243,367. The business has a 50-day moving average price of $2.26 and a two-hundred day moving average price of $2.09. The firm has a market cap of $91.84 million, a price-to-earnings ratio of -9.32 and a beta of 0.74. Brightcove has a 52 week low of $1.55 and a 52 week high of $3.70.

Brightcove (NASDAQ:BCOV) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. The business had revenue of $49.25 million for the quarter. Brightcove had a negative return on equity of 8.86% and a negative net margin of 4.28%. During the same period last year, the company earned ($0.07) EPS. As a group, analysts predict that Brightcove will post -0.32 earnings per share for the current fiscal year.

Insider Transactions at Brightcove

In other news, major shareholder Edenbrook Capital, Llc purchased 20,000 shares of the stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $1.98 per share, with a total value of $39,600.00. Following the completion of the purchase, the insider now directly owns 6,581,414 shares of the company’s stock, valued at approximately $13,031,199.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders acquired a total of 66,830 shares of company stock valued at $134,233 in the last three months. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Brightcove

Hedge funds have recently made changes to their positions in the stock. Quadrature Capital Ltd lifted its position in shares of Brightcove by 87.9% during the fourth quarter. Quadrature Capital Ltd now owns 75,610 shares of the software maker’s stock worth $196,000 after purchasing an additional 35,360 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Brightcove in the first quarter valued at $33,000. BNP Paribas Financial Markets raised its stake in shares of Brightcove by 26.6% in the first quarter. BNP Paribas Financial Markets now owns 107,074 shares of the software maker’s stock valued at $208,000 after acquiring an additional 22,466 shares in the last quarter. GSA Capital Partners LLP boosted its holdings in Brightcove by 151.0% in the first quarter. GSA Capital Partners LLP now owns 225,176 shares of the software maker’s stock valued at $437,000 after purchasing an additional 135,462 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its stake in Brightcove by 89.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,454 shares of the software maker’s stock worth $42,000 after purchasing an additional 10,120 shares in the last quarter. Hedge funds and other institutional investors own 80.12% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Brightcove from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th.

Brightcove Company Profile

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.