NEW YORK - Innovid Corp. (NYSE:CTV), a software platform specializing in advertising across various forms of TV and digital media, is slated for inclusion in the Russell 3000® Index, as per the preliminary list of additions released on May 24. This event will coincide with the annual reconstitution of Russell US Indexes and will take effect at the opening of US equity markets on July 1, 2024.
The Russell 3000® Index, which is reconstituted annually, represents the 4,000 largest US stocks by market capitalization as of April 30. Companies included in this index are also automatically listed in either the Russell 1000® or Russell 2000® Index as well as relevant growth and value style indexes. FTSE Russell, a leading global index provider, determines index membership based on market-capitalization rankings and style attributes.
Zvika Netter, CEO and co-founder of Innovid, expressed enthusiasm about the company's inclusion in the index, which is considered a key benchmark in US equity markets. Netter stated, "We are thrilled to join the Russell 3000® Index," and added that the inclusion is expected to expand the company's visibility to a wider array of institutional investors.
The Russell indexes are integral to investment managers and institutional investors for creating index funds and benchmarking active investment strategies. Approximately $10.5 trillion in assets were benchmarked against Russell US indexes as of December 2023.
InvestingPro Insights
As Innovid Corp. (NYSE:CTV) prepares to join the Russell 3000® Index, a glance at the company's financial health through InvestingPro metrics reveals a mixed picture. Innovid boasts a solid balance sheet, with more cash than debt, which is a reassuring sign for investors looking for financial stability in their investments. Additionally, the company's gross profit margin stands impressively at 76.55% for the last twelve months as of Q1 2024, indicating strong profitability in its core operations.
Despite not being profitable over the last year, Innovid has experienced significant stock price appreciation, with an 80.8% return over the past year. This aligns with the InvestingPro Tip highlighting the stock's high volatility and large price uptick over the last six months. Investors have been riding a wave of positive sentiment, as evidenced by the year-to-date price total return of 50.67%, reflecting the market's optimism about the company's growth prospects.
InvestingPro also offers additional insights, noting that Innovid is trading at a high EBITDA valuation multiple, which suggests that the market is pricing the company with expectations of future growth. For those considering taking a position in Innovid, there are 10 additional InvestingPro Tips available that can further guide investment decisions. These tips delve into aspects such as stock price movements, profitability forecasts, and liquidity, providing a comprehensive analysis of Innovid's financial state and market potential.
Interested investors can explore these insights and more by visiting https://www.investing.com/pro/CTV and can benefit from an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.