Opera (NASDAQ:OPRA) Shares Climb 9% - Here's What Happened

Key Points

• Opera shares jumped 9% to approximately $16.15 in mid-day trading, although trading volume was 69% below the average session volume.
• Analyst sentiment remains favorable overall, with three Buy ratings and two Holds; Opera has a “Moderate Buy” consensus rating and an average price target of $24.75.
• Institutional investors and hedge funds own 10.21% of Opera, with several firms recently initiating or increasing positions in the company.

Opera Limited Sponsored ADR (NASDAQ:OPRA - Get Free Report) traded up 9% during mid-day trading on Tuesday. The stock traded as high as $15.89 and last traded at $16.1490. 151,096 shares traded hands during trading, a decline of 69% from the average session volume of 486,733 shares. The stock had previously closed at $14.81.

Analyst Ratings Changes

OPRA has been the topic of a number of research reports. Wall Street Zen lowered Opera from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Weiss Ratings reissued a "hold (c+)" rating on shares of Opera in a research note on Friday, October 2nd. Finally, B. Riley Financial raised their price objective on shares of Opera from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Thursday, August 20th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $24.75.

Opera Stock Performance

The company has a market cap of $1.41 billion, a price-to-earnings ratio of 11.42 and a beta of 1.28. The company's fifty day moving average is $17.96 and its two-hundred day moving average is $17.03.

Institutional Investors Weigh In On Opera

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC acquired a new stake in shares of Opera in the second quarter valued at about $40,000. Parallel Advisors LLC grew its position in Opera by 459.5% during the first quarter. Parallel Advisors LLC now owns 3,038 shares of the company's stock worth $43,000 after buying an additional 2,495 shares during the period. Signaturefd LLC grew its position in Opera by 14.5% during the third quarter. Signaturefd LLC now owns 6,445 shares of the company's stock worth $114,000 after buying an additional 814 shares during the period. GAMMA Investing LLC increased its holdings in Opera by 10.4% in the second quarter. GAMMA Investing LLC now owns 6,904 shares of the company's stock valued at $137,000 after buying an additional 652 shares in the last quarter. Finally, Ascentis Independent Advisors purchased a new position in Opera in the first quarter valued at about $141,000. Institutional investors and hedge funds own 10.21% of the company's stock.

About Opera

Opera Limited NASDAQ: OPRA is a technology company that develops web browsers and related digital services for desktop and mobile users. Its products are designed to provide fast, customizable and feature-rich internet access, with tools such as ad blocking, private browsing, data savings, integrated messaging and personalized content.

The company's product portfolio includes the Opera browser for computers and smartphones, Opera Mini, a data-efficient mobile browser, and Opera GX, a browser designed for gamers.

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