Zacks Investment Research lowered shares of pdvWireless (NASDAQ:PDVW) from a hold rating to a sell rating in a report issued on Wednesday.
According to Zacks, “pdvWireless, Inc. develops and sells wireless communications applications. It offers cloud-based pdvConnect mobile resource management solutions that enable businesses to locate and communicate with field workers, and enhance documentation of work events and job status. The company also sells and installs equipment used to run the wireless communications applications. pdvWireless, Inc., formerly known as Pacific DataVision, Inc., is headquartered in Woodland Park, New Jersey. “
A number of other equities research analysts also recently commented on the company. B. Riley reiterated a buy rating and issued a $59.00 price objective on shares of pdvWireless in a report on Friday, December 15th. TheStreet upgraded pdvWireless from a d+ rating to a c- rating in a report on Wednesday, February 7th. BidaskClub upgraded pdvWireless from a buy rating to a strong-buy rating in a report on Tuesday, March 13th. Finally, ValuEngine upgraded pdvWireless from a sell rating to a hold rating in a report on Sunday, December 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $47.50.
Shares of PDVW opened at $30.05 on Wednesday. pdvWireless has a 12-month low of $20.40 and a 12-month high of $39.75. The firm has a market cap of $455.90, a PE ratio of -11.05 and a beta of 0.70.
pdvWireless (NASDAQ:PDVW) last released its quarterly earnings data on Tuesday, February 6th. The wireless provider reported ($0.59) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.02. The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.50 million. pdvWireless had a negative return on equity of 17.38% and a negative net margin of 613.47%. analysts forecast that pdvWireless will post -2.36 EPS for the current fiscal year.
In related news, major shareholder Owl Creek Asset Management, L. acquired 7,132 shares of the company’s stock in a transaction that occurred on Wednesday, January 10th. The stock was acquired at an average price of $31.97 per share, for a total transaction of $228,010.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Richard E. Rohmann sold 900 shares of the company’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $37.16, for a total value of $33,444.00. Following the completion of the sale, the executive vice president now owns 9,803 shares of the company’s stock, valued at approximately $364,279.48. The disclosure for this sale can be found here. Insiders sold 2,700 shares of company stock valued at $90,567 in the last quarter. 10.91% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. MetLife Investment Advisors LLC bought a new stake in shares of pdvWireless in the fourth quarter worth about $108,000. The Manufacturers Life Insurance Company increased its holdings in shares of pdvWireless by 5.8% in the second quarter. The Manufacturers Life Insurance Company now owns 8,171 shares of the wireless provider’s stock worth $190,000 after acquiring an additional 448 shares in the last quarter. Alliancebernstein L.P. bought a new stake in shares of pdvWireless in the fourth quarter worth about $209,000. Dimensional Fund Advisors LP bought a new stake in shares of pdvWireless in the third quarter worth about $212,000. Finally, Deutsche Bank AG increased its holdings in shares of pdvWireless by 136.2% in the fourth quarter. Deutsche Bank AG now owns 22,661 shares of the wireless provider’s stock worth $725,000 after acquiring an additional 13,068 shares in the last quarter. Institutional investors own 90.60% of the company’s stock.
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pdvWireless, Inc operates as a wireless communications carrier, and provider of network and mobile communication solutions to infrastructure and enterprise customers. The company is deploying push-to-talk networks and two-way radio service to businesses in industry verticals, such as construction, distribution, transportation, field services, waste management, and hospitality.
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