Maxim Group Upgrades ARB IOT Group (NASDAQ:ARBB) to “Strong-Buy”

Maxim Group upgraded shares of ARB IOT Group (NASDAQ:ARBB) to a strong-buy rating in a report released on Monday, MarketBeat reports. The brokerage currently has $20.00 target price on the stock.

ARB IOT Group Price Performance

NASDAQ:ARBB opened at $6.75 on Monday. ARB IOT Group has a twelve month low of $3.22 and a twelve month high of $18.60. The company’s 50-day moving average price is $9.25 and its 200-day moving average price is $8.69.

Hedge Funds Weigh In On ARB IOT Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new stake in ARB IOT Group during the fourth quarter worth about $28,000. Virtu Financial LLC acquired a new stake in shares of ARB IOT Group during the 1st quarter worth about $31,000. Finally, Citadel Advisors LLC boosted its stake in ARB IOT Group by 120.1% during the fourth quarter. Citadel Advisors LLC now owns 72,831 shares of the company’s stock worth $36,000 after buying an additional 39,744 shares during the period. Institutional investors and hedge funds own 14.79% of the company’s stock.

ARB IOT Group Company Profile

ARB IOT Group Limited, through its subsidiaries, provides Internet of Things (IoT) system solutions, and system integration and support services in Malaysia. It offers IoT smart home and building solutions, such as design, procurement, and provision of smart home products and devices; integration services; and electrical wire installation and home data network setup for homeowners, as well as provides smart building solutions, including design, procurement, installation, testing, pre-commissioning and commissioning of various IoT systems, solutions, and devices; and integration of automated systems for smart buildings, including installation of wire and wireless, and mechatronic works for property developers and contractors.