Brightcove (NASDAQ:BCOV) Updates FY 2024 Earnings Guidance

Brightcove (NASDAQ:BCOV) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of -0.020-0.000 for the period, compared to the consensus earnings per share estimate of -0.090. The company issued revenue guidance of $197.7 million-$198.7 million, compared to the consensus revenue estimate of $196.9 million. Brightcove also updated its Q4 2024 guidance to -0.040–0.010 EPS.

Analysts Set New Price Targets

BCOV has been the subject of several research reports. Lake Street Capital upgraded shares of Brightcove from a “hold” rating to a “buy” rating and raised their price objective for the stock from $2.75 to $3.50 in a research report on Tuesday. StockNews.com raised Brightcove from a “hold” rating to a “buy” rating in a report on Thursday, September 5th.

Brightcove Price Performance

Shares of BCOV stock traded up $0.55 on Tuesday, hitting $2.69. 1,258,672 shares of the company’s stock were exchanged, compared to its average volume of 232,959. Brightcove has a 12 month low of $1.55 and a 12 month high of $2.87. The company has a 50 day moving average of $2.17 and a 200 day moving average of $2.15. The stock has a market cap of $120.83 million, a P/E ratio of -13.80 and a beta of 0.74.

Brightcove (NASDAQ:BCOV) last posted its earnings results on Wednesday, August 7th. The software maker reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Brightcove had a negative net margin of 4.28% and a negative return on equity of 8.86%. The firm had revenue of $49.25 million for the quarter. During the same period in the previous year, the firm posted ($0.07) EPS. Sell-side analysts predict that Brightcove will post -0.32 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Edenbrook Capital, Llc purchased 20,000 shares of Brightcove stock in a transaction on Thursday, September 26th. The shares were purchased at an average price of $2.07 per share, for a total transaction of $41,400.00. Following the transaction, the insider now owns 6,651,535 shares of the company’s stock, valued at approximately $13,768,677.45. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders acquired 98,988 shares of company stock valued at $200,689. Insiders own 4.20% of the company’s stock.

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.