Digi International (NASDAQ:DGII) Shares Cross Above 200 Day Moving Average – What’s Next?

Shares of Digi International Inc. (NASDAQ:DGII) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $26.67 and traded as high as $30.57. Digi International shares last traded at $30.51, with a volume of 92,260 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DGII. Craig Hallum lowered their target price on Digi International from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Piper Sandler dropped their target price on shares of Digi International from $27.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Digi International currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.20.

Digi International Price Performance

The firm has a market capitalization of $1.09 billion, a PE ratio of 78.50, a PEG ratio of 0.98 and a beta of 1.07. The company has a quick ratio of 1.31, a current ratio of 2.00 and a debt-to-equity ratio of 0.27. The firm’s fifty day simple moving average is $28.53 and its 200-day simple moving average is $26.66.

Digi International (NASDAQ:DGII) last posted its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.01. Digi International had a return on equity of 11.32% and a net margin of 3.94%. The firm had revenue of $105.20 million during the quarter, compared to analysts’ expectations of $105.60 million. During the same quarter in the previous year, the business earned $0.44 earnings per share. The company’s revenue was down 6.3% on a year-over-year basis. On average, research analysts forecast that Digi International Inc. will post 1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Digi International

Several institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC increased its holdings in Digi International by 108.0% during the third quarter. SG Americas Securities LLC now owns 16,928 shares of the technology company’s stock valued at $466,000 after buying an additional 8,788 shares during the last quarter. Cornercap Investment Counsel Inc. bought a new position in Digi International in the 2nd quarter worth $498,000. Rhumbline Advisers raised its holdings in Digi International by 6.7% in the 2nd quarter. Rhumbline Advisers now owns 114,584 shares of the technology company’s stock worth $2,627,000 after purchasing an additional 7,208 shares during the period. Bank of New York Mellon Corp lifted its position in Digi International by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 312,765 shares of the technology company’s stock valued at $7,172,000 after purchasing an additional 6,534 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in Digi International by 216.7% during the second quarter. Harbor Capital Advisors Inc. now owns 91,197 shares of the technology company’s stock valued at $2,091,000 after purchasing an additional 62,402 shares during the period. Institutional investors own 95.90% of the company’s stock.

About Digi International

Digi International Inc provides business and mission-critical Internet of Things (IoT) products, services, and solutions in the United States, Europe, the Middle East, Africa, and internationally. The company operates in two segments, IoT Products & Services, and IoT Solutions. It offers cellular routers for mission-critical wireless connectivity; cellular modules to embed cellular communications abilities into the products to deploy and manage intelligent and secure cellular connected products; console servers to provide secure and remote access to network equipment in data centers and at edge locations; and radio frequency products, including embedded wireless modules, off-the-shelf gateways, modems, and adapters under the Digi XBee brand.