Octave Intelligence plc (NASDAQ:OCTV) Stock Short Interest Jumps 93.5%

Key Points

• Short interest nearly doubled: Shares sold short rose 93.5% to 5.30 million as of September 30, up from 2.74 million two weeks earlier. The current days-to-cover ratio is 1.5.
• Shares remain below their 52-week high: OCTV recently traded at $19.83, compared with a 52-week range of $15.41 to $30.00.
• Analyst sentiment is generally neutral: The stock has an average “Hold” rating and a consensus price target of $21.71, while institutional investors including O Keefe Stevens Advisory, Ancora Advisors, and Squarepoint Ops recently initiated positions.

Octave Intelligence plc (NASDAQ:OCTV - Get Free Report) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totaling 5,301,084 shares, a growth of 93.5% from the September 15th total of 2,739,613 shares. Based on an average daily trading volume, of 3,636,593 shares, the days-to-cover ratio is presently 1.5 days.

Octave Intelligence Stock Performance

NASDAQ OCTV traded down $0.23 during mid-day trading on Wednesday, hitting $19.83. The company's stock had a trading volume of 1,029,307 shares, compared to its average volume of 1,966,932. The company has a fifty day moving average price of $19.07. Octave Intelligence has a 52-week low of $15.41 and a 52-week high of $30.00.

Institutional Trading of Octave Intelligence

A number of hedge funds and other institutional investors have recently modified their holdings of OCTV. O Keefe Stevens Advisory Inc. acquired a new position in shares of Octave Intelligence in the 3rd quarter valued at approximately $13,173,000. Ancora Advisors LLC acquired a new stake in shares of Octave Intelligence during the 2nd quarter worth approximately $882,000. Finally, Squarepoint Ops LLC bought a new stake in Octave Intelligence in the second quarter valued at $190,000.

Analyst Upgrades and Downgrades

OCTV has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Octave Intelligence to a "hold" rating in a report on Saturday, July 18th. Weiss Ratings initiated coverage on Octave Intelligence in a research note on Monday, August 17th. They issued a "sell (d)" rating on the stock. Morgan Stanley began coverage on shares of Octave Intelligence in a research note on Thursday, September 17th. They set an "equal weight" rating and a $21.00 price target on the stock. Finally, Barclays started coverage on Octave Intelligence in a report on Thursday, June 18th. They issued an "equal weight" rating and a $18.00 target price for the company. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Octave Intelligence has an average rating of "Hold" and an average price target of $21.71.

Octave Intelligence Company Profile

Octave Intelligence plc provides various software solutions. Its solutions helps organizations to better understand and manage the environments in which they design, build, operate, and protect their assets, people, and critical infrastructure. Its platform connects data, events, and workflows across various environments and applies context-aware intelligence to help customers understand what is happening, what may happen next, and how actions in one area affect conditions in another. The company serves power generation and utilities, data centers and IT infrastructure operators, heavy construction and public works, industrial process industries, public safety and emergency response agencies, transportation networks and logistics operations, light process industries, and discrete manufacturing industries.

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