Zacks Investment Research Downgrades pdvWireless (PDVW) to Hold

Zacks Investment Research cut shares of pdvWireless (NASDAQ:PDVW) from a buy rating to a hold rating in a report issued on Tuesday morning.

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. “

A number of other equities research analysts also recently issued reports on PDVW. ValuEngine upgraded pdvWireless from a sell rating to a hold rating in a research note on Sunday, December 31st. BidaskClub downgraded pdvWireless from a strong-buy rating to a buy rating in a research note on Thursday, December 21st. Finally, B. Riley restated a buy rating and set a $59.00 price target on shares of pdvWireless in a research note on Thursday, October 5th.

pdvWireless (PDVW) traded up $0.35 during trading on Tuesday, hitting $33.85. The company’s stock had a trading volume of 6,608 shares, compared to its average volume of 13,570. The company has a market cap of $483.67, a P/E ratio of -13.02 and a beta of 0.51. pdvWireless has a 1-year low of $18.70 and a 1-year high of $36.00.

In related news, EVP Richard E. Rohmann sold 900 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $29.54, for a total transaction of $26,586.00. Following the completion of the transaction, the executive vice president now directly owns 13,109 shares in the company, valued at approximately $387,239.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Owl Creek Asset Management, L. acquired 14,749 shares of the business’s stock in a transaction that occurred on Friday, November 3rd. The shares were bought at an average price of $29.26 per share, with a total value of $431,555.74. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 347,133 shares of company stock valued at $10,876,720. 10.91% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the stock. State Street Corp grew its stake in shares of pdvWireless by 6.4% during the 2nd quarter. State Street Corp now owns 200,591 shares of the wireless provider’s stock valued at $4,674,000 after acquiring an additional 12,020 shares during the period. Northern Trust Corp grew its stake in shares of pdvWireless by 2.4% during the 2nd quarter. Northern Trust Corp now owns 118,630 shares of the wireless provider’s stock valued at $2,765,000 after acquiring an additional 2,768 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of pdvWireless by 5.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 35,766 shares of the wireless provider’s stock valued at $1,066,000 after acquiring an additional 1,914 shares during the period. Teachers Advisors LLC grew its stake in shares of pdvWireless by 2.2% during the 2nd quarter. Teachers Advisors LLC now owns 18,031 shares of the wireless provider’s stock valued at $420,000 after acquiring an additional 391 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of pdvWireless by 5.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,171 shares of the wireless provider’s stock valued at $190,000 after acquiring an additional 448 shares during the period. Institutional investors own 91.97% of the company’s stock.

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About pdvWireless

pdvWireless, Inc, formerly Pacific DataVision, Inc, is a wireless communications carrier and a provider of mobile workforce communication and location-based solutions. The Company’s solutions focus on enhancing the productivity of its customers’ field-based workers, and the efficiency of their dispatch and call center operations.

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