BidaskClub Downgrades Mitel Networks (MITL) to Buy

Mitel Networks (NASDAQ:MITL) (TSE:MNW) was downgraded by investment analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Thursday.

MITL has been the topic of several other reports. ValuEngine cut shares of Mitel Networks from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 2nd. Zacks Investment Research cut shares of Mitel Networks from a “buy” rating to a “hold” rating in a report on Wednesday, October 17th. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $12.38.

Mitel Networks stock traded up $0.02 during trading hours on Thursday, hitting $11.01. The company had a trading volume of 960,818 shares, compared to its average volume of 810,291. The stock has a market cap of $1.35 billion, a P/E ratio of -27.53 and a beta of 2.00. The company has a quick ratio of 0.77, a current ratio of 0.94 and a debt-to-equity ratio of 1.19. Mitel Networks has a one year low of $7.13 and a one year high of $11.31.

In other Mitel Networks news, Director Benjamin Ball sold 21,250 shares of the stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $10.97, for a total transaction of $233,112.50. Following the transaction, the director now owns 51,125 shares in the company, valued at approximately $560,841.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peter Charbonneau sold 4,668 shares of the stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $10.98, for a total transaction of $51,254.64. Following the transaction, the director now owns 59,969 shares in the company, valued at approximately $658,459.62. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,897 shares of company stock worth $317,063. Insiders own 5.60% of the company’s stock.

Large investors have recently made changes to their positions in the business. Xact Kapitalforvaltning AB acquired a new position in shares of Mitel Networks during the 2nd quarter worth approximately $259,000. Sphinx Trading LP acquired a new stake in shares of Mitel Networks during the 2nd quarter worth approximately $274,000. Suntrust Banks Inc. acquired a new stake in shares of Mitel Networks during the 1st quarter worth approximately $235,000. Cubist Systematic Strategies LLC boosted its position in shares of Mitel Networks by 44.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 28,702 shares of the communications equipment provider’s stock worth $314,000 after acquiring an additional 8,883 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in shares of Mitel Networks by 17.6% during the 2nd quarter. Toronto Dominion Bank now owns 37,319 shares of the communications equipment provider’s stock worth $409,000 after acquiring an additional 5,598 shares in the last quarter. Hedge funds and other institutional investors own 80.49% of the company’s stock.

Mitel Networks Company Profile

Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.

Further Reading: Technical Analysis

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