pdvWireless (PDVW) Rating Increased to Hold at Zacks Investment Research

pdvWireless (NASDAQ:PDVW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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. “

Several other research firms have also recently weighed in on PDVW. BidaskClub raised pdvWireless from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 28th. Craig Hallum assumed coverage on pdvWireless in a research note on Monday, October 15th. They set a “buy” rating on the stock. Finally, ValuEngine raised pdvWireless from a “hold” rating to a “buy” rating in a research note on Thursday, September 27th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $46.00.

NASDAQ:PDVW opened at $39.90 on Wednesday. pdvWireless has a fifty-two week low of $22.50 and a fifty-two week high of $47.87. The stock has a market cap of $585.23 million, a price-to-earnings ratio of -17.12 and a beta of 0.52.

pdvWireless (NASDAQ:PDVW) last released its earnings results on Wednesday, November 7th. The wireless provider reported ($0.58) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.65) by $0.07. pdvWireless had a negative return on equity of 16.58% and a negative net margin of 545.74%. The company had revenue of $1.82 million for the quarter, compared to analysts’ expectations of $1.54 million. As a group, equities research analysts forecast that pdvWireless will post -2.91 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in PDVW. Dimensional Fund Advisors LP bought a new stake in shares of pdvWireless in the 2nd quarter valued at approximately $1,238,000. BlackRock Inc. grew its stake in shares of pdvWireless by 7.1% in the 2nd quarter. BlackRock Inc. now owns 683,937 shares of the wireless provider’s stock valued at $17,064,000 after buying an additional 45,248 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of pdvWireless by 560.0% in the 2nd quarter. Renaissance Technologies LLC now owns 49,500 shares of the wireless provider’s stock valued at $1,235,000 after buying an additional 42,000 shares in the last quarter. Wexford Capital LP bought a new stake in shares of pdvWireless in the 3rd quarter valued at approximately $1,343,000. Finally, Citadel Advisors LLC bought a new stake in shares of pdvWireless in the 2nd quarter valued at approximately $366,000. 88.36% of the stock is owned by institutional investors and hedge funds.

pdvWireless Company Profile

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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