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      Positive Analyst Rating Lifts Opera (OPRA) Stock

      By Fahim Awan

      Published on

      December 14, 2023

      12:01 PM UTC

      Positive Analyst Rating Lifts Opera (OPRA) Stock

      Opera Limited (NASDAQ: OPRA) stock experienced a notable surge on the US market charts this Wednesday, marking a substantial 13.27% increase and concluding the trading session at $12.38. This upswing in Opera stock value was spurred by a favorable analyst recommendation. Goldman, on Wednesday, initiated coverage of OPRA stock with a “Buy” recommendation, concurrently assigning it a target price of $16.50.

      Furthermore, Opera (OPRA) has recently announced its forthcoming semi-annual cash dividend for holders of ordinary shares and American Depositary Shares (“ADSs”), with each ADS representing two ordinary shares. Under the recurring dividend program unveiled in June 2023, OPRA’s upcoming semi-annual dividend is slated to be $0.40 per ADS.

      Shareholders of record as of the close of business on January 3, 2024, will be eligible for the payment. Dividends destined for ADS holders via the depositary bank, The Bank of New York Mellon, will be subject to the deposit agreement’s terms. Opera anticipates the depositary bank to distribute dividends around January 9, 2024.

      The total amount of this initial dividend approximates $35 million, calculated based on 87.5 million ADS equivalents outstanding as of November 30, 2023. Notably, OPRA’s cash outlay is expected to be around $9.9 million, limited to ADS holders. The remaining $25.1 million, intended for ordinary shares and payable to the majority shareholder, Kunlun Tech Limited.

      It will be offset against Opera’s receivable resulting from the sale of investment, owed by Kunlun following Opera’s divestment of its stake in Star Group Interactive Inc. (“StarX”). Future dividend disbursements on Kunlun’s ordinary shares in Opera will be similarly offset until the StarX receivable, along with accrued interest, is fully settled.

      In addition to these financial developments, Opera has recently enhanced its Lucid Mode—a feature elevating video quality with superior brightness, sharpness, and clarity. The underlying technology has been upgraded, resulting in improved browser performance and extended battery life.

      Users now have the capability to fine-tune video enhancement settings. In conjunction with this upgrade, Opera has introduced a radiant Sunrise wallpaper, specially crafted to counteract the winter blues by enveloping users in a luminous ambiance.

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