Opera (NASDAQ:OPRA) Shares Gap Up Following Better-Than-Expected Earnings

Opera Limited (NASDAQ:OPRA - Get Free Report)'s share price gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $15.53, but opened at $16.84. Opera shares last traded at $16.17, with a volume of 539,702 shares trading hands.

The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.01. The firm had revenue of $142.72 million for the quarter, compared to the consensus estimate of $132.48 million. Opera had a net margin of 39.22% and a return on equity of 19.22%. During the same period last year, the firm earned $0.34 earnings per share.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Piper Sandler started coverage on Opera in a research report on Wednesday, February 5th. They set an "overweight" rating and a $25.00 price objective on the stock. Lake Street Capital raised their price target on shares of Opera from $23.00 to $24.00 and gave the company a "buy" rating in a report on Tuesday. Finally, The Goldman Sachs Group reduced their price objective on shares of Opera from $26.00 to $22.50 and set a "buy" rating for the company in a research note on Monday, April 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $24.90.

Hedge Funds Weigh In On Opera

Several hedge funds have recently modified their holdings of OPRA. Marshall Wace LLP grew its position in Opera by 99.7% during the 4th 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 increased its position in shares of Opera by 75.6% in the 4th quarter. Tidal Investments LLC now owns 1,176,565 shares of the company's stock valued at $22,284,000 after acquiring an additional 506,425 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Opera by 7.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 931,594 shares of the company's stock worth $17,644,000 after acquiring an additional 61,051 shares during the last quarter. Portolan Capital Management LLC grew its stake in Opera by 5.1% during the 4th quarter. Portolan Capital Management LLC now owns 748,349 shares of the company's stock valued at $14,174,000 after purchasing an additional 36,529 shares during the last quarter. Finally, Driehaus Capital Management LLC purchased a new position in shares of Opera in the fourth quarter worth about $10,646,000. Institutional investors and hedge funds own 10.21% of the company's stock.

Opera Trading Up 1.7 %

The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.01. The stock has a market cap of $1.55 billion, a PE ratio of 8.87 and a beta of 0.96. The stock has a 50-day moving average of $16.40 and a 200 day moving average of $17.93.

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.