Short Interest in Identiv, Inc. (NASDAQ:INVE) Expands By 108.7%

Key Points

• Short interest in Identiv more than doubled, rising 108.7% to 357,358 shares as of July 31. About 1.5% of shares are sold short, representing 2.7 days of average trading volume.
• Analysts remain cautious, with Identiv carrying an average “Reduce” rating and a consensus price target of $3.40. Craig Hallum and Lake Street Capital downgraded the stock to “Hold,” while Weiss Ratings maintained a “Sell” rating.
• Identiv reported a quarterly loss of $0.20 per share, missing the $0.14 consensus estimate, while revenue of $5.68 million also fell short of expectations. Shares were trading at $2.65, near the company’s 52-week low of $2.42.

Identiv, Inc. (NASDAQ:INVE - Get Free Report) saw a large growth in short interest in July. As of July 31st, there was short interest totaling 357,358 shares, a growth of 108.7% from the July 15th total of 171,198 shares. Approximately 1.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 130,508 shares, the days-to-cover ratio is presently 2.7 days.

Wall Street Analysts Forecast Growth

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

Identiv Stock Performance

Identiv stock remained flat at $2.65 during midday trading on Friday. The company's stock had a trading volume of 323,471 shares, compared to its average volume of 201,703. The firm has a market cap of $63.63 million, a PE ratio of -4.02 and a beta of 1.24. Identiv has a 1 year low of $2.42 and a 1 year high of $5.30. The firm's 50 day moving average is $3.00 and its 200-day moving average is $3.47.

Identiv (NASDAQ:INVE - Get Free Report) last posted its earnings results on Wednesday, August 12th. The technology company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.06). Identiv had a negative return on equity of 10.87% and a negative net margin of 62.93%.The company had revenue of $5.68 million during the quarter, compared to the consensus estimate of $5.75 million.

Hedge Funds Weigh In On Identiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Prelude Capital Management LLC grew its stake in shares of Identiv by 0.6% during the third quarter. Prelude Capital Management LLC now owns 617,481 shares of the technology company's stock worth $2,130,000 after buying an additional 3,623 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Identiv during the 2nd quarter valued at $38,000. Jane Street Group LLC acquired a new stake in shares of Identiv during the 2nd quarter valued at $55,000. Goldman Sachs Group Inc. grew its position in Identiv by 56.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 49,295 shares of the technology company's stock worth $157,000 after acquiring an additional 17,811 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Identiv by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,186,883 shares of the technology company's stock worth $4,095,000 after acquiring an additional 20,719 shares during the last quarter. Institutional investors own 65.16% of the company's stock.

Identiv Company Profile

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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