GARP Research assumed coverage on shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) in a report released on Tuesday, December 19th, The Fly reports. The firm issued a buy rating on the communications equipment provider’s stock.
A number of other research analysts have also recently commented on MITL. Zacks Investment Research upgraded Mitel Networks from a strong sell rating to a hold rating in a research note on Wednesday, September 27th. Royal Bank of Canada reiterated a hold rating and issued a $8.50 price target on shares of Mitel Networks in a research note on Thursday, November 2nd. Craig Hallum initiated coverage on Mitel Networks in a research note on Thursday, December 14th. They issued a buy rating and a $14.00 price target on the stock. National Bank Financial boosted their price target on Mitel Networks from $10.00 to $14.00 and gave the stock an outperform rating in a research note on Monday, October 23rd. Finally, TheStreet cut Mitel Networks from a b rating to a c rating in a research note on Tuesday, November 14th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $12.17.
Shares of Mitel Networks (NASDAQ MITL) traded up $0.35 on Tuesday, hitting $8.92. The company’s stock had a trading volume of 2,614,566 shares, compared to its average volume of 1,179,071. The firm has a market capitalization of $1,340.00, a PE ratio of -223.00 and a beta of 2.66. Mitel Networks has a 12 month low of $6.21 and a 12 month high of $9.13. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.77 and a current ratio of 1.00.
In other news, insider Richard D. Mcbee acquired 10,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were purchased at an average price of $8.00 per share, for a total transaction of $80,000.00. Following the completion of the purchase, the insider now directly owns 268,047 shares of the company’s stock, valued at approximately $2,144,376. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 5,244 shares of company stock worth $41,773 in the last 90 days. 16.50% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. FDx Advisors Inc. bought a new position in shares of Mitel Networks during the third quarter valued at approximately $125,000. Cullen Capital Management LLC bought a new position in shares of Mitel Networks during the second quarter valued at approximately $125,000. Allianz Asset Management GmbH bought a new position in Mitel Networks in the 3rd quarter worth approximately $146,000. Quantbot Technologies LP bought a new position in Mitel Networks in the 2nd quarter worth approximately $143,000. Finally, 1st Global Advisors Inc. grew its holdings in Mitel Networks by 1.4% in the 2nd quarter. 1st Global Advisors Inc. now owns 23,658 shares of the communications equipment provider’s stock worth $174,000 after buying an additional 337 shares in the last quarter. 80.05% of the stock is owned by institutional investors.
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About Mitel Networks
Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company’s segments include Cloud and Enterprise. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment.
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