Zacks Investment Research Lowers pdvWireless (PDVW) to Hold

Zacks Investment Research lowered shares of pdvWireless (NASDAQ:PDVW) from a strong-buy rating to a hold rating in a research report sent to investors 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 analysts also recently commented on PDVW. ValuEngine downgraded shares of pdvWireless from a buy rating to a hold rating in a research note on Wednesday, June 27th. TheStreet downgraded shares of pdvWireless from a c- rating to a d+ rating in a research note on Thursday, June 28th. BidaskClub downgraded shares of pdvWireless from a sell rating to a strong sell rating in a research note on Friday, July 20th. Finally, Craig Hallum began coverage on shares of pdvWireless in a research note on Monday. They issued a buy rating on the stock. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $47.50.

Shares of PDVW stock traded up $2.44 during mid-day trading on Tuesday, reaching $42.61. The company’s stock had a trading volume of 5,906 shares, compared to its average volume of 52,360. pdvWireless has a 12-month low of $22.50 and a 12-month high of $43.92. The company has a market cap of $631.90 million, a PE ratio of -18.29 and a beta of 0.78.

pdvWireless (NASDAQ:PDVW) last issued its earnings results on Friday, August 10th. The wireless provider reported ($0.54) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.93) by $0.39. pdvWireless had a negative net margin of 517.89% and a negative return on equity of 16.02%. The business had revenue of $1.87 million for the quarter, compared to the consensus estimate of $1.26 million. As a group, equities analysts forecast that pdvWireless will post -2.91 earnings per share for the current fiscal year.

In other news, major shareholder Owl Creek Asset Management, L. purchased 8,000 shares of the stock in a transaction that occurred on Wednesday, July 25th. The stock was acquired at an average cost of $25.44 per share, with a total value of $203,520.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Bravo Fund Ii L.P. Pimco sold 25,100 shares of the firm’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $31.84, for a total transaction of $799,184.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 82,632 shares of company stock valued at $2,272,347. Company insiders own 12.40% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PDVW. Swiss National Bank grew its holdings in pdvWireless by 12.7% during the 1st quarter. Swiss National Bank now owns 15,950 shares of the wireless provider’s stock valued at $476,000 after purchasing an additional 1,800 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in pdvWireless by 9.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 44,025 shares of the wireless provider’s stock worth $1,315,000 after acquiring an additional 3,787 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in pdvWireless by 9.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 126,739 shares of the wireless provider’s stock worth $3,162,000 after acquiring an additional 10,983 shares in the last quarter. Serengeti Asset Management LP acquired a new position in pdvWireless during the 2nd quarter worth $1,198,000. Finally, Trexquant Investment LP acquired a new position in pdvWireless during the 2nd quarter worth $221,000. 89.86% of the stock is owned by institutional investors and hedge funds.

About pdvWireless

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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