Identiv (NASDAQ:INVE) Share Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Identiv's stock price has surpassed its 200-day moving average, trading at $3.60 after reaching as high as $3.66 recently.
• Analysts at Lake Street Capital have reduced their price target for Identiv from $6.00 to $5.00 while maintaining a "buy" rating.
• Institutional investors own about 65.16% of Identiv's stock, with significant increases in holdings by firms such as Goldman Sachs and Millennium Management.

Identiv, Inc. (NASDAQ:INVE - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.35 and traded as high as $3.66. Identiv shares last traded at $3.60, with a volume of 81,383 shares.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital reduced their target price on Identiv from $6.00 to $5.00 and set a "buy" rating on the stock in a report on Thursday, May 8th.

Identiv Price Performance

The company has a fifty day moving average price of $3.35 and a 200 day moving average price of $3.35. The company has a market capitalization of $85.02 million, a P/E ratio of 1.19 and a beta of 1.40.

Identiv (NASDAQ:INVE - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported ($0.26) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.05. The business had revenue of $5.04 million for the quarter, compared to analysts' expectations of $5.10 million. Identiv had a negative return on equity of 16.54% and a net margin of 287.10%. On average, equities research analysts predict that Identiv, Inc. will post -1.11 earnings per share for the current fiscal year.

Institutional Trading of Identiv

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its position in shares of Identiv by 56.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 49,295 shares of the technology company's stock worth $157,000 after purchasing an additional 17,811 shares during the period. Peapod Lane Capital LLC acquired a new stake in shares of Identiv during the 1st quarter worth approximately $982,000. Occudo Quantitative Strategies LP acquired a new stake in shares of Identiv during the 4th quarter worth approximately $49,000. Millennium Management LLC raised its position in shares of Identiv by 56.6% during the 4th quarter. Millennium Management LLC now owns 235,254 shares of the technology company's stock worth $861,000 after purchasing an additional 85,020 shares during the period. Finally, Jane Street Group LLC acquired a new stake in shares of Identiv during the 4th quarter worth approximately $54,000. 65.16% of the stock is currently owned by institutional investors and hedge funds.

Identiv Company Profile

Identiv, Inc, a security technology company, that provides secure identification and physical security solutions that secure things, data, and physical places worldwide. It operates in two segments, Identity and Premises. The Identity segment offers products and solutions that enables secure access to information serving the logical access and cyber security markets, as well as protecting connected objects and information using radio-frequency identification embedded security.

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