Shanghai Phicomm Communication Company ., Ltd.
revealed that they own a 14.1% stake in UTStarcom Holdings Corp (NASDAQ:UTSI) in a Schedule 13D/A disclosure that was filed with the SEC on Wednesday, October 11th. The investor owns 5,000,000 shares of the stock valued at $14,400,000. The reporting parties listed on the disclosure included Gu Guoping, Shanghai Phicomm Communication Co, Ltd,, Phicomm Technology (Hong Kong) Co, Limited, The Smart Soho International Limited, Talent Transmission Limited and Jin Wei. The disclosure is available through the SEC website at this hyperlink.
Shanghai Phicomm Communication Company ., Ltd.
provided the following explanation of their ownership:
Item 4 of the Statement is hereby amended by the addition of the following information:
TTL acquired the 1,332,443 Ordinary Shares reported in Item 5 of this Schedule 13D (Amendment No. 10) for investment. For additional information regarding the purpose of such acquisitions, see Item 4 of the Filing Persons’ Schedule 13D (Amendment No. 7) , filed June 9,2017.
On October 11,2017, counsel for Phicomm delivered a letter to counsel for the Special Committee of the Issuer’s Board of Directors expressing Phicomm’s concern in connection with possible action by the Issuer to adopt one or more antitakeover measures, which Phicomm believes may be under consideration by the Issuer. A copy of such letter is filed as an exhibit to this Schedule 13D (Amendment No. 10).
A number of other large investors have also modified their holdings of UTSI. Renaissance Technologies LLC boosted its position in UTStarcom Holdings Corp by 1.7% in the 1st quarter. Renaissance Technologies LLC now owns 829,197 shares of the Wireless communications provider’s stock worth $1,625,000 after purchasing an additional 14,000 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in UTStarcom Holdings Corp by 40.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 75,637 shares of the Wireless communications provider’s stock worth $177,000 after purchasing an additional 21,678 shares in the last quarter. Virtu KCG Holdings LLC purchased a new stake in UTStarcom Holdings Corp in the 2nd quarter worth approximately $141,000. Finally, Spark Investment Management LLC boosted its position in UTStarcom Holdings Corp by 116.4% in the 2nd quarter. Spark Investment Management LLC now owns 48,700 shares of the Wireless communications provider’s stock worth $113,000 after purchasing an additional 26,200 shares in the last quarter. Institutional investors own 25.93% of the company’s stock.
UTStarcom Holdings Corp (NASDAQ:UTSI) traded up 1.39% during midday trading on Wednesday, reaching $2.92. The company’s stock had a trading volume of 63,241 shares. UTStarcom Holdings Corp has a 12-month low of $1.60 and a 12-month high of $2.93. The stock has a market cap of $108.63 million, a P/E ratio of 32.44 and a beta of -0.30. The stock’s 50 day moving average is $2.29 and its 200 day moving average is $2.17.
Several equities research analysts have commented on the company. ValuEngine upgraded UTStarcom Holdings Corp from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. Zacks Investment Research upgraded UTStarcom Holdings Corp from a “hold” rating to a “buy” rating and set a $2.50 price objective on the stock in a research report on Thursday, July 13th.
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UTStarcom Holdings Corp Profile
UTStarcom Holdings Corp. provides broadband products, solution and services. The Company delivers broadband transport and access (both wireless fidelity (Wi-Fi) and fixed line) products and solutions, optimized for mobile backhaul, metro aggregation, broadband access and Wi-Fi data offloading. Its segments include Equipment, which is focused on its equipment sales, including network infrastructure and application products, and Services, which is engaged in providing services and support of its equipment products and also the new operational support segment.
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