Identiv (NASDAQ:INVE) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Identiv, Inc. (NASDAQ:INVE)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.69 and traded as high as $3.76. Identiv shares last traded at $3.69, with a volume of 168,558 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on INVE. Lake Street Capital raised their price target on Identiv from $5.00 to $6.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Craig Hallum upped their price target on shares of Identiv from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Weiss Ratings reissued a “sell (d)” rating on shares of Identiv in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded shares of Identiv to a “hold” rating in a research note on Saturday, April 25th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Identiv currently has an average rating of “Moderate Buy” and an average price target of $6.33.

Identiv Stock Performance

The firm has a 50-day moving average of $4.15 and a 200-day moving average of $3.69. The firm has a market capitalization of $88.60 million, a P/E ratio of -5.12 and a beta of 1.19.

Identiv (NASDAQ:INVE) last posted its earnings results on Wednesday, May 13th. The technology company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Identiv had a negative return on equity of 11.74% and a negative net margin of 70.52%.The business had revenue of $7.41 million during the quarter, compared to the consensus estimate of $6.92 million. On average, research analysts forecast that Identiv, Inc. will post -0.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Identiv

Hedge funds have recently bought and sold shares of the business. Prelude Capital Management LLC raised its position in Identiv by 0.6% in the 3rd 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. Cannell Capital LLC grew its stake in shares of Identiv by 0.6% in the third quarter. Cannell Capital LLC now owns 610,855 shares of the technology company’s stock worth $2,107,000 after acquiring an additional 3,723 shares during the period. XTX Topco Ltd bought a new stake in shares of Identiv in the second quarter worth approximately $38,000. Jane Street Group LLC purchased a new position in shares of Identiv during the second quarter valued at approximately $55,000. Finally, Goldman Sachs Group Inc. lifted its position in Identiv by 56.6% during the first quarter. Goldman Sachs Group Inc. now owns 49,295 shares of the technology company’s stock valued at $157,000 after purchasing an additional 17,811 shares during the period. Hedge funds and other institutional investors own 65.16% of the company’s stock.

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.