Water Island Capital LLC reduced its holdings in shares of NII Holdings Inc (NASDAQ:NIHD) by 2.8% in the first quarter, Holdings Channel reports. The institutional investor owned 432,443 shares of the Wireless communications provider’s stock after selling 12,269 shares during the period. Water Island Capital LLC’s holdings in NII were worth $848,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. raised its holdings in NII by 471.6% in the fourth quarter. Meeder Asset Management Inc. now owns 5,836 shares of the Wireless communications provider’s stock worth $25,000 after purchasing an additional 4,815 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of NII in the 4th quarter valued at about $32,000. Virtu Financial LLC bought a new stake in shares of NII in the 4th quarter valued at about $44,000. Squarepoint Ops LLC bought a new stake in shares of NII in the 4th quarter valued at about $45,000. Finally, Gabelli Funds LLC bought a new stake in shares of NII in the 4th quarter valued at about $51,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.
Separately, BidaskClub downgraded shares of NII from a “hold” rating to a “sell” rating in a research note on Friday, February 15th.
Shares of NIHD stock traded up $0.04 during trading hours on Wednesday, hitting $1.98. 11,347 shares of the company’s stock traded hands, compared to its average volume of 880,821. NII Holdings Inc has a 12 month low of $1.82 and a 12 month high of $8.51.
NII (NASDAQ:NIHD) last released its quarterly earnings results on Friday, May 10th. The Wireless communications provider reported $0.02 earnings per share (EPS) for the quarter. The business had revenue of $146.80 million for the quarter.
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NII Holdings, Inc, through its subsidiaries, provides wireless communication services to the individual consumers under the Nextel brand in Brazil. The company offers its services through wideband code division multiple access and long-term evolution networks. Its services include mobile telephone voice and wireless data, and international voice and data roaming services.
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