Opera (NASDAQ:OPRA) Shares Gap Up - What's Next?

Key Points

• Opera Limited shares experienced a gap up prior to trading, opening at $17.70 compared to a previous close of $17.01, although they last traded at $16.10.
• Analyst ratings are positive, with multiple upgrades, including a new target price of $24.90 and a consensus rating of "Buy" from several research firms.
• Opera recently declared a semi-annual dividend of $0.40, representing an extremely high dividend yield of 410.0%.

Opera Limited Sponsored ADR (NASDAQ:OPRA - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $17.01, but opened at $17.70. Opera shares last traded at $16.10, with a volume of 1,057,931 shares.

Analyst Upgrades and Downgrades

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

Opera Trading Down 5.3%

The company has a 50-day moving average price of $17.87 and a 200-day moving average price of $17.66. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 17.18 and a beta of 0.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.17 and a current ratio of 2.17.

Opera Announces Dividend

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

Institutional Trading of Opera

A number of large investors have recently made changes to their positions in the company. Tidal Investments LLC boosted 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 purchasing an additional 506,425 shares during the period. Driehaus Capital Management LLC boosted its position in shares of Opera by 14.4% in the 1st quarter. Driehaus Capital Management LLC now owns 642,965 shares of the company's stock valued at $10,249,000 after purchasing an additional 80,866 shares during the period. Lord Abbett & CO. LLC raised its stake in Opera by 2.1% during the 1st quarter. Lord Abbett & CO. LLC now owns 406,158 shares of the company's stock valued at $6,474,000 after acquiring an additional 8,305 shares during the last quarter. Cubist Systematic Strategies LLC raised its stake in Opera by 24.9% during the 4th quarter. Cubist Systematic Strategies LLC now owns 257,024 shares of the company's stock valued at $4,868,000 after acquiring an additional 51,245 shares during the last quarter. Finally, Credit Agricole S A raised its stake in Opera by 29.0% during the 1st quarter. Credit Agricole S A now owns 231,523 shares of the company's stock valued at $3,690,000 after acquiring an additional 52,020 shares during the last quarter. 10.21% of the stock is owned by institutional investors and hedge funds.

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.

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