Opera Limited Sponsored ADR $OPRA Shares Sold by Penn Mutual Asset Management

Key Points

• Penn Mutual Asset Management reduced its stake in Opera Limited by 41.3%, selling 27,011 shares and now holding 38,419 shares, valued at approximately $612,000.
• Opera announced a semi-annual dividend of $0.40 per share, resulting in a significant yield of 410.0% for shareholders of record.
• Analysts project a positive outlook for Opera, with a consensus rating of "Buy" and an average target price raised to $24.90.

Penn Mutual Asset Management decreased its position in shares of Opera Limited Sponsored ADR (NASDAQ:OPRA - Free Report) by 41.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 38,419 shares of the company's stock after selling 27,011 shares during the quarter. Opera makes up about 1.2% of Penn Mutual Asset Management's holdings, making the stock its 23rd largest position. Penn Mutual Asset Management's holdings in Opera were worth $612,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Marshall Wace LLP grew its holdings in shares of Opera by 99.7% during the fourth quarter. Marshall Wace LLP now owns 1,460,201 shares of the company's stock worth $27,656,000 after purchasing an additional 729,001 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Opera by 75.6% during the fourth quarter. Tidal Investments LLC now owns 1,176,565 shares of the company's stock worth $22,284,000 after buying an additional 506,425 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of Opera during the fourth quarter worth about $10,646,000. Lord Abbett & CO. LLC boosted its stake in shares of Opera by 2.1% during the first quarter. Lord Abbett & CO. LLC now owns 406,158 shares of the company's stock worth $6,474,000 after buying an additional 8,305 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of Opera by 24.9% during the fourth quarter. Cubist Systematic Strategies LLC now owns 257,024 shares of the company's stock worth $4,868,000 after buying an additional 51,245 shares during the period. Hedge funds and other institutional investors own 10.21% of the company's stock.

Opera Price Performance

Opera stock traded down $0.84 during mid-day trading on Tuesday, reaching $16.17. The company had a trading volume of 2,461,365 shares, compared to its average volume of 599,223. Opera Limited Sponsored ADR has a 1 year low of $12.56 and a 1 year high of $22.50. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.17 and a quick ratio of 2.17. The company has a market capitalization of $1.45 billion, a P/E ratio of 17.20 and a beta of 0.96. The stock's 50-day simple moving average is $17.81 and its 200-day simple moving average is $17.65.

Opera Announces Dividend

The business also recently announced a semi-annual dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 8th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, July 8th. This represents a yield of 410.0%. Opera's dividend payout ratio (DPR) is 82.98%.

Analyst Upgrades and Downgrades

OPRA has been the subject of several recent research reports. Wedbush reiterated an "outperform" rating on shares of Opera in a research note on Tuesday, July 8th. Lake Street Capital increased their target price on shares of Opera from $23.00 to $24.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, Wall Street Zen upgraded shares of Opera from a "hold" rating to a "buy" rating in a research note on Saturday, May 24th. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $24.90.

About Opera

Opera Limited, together with its subsidiaries, provides mobile and PC web browsers and related products and services in Norway and internationally. The company offers mobile browser products, such as Opera Mini, Opera browser for Android and iOS, and Opera GX for PCs and Mobile; Opera Touch; PC browsers, including Opera for Computers and Opera GX; Apex Football; Opera VPN Pro; and Opera News, an AI-powered personalized news discovery and aggregation service.