Opera (NASDAQ:OPRA) Shares Gap Up - Still a Buy?

Shares of Opera Limited (NASDAQ:OPRA - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $17.87, but opened at $18.32. Opera shares last traded at $18.12, with a volume of 110,592 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on OPRA shares. Wall Street Zen upgraded shares of Opera from a "hold" rating to a "buy" rating in a report on Saturday, May 24th. The Goldman Sachs Group cut their price target on shares of Opera from $26.00 to $22.50 and set a "buy" rating on the stock in a report on Monday, April 14th. Lake Street Capital boosted their price objective on shares of Opera from $23.00 to $24.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Piper Sandler assumed coverage on shares of Opera in a research report on Wednesday, February 5th. They set an "overweight" rating and a $25.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $24.90.

Opera Price Performance

The stock's 50-day moving average is $16.41 and its 200 day moving average is $18.04. The stock has a market capitalization of $1.62 billion, a PE ratio of 9.28 and a beta of 1.01. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.01.

Opera (NASDAQ:OPRA - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.26 by $0.01. Opera had a net margin of 39.22% and a return on equity of 19.22%. The company had revenue of $142.72 million for the quarter, compared to analyst estimates of $132.48 million. During the same quarter in the prior year, the business posted $0.34 EPS. As a group, equities analysts predict that Opera Limited will post 0.81 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Handelsbanken Fonder AB increased its stake in shares of Opera by 2.8% during the 4th quarter. Handelsbanken Fonder AB now owns 21,900 shares of the company's stock worth $415,000 after purchasing an additional 600 shares during the last quarter. Jones Financial Companies Lllp grew its stake in Opera by 74.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,580 shares of the company's stock valued at $30,000 after buying an additional 674 shares during the last quarter. Signaturefd LLC grew its stake in Opera by 26.5% in the 4th quarter. Signaturefd LLC now owns 5,406 shares of the company's stock valued at $102,000 after buying an additional 1,134 shares during the last quarter. US Bancorp DE grew its stake in Opera by 2,065.1% in the 4th quarter. US Bancorp DE now owns 1,364 shares of the company's stock valued at $26,000 after buying an additional 1,301 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in Opera by 5.4% in the 1st quarter. Cetera Investment Advisers now owns 30,116 shares of the company's stock valued at $480,000 after buying an additional 1,535 shares during the last quarter. Institutional investors and hedge funds own 10.21% of the company's stock.

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.