Short Interest in Opera Limited (NASDAQ:OPRA) Drops By 16.3%

Opera Limited (NASDAQ:OPRA) saw a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 1,440,000 shares, a drop of 16.3% from the February 13th total of 1,720,000 shares. Based on an average daily volume of 507,800 shares, the days-to-cover ratio is currently 2.8 days. Currently, 10.4% of the shares of the company are short sold.

Opera Stock Performance

Shares of OPRA traded down $0.47 during trading hours on Thursday, hitting $17.90. The stock had a trading volume of 174,546 shares, compared to its average volume of 590,831. 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 12 month low of $10.11 and a 12 month high of $22.50. The firm has a market capitalization of $1.58 billion, a PE ratio of 9.15 and a beta of 1.12. The stock has a fifty day moving average price of $18.71 and a 200 day moving average price of $17.73.

Analysts Set New Price Targets

Separately, Piper Sandler assumed coverage on shares of Opera in a research note on Wednesday, February 5th. They set an “overweight” rating and a $25.00 target price for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Opera presently has a consensus rating of “Buy” and a consensus target price of $24.80.

Hedge Funds Weigh In On Opera

Institutional investors and hedge funds have recently bought and sold shares of the stock. Penn Mutual Asset Management purchased a new position in Opera during the third quarter valued at $952,000. Rockefeller Capital Management L.P. lifted its holdings in Opera by 44.0% during the third quarter. Rockefeller Capital Management L.P. now owns 275,034 shares of the company’s stock valued at $4,249,000 after purchasing an additional 84,001 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Opera by 62.4% in the third quarter. Tidal Investments LLC now owns 670,140 shares of the company’s stock worth $10,354,000 after purchasing an additional 257,469 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Opera in the third quarter worth $888,000. Finally, SG Americas Securities LLC bought a new stake in shares of Opera during the 4th quarter valued at $530,000. 10.21% of the stock is currently owned by hedge funds and other institutional investors.

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.