Identiv, Inc. (NASDAQ:INVE) Sees Large Decrease in Short Interest

Key Points

• Short interest fell 39.2% to 243,263 shares as of August 31, representing 1.0% of Identiv’s outstanding shares and a days-to-cover ratio of 1.0.
• Identiv shares declined 1.9% to $2.55, near the company’s one-year low, while the latest quarterly results missed expectations with a $0.20 per-share loss and revenue of $5.68 million.
• Analyst sentiment remains cautious, with an average rating of “Reduce” and a $3.40 target price; institutional investors own 65.16% of the company.

Identiv, Inc. (NASDAQ:INVE - Get Free Report) was the target of a large drop in short interest in August. As of August 31st, there was short interest totaling 243,263 shares, a drop of 39.2% from the August 15th total of 400,076 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily volume of 245,400 shares, the days-to-cover ratio is currently 1.0 days.

Identiv Trading Down 1.9%

Shares of INVE traded down $0.05 during trading hours on Wednesday, hitting $2.55. 78,568 shares of the stock traded hands, compared to its average volume of 172,315. The business has a fifty day moving average of $2.74 and a 200-day moving average of $3.40. The firm has a market capitalization of $61.81 million, a PE ratio of -3.86 and a beta of 1.23. Identiv has a 1-year low of $2.42 and a 1-year high of $5.30.

Identiv (NASDAQ:INVE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The technology company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.06). Identiv had a negative return on equity of 11.02% and a negative net margin of 62.93%.The firm had revenue of $5.68 million for the quarter, compared to the consensus estimate of $5.75 million.

Institutional Trading of Identiv

Institutional investors have recently bought and sold shares of the business. AXQ Capital LP bought a new stake in Identiv in the 2nd quarter valued at $26,000. Evernest Financial Advisors LLC bought a new position in Identiv during the 1st quarter worth about $152,000. Renaissance Technologies LLC raised its stake in shares of Identiv by 23.4% in the 1st quarter. Renaissance Technologies LLC now owns 261,784 shares of the technology company's stock valued at $969,000 after purchasing an additional 49,602 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Identiv by 580.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 83,861 shares of the technology company's stock valued at $211,000 after purchasing an additional 71,533 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of Identiv by 184.0% in the first quarter. NewEdge Advisors LLC now owns 112,692 shares of the technology company's stock valued at $417,000 after purchasing an additional 73,015 shares in the last quarter. Institutional investors and hedge funds own 65.16% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Lake Street Capital cut shares of Identiv from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $6.00 to $4.00 in a research note on Thursday, June 25th. Craig Hallum downgraded Identiv from a "buy" rating to a "hold" rating and set a $3.10 target price on the stock. in a report on Thursday, June 25th. Wall Street Zen upgraded Identiv from a "sell" rating to a "hold" rating in a research report on Sunday. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Identiv in a report on Wednesday, June 24th. Finally, UBS Group set a $3.10 price objective on Identiv in a research report on Thursday, June 25th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Identiv currently has an average rating of "Reduce" and an average target price of $3.40.

About Identiv

Identiv, Inc NASDAQ: INVE is a global provider of physical security and secure identification solutions, delivering hardware and software platforms that protect people, property and assets. Founded in 1969 through the establishment of Hirsch Electronics and later rebranded as Identiv in 2008, the company has evolved to address the convergence of physical and digital security in an increasingly connected world.

The company's product portfolio spans RFID and NFC reader modules, smart card and credential technologies, access control hardware, secure IoT connectivity, and contactless identification solutions.

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