MiX Telematics (MIXT) Stock Rating Upgraded by ValuEngine

MiX Telematics (NYSE:MIXT) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a report released on Thursday.

A number of other analysts have also issued reports on MIXT. Canaccord Genuity increased their target price on MiX Telematics from $23.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, June 14th. Zacks Investment Research lowered MiX Telematics from a “hold” rating to a “sell” rating in a report on Thursday, July 26th. Finally, Raymond James upgraded MiX Telematics from an “outperform” rating to a “strong-buy” rating and set a $22.00 price objective for the company in a report on Monday, August 20th. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $23.00.

MIXT opened at $14.52 on Thursday. The firm has a market capitalization of $326.01 million, a PE ratio of 25.07 and a beta of 0.48. MiX Telematics has a 12-month low of $9.28 and a 12-month high of $21.00.

MiX Telematics (NYSE:MIXT) last released its earnings results on Thursday, August 2nd. The technology company reported $0.15 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.15. The company had revenue of $33.28 million during the quarter, compared to analyst estimates of $35.56 million. MiX Telematics had a return on equity of 11.83% and a net margin of 9.46%. As a group, sell-side analysts expect that MiX Telematics will post 0.57 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its holdings in shares of MiX Telematics by 21.4% during the second quarter. Renaissance Technologies LLC now owns 1,100,200 shares of the technology company’s stock worth $19,496,000 after acquiring an additional 194,224 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of MiX Telematics by 5.6% during the second quarter. Acadian Asset Management LLC now owns 915,774 shares of the technology company’s stock worth $16,229,000 after acquiring an additional 48,952 shares in the last quarter. Summit Trail Advisors LLC raised its holdings in shares of MiX Telematics by 1,425.2% during the first quarter. Summit Trail Advisors LLC now owns 258,537 shares of the technology company’s stock worth $259,000 after acquiring an additional 241,586 shares in the last quarter. Millennium Management LLC raised its holdings in shares of MiX Telematics by 153.4% during the second quarter. Millennium Management LLC now owns 219,264 shares of the technology company’s stock worth $3,885,000 after acquiring an additional 132,747 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of MiX Telematics by 48.5% during the second quarter. Bank of New York Mellon Corp now owns 120,515 shares of the technology company’s stock worth $2,136,000 after acquiring an additional 39,348 shares in the last quarter. Institutional investors and hedge funds own 32.75% of the company’s stock.

About MiX Telematics

MiX Telematics Limited provides fleet and mobile asset management solutions through software-as-a-service delivery model. The company offers fleet solutions, including MiX Fleet Manager Premium that provides access to secure information about drivers and vehicles; MiX Fleet Manager Essential for monitoring drivers and vehicles; and MiX Asset Manager, a solution for fleet owners and managers to track and monitor vehicles.

Further Reading: Cash Flow Analysis in Stock Selection

To view ValuEngine’s full report, visit ValuEngine’s official website.

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