Craig Hallum began coverage on shares of pdvWireless (NASDAQ:PDVW) in a research report sent to investors on Monday, The Fly reports. The brokerage issued a buy rating on the wireless provider’s stock.
Several other research firms have also recently weighed in on PDVW. Zacks Investment Research upgraded pdvWireless from a sell rating to a hold rating in a report on Tuesday, June 26th. BidaskClub upgraded pdvWireless from a sell rating to a hold rating in a report on Tuesday, August 21st. TheStreet upgraded pdvWireless from a d+ rating to a c- rating in a report on Tuesday, September 4th. Finally, ValuEngine upgraded pdvWireless from a hold rating to a buy rating in a report on Thursday, September 27th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $47.50.
Shares of PDVW opened at $43.55 on Monday. The company has a market cap of $491.88 million, a P/E ratio of -18.69 and a beta of 0.77. pdvWireless has a 12-month low of $22.50 and a 12-month high of $43.92.
pdvWireless (NASDAQ:PDVW) last released its quarterly earnings results on Friday, August 10th. The wireless provider reported ($0.54) earnings per share for the quarter, beating the consensus estimate of ($0.93) by $0.39. The business had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $1.26 million. pdvWireless had a negative return on equity of 16.02% and a negative net margin of 517.89%. On average, equities analysts forecast that pdvWireless will post -2.91 earnings per share for the current fiscal year.
In other news, major shareholder Bravo Fund Ii L.P. Pimco sold 25,100 shares of pdvWireless stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $31.84, for a total value of $799,184.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Owl Creek Asset Management, L. bought 13,232 shares of the company’s stock in a transaction dated Monday, July 23rd. The stock was bought at an average price of $25.95 per share, with a total value of $343,370.40. The disclosure for this purchase can be found here. Insiders have acquired a total of 86,232 shares of company stock valued at $2,362,815 in the last 90 days. 12.40% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Trexquant Investment LP bought a new stake in shares of pdvWireless during the 2nd quarter worth approximately $221,000. Citadel Advisors LLC bought a new stake in shares of pdvWireless during the 2nd quarter worth approximately $366,000. Swiss National Bank lifted its stake in shares of pdvWireless by 12.7% during the 1st quarter. Swiss National Bank now owns 15,950 shares of the wireless provider’s stock worth $476,000 after acquiring an additional 1,800 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of pdvWireless by 6.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 46,990 shares of the wireless provider’s stock worth $1,173,000 after acquiring an additional 2,965 shares during the last quarter. Finally, Serengeti Asset Management LP bought a new stake in shares of pdvWireless during the 2nd quarter worth approximately $1,198,000. 89.86% of the stock is owned by hedge funds and other institutional investors.
pdvWireless, Inc, a wireless communication company, provides network and mobile communication solutions to infrastructure and enterprise customers primarily in the United States. It offers TeamConnect service, which combines pdvConnect, a proprietary suite of mobile communication and workforce management applications with digital network architecture and mobile devices supplied by Motorola Solutions, Inc The company's mobile communication and workforce management solutions enable businesses to locate and communicate with their field workers, as well as enhance the documentation of work events and job status.
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