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

Brightcove Inc. (NASDAQ:BCOV) saw a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 249,300 shares, a decrease of 18.2% from the October 15th total of 304,900 shares. Based on an average daily trading volume, of 186,700 shares, the short-interest ratio is presently 1.3 days.

Insider Transactions at Brightcove

In other news, major shareholder Edenbrook Capital, Llc acquired 20,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were bought at an average price of $2.07 per share, for a total transaction of $41,400.00. Following the completion of the purchase, the insider now directly owns 6,651,535 shares of the company’s stock, valued at approximately $13,768,677.45. This trade represents a 0.30 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders purchased 48,988 shares of company stock valued at $100,789 over the last quarter. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Brightcove

Institutional investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. grew its position in shares of Brightcove by 1,124.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 245,526 shares of the software maker’s stock valued at $530,000 after buying an additional 225,482 shares during the last quarter. Edenbrook Capital LLC grew its holdings in shares of Brightcove by 1.8% during the third quarter. Edenbrook Capital LLC now owns 6,651,535 shares of the software maker’s stock valued at $14,367,000 after purchasing an additional 120,121 shares during the last quarter. P.A.W. Capital Corp acquired a new stake in shares of Brightcove during the 3rd quarter worth approximately $540,000. Cubist Systematic Strategies LLC bought a new stake in shares of Brightcove in the 2nd quarter worth approximately $54,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Brightcove during the 2nd quarter valued at approximately $142,000. Institutional investors own 80.12% of the company’s stock.

Brightcove Stock Performance

Shares of BCOV stock traded up $0.04 during trading hours on Friday, hitting $3.04. 444,439 shares of the company were exchanged, compared to its average volume of 241,066. Brightcove has a one year low of $1.55 and a one year high of $3.06. The business’s 50-day simple moving average is $2.27 and its two-hundred day simple moving average is $2.21.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BCOV. StockNews.com raised shares of Brightcove from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Lake Street Capital upgraded Brightcove from a “hold” rating to a “buy” rating and increased their target price for the company from $2.75 to $3.50 in a research note on Tuesday, November 5th.

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.