Identiv (NASDAQ:INVE) Shares Pass Above 200-Day Moving Average – Here’s Why

Identiv, Inc. (NASDAQ:INVE)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-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 traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Identiv from a “sell” rating to a “hold” rating in a report on Monday, November 11th.

Identiv Stock Up 3.0 %

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

Identiv declared that its board has approved a share buyback plan on Thursday, November 7th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 11.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Identiv

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royce & Associates LP boosted its stake in 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 acquiring an additional 137,034 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Identiv by 4.9% in the 2nd quarter. Renaissance Technologies LLC now owns 86,382 shares of the technology company’s stock valued at $371,000 after purchasing an additional 4,000 shares during the period. Bank of Montreal Can purchased a new position in Identiv during the 2nd quarter worth approximately $370,000. Perritt Capital Management Inc increased its position in Identiv by 54.2% during the second quarter. Perritt Capital Management Inc now owns 85,300 shares of the technology company’s stock worth $367,000 after buying an additional 30,000 shares during the period. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Identiv in the third quarter valued at approximately $228,000. 65.16% of the stock is currently owned by institutional investors and hedge funds.

About Identiv

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.