Identiv (NASDAQ:INVE) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Identiv, Inc. (NASDAQ:INVE)’s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $3.73 and traded as high as $3.77. Identiv shares last traded at $3.77, with a volume of 18,468 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Identiv from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Identiv Stock Performance

The firm has a market capitalization of $90.05 million, a price-to-earnings ratio of 1.23 and a beta of 1.36. The firm has a fifty day moving average price of $3.80 and a 200 day moving average price of $3.73.

Identiv announced that its Board of Directors has approved a stock repurchase program on Thursday, November 7th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 11.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Identiv

A number of large investors have recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new position in Identiv during the second quarter worth about $164,000. Perritt Capital Management Inc grew its holdings in shares of Identiv by 54.2% in the 2nd quarter. Perritt Capital Management Inc now owns 85,300 shares of the technology company’s stock worth $367,000 after acquiring an additional 30,000 shares during the period. Renaissance Technologies LLC raised its holdings in Identiv by 4.9% during the second quarter. Renaissance Technologies LLC now owns 86,382 shares of the technology company’s stock worth $371,000 after purchasing an additional 4,000 shares during the last quarter. Bank of Montreal Can acquired a new stake in Identiv in the second quarter valued at $370,000. Finally, Royce & Associates LP increased its position in shares of Identiv by 11.1% in the third quarter. Royce & Associates LP now owns 1,373,743 shares of the technology company’s stock valued at $4,849,000 after buying an additional 137,034 shares in the last quarter. Hedge funds and other institutional investors own 65.16% of the company’s stock.

Identiv Company Profile

Identiv, Inc, a security technology company, that provides secure identification and physical security solutions that secure things, data, and physical places worldwide. It operates in two segments, Identity and Premises. The Identity segment offers products and solutions that enables secure access to information serving the logical access and cyber security markets, as well as protecting connected objects and information using radio-frequency identification embedded security.