Opera Limited (NASDAQ:OPRA) Sees Large Drop in Short Interest

Opera Limited (NASDAQ:OPRA) was the target of a large drop in short interest in May. As of May 15th, there was short interest totalling 1,900,000 shares, a drop of 27.8% from the April 30th total of 2,630,000 shares. Based on an average daily trading volume, of 534,900 shares, the days-to-cover ratio is presently 3.6 days. Approximately 13.7% of the shares of the stock are sold short.

Institutional Investors Weigh In On Opera

Hedge funds have recently made changes to their positions in the business. US Bancorp DE boosted its holdings in shares of Opera by 2,065.1% in the 4th quarter. US Bancorp DE now owns 1,364 shares of the company’s stock valued at $26,000 after purchasing an additional 1,301 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Opera by 74.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,580 shares of the company’s stock valued at $30,000 after purchasing an additional 674 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Opera by 229.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,222 shares of the company’s stock valued at $42,000 after buying an additional 1,548 shares in the last quarter. Calton & Associates Inc. acquired a new position in Opera during the first quarter valued at approximately $51,000. Finally, Point72 Hong Kong Ltd lifted its position in Opera by 457.1% during the fourth quarter. Point72 Hong Kong Ltd now owns 3,900 shares of the company’s stock valued at $74,000 after buying an additional 3,200 shares in the last quarter. Institutional investors and hedge funds own 10.21% of the company’s stock.

Opera Trading Up 0.7%

Shares of OPRA stock traded up $0.13 during trading hours on Tuesday, hitting $18.25. The company had a trading volume of 226,928 shares, compared to its average volume of 492,132. The company’s fifty day moving average is $16.43 and its 200 day moving average is $18.03. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.10 and a quick ratio of 2.10. Opera has a fifty-two week low of $10.11 and a fifty-two week high of $22.50. The stock has a market capitalization of $1.61 billion, a PE ratio of 9.26 and a beta of 1.01.

Opera (NASDAQ:OPRA) last announced its earnings results on Monday, April 28th. The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. The business had revenue of $142.72 million for the quarter, compared to analysts’ expectations of $132.48 million. Opera had a net margin of 39.22% and a return on equity of 19.22%. During the same period in the previous year, the company posted $0.34 EPS. Research analysts expect that Opera will post 0.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Lake Street Capital lifted their price target on shares of Opera from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Wall Street Zen raised shares of Opera from a “hold” rating to a “buy” rating in a research note on Saturday, May 24th. The Goldman Sachs Group lowered their price target on Opera from $26.00 to $22.50 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Piper Sandler initiated coverage on Opera in a research note on Wednesday, February 5th. They issued an “overweight” rating and a $25.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $24.90.

About Opera

Opera Limited, together with its subsidiaries, provides mobile and PC web browsers and related products and services in Norway and internationally. The company offers mobile browser products, such as Opera Mini, Opera browser for Android and iOS, and Opera GX for PCs and Mobile; Opera Touch; PC browsers, including Opera for Computers and Opera GX; Apex Football; Opera VPN Pro; and Opera News, an AI-powered personalized news discovery and aggregation service.