Opera (NASDAQ:OPRA) Downgraded to Hold Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Opera from “buy” to “hold,” while the broader analyst consensus remains “Moderate Buy” with a $24.75 price target.
• Opera shares opened at $18.96, with a market capitalization of $1.70 billion and a recent trading range of $11.71 to $21.06.
• CEO Lin Song sold 44,400 shares for approximately $822,000, reducing his ownership by 26.87%; insiders collectively own 84.36% of the company, while institutional investors own 10.21%.

Opera (NASDAQ:OPRA - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

A number of other research firms have also issued reports on OPRA. Weiss Ratings reiterated a "hold (c+)" rating on shares of Opera in a research note on Wednesday, July 8th. B. Riley Financial upped their target price on shares of Opera from $27.00 to $28.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Zacks Research lowered shares of Opera from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Opera has an average rating of "Moderate Buy" and a consensus price target of $24.75.

Opera Stock Performance

Shares of NASDAQ:OPRA opened at $18.96 on Friday. The business's 50-day simple moving average is $19.32 and its 200 day simple moving average is $16.98. The company has a market cap of $1.70 billion, a P/E ratio of 13.64 and a beta of 1.32. Opera has a one year low of $11.71 and a one year high of $21.06.

Insiders Place Their Bets

In other Opera news, CEO Lin Song sold 44,400 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $18.52, for a total transaction of $822,288.00. Following the sale, the chief executive officer owned 120,846 shares in the company, valued at $2,238,067.92. This represents a 26.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 84.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OPRA. North Star Asset Management Inc. bought a new stake in shares of Opera in the 2nd quarter valued at approximately $238,000. Handelsbanken Fonder AB lifted its stake in Opera by 20.7% during the second quarter. Handelsbanken Fonder AB now owns 30,300 shares of the company's stock worth $601,000 after purchasing an additional 5,200 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Opera by 10.4% in the second quarter. GAMMA Investing LLC now owns 6,904 shares of the company's stock worth $137,000 after purchasing an additional 652 shares during the period. Parallel Advisors LLC boosted its holdings in Opera by 459.5% in the first quarter. Parallel Advisors LLC now owns 3,038 shares of the company's stock worth $43,000 after purchasing an additional 2,495 shares during the period. Finally, Bradley Foster & Sargent Inc. CT increased its stake in Opera by 35.3% during the first quarter. Bradley Foster & Sargent Inc. CT now owns 29,146 shares of the company's stock valued at $416,000 after purchasing an additional 7,607 shares during the last quarter. Institutional investors and hedge funds own 10.21% of the company's stock.

Opera Company Profile

Opera Limited NASDAQ: OPRA is a global software and internet services company best known for its cross-platform web browsers, including the flagship Opera Browser, Opera Mini for mobile devices and Opera GX designed for the gaming community. The company integrates features such as ad blocking, built-in VPN services and a cryptocurrency wallet into its desktop and mobile applications, aiming to deliver fast, secure and feature-rich browsing experiences to hundreds of millions of users worldwide.

Beyond its consumer-facing browsers, Opera operates Opera News, a personalized content and news aggregation platform with a strong presence in Africa and Asia, and Opera Ads, a digital advertising network that leverages user-behavior data to provide targeted ad placements across devices.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source