Mitel Networks (MITL) Rating Lowered to Strong Sell at BidaskClub
BidaskClub downgraded shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a sell rating to a strong sell rating in a report published on Thursday.
A number of other brokerages have also commented on MITL. Zacks Investment Research raised Mitel Networks from a strong sell rating to a hold rating in a research note on Tuesday, December 5th. TheStreet lowered Mitel Networks from a b rating to a c rating in a research report on Tuesday, November 14th. Royal Bank Of Canada reissued a hold rating and set a $8.50 price objective on shares of Mitel Networks in a research report on Thursday, November 2nd. Finally, National Bank Financial raised their price objective on Mitel Networks from $10.00 to $14.00 and gave the company an outperform rating in a research report on Monday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $11.25.
Shares of Mitel Networks (NASDAQ:MITL) traded up $0.22 during mid-day trading on Thursday, reaching $7.38. The company had a trading volume of 916,200 shares, compared to its average volume of 709,465. Mitel Networks has a 12 month low of $6.21 and a 12 month high of $9.13. The company has a quick ratio of 0.77, a current ratio of 1.00 and a debt-to-equity ratio of 1.94.
Several institutional investors have recently added to or reduced their stakes in MITL. FDx Advisors Inc. purchased a new position in Mitel Networks in the 3rd quarter worth approximately $125,000. UBS Group AG lifted its holdings in Mitel Networks by 3.6% in the 1st quarter. UBS Group AG now owns 16,351 shares of the communications equipment provider’s stock worth $113,000 after purchasing an additional 570 shares in the last quarter. Cullen Capital Management LLC purchased a new position in Mitel Networks in the 2nd quarter worth approximately $125,000. Allianz Asset Management GmbH purchased a new position in Mitel Networks in the 3rd quarter worth approximately $146,000. Finally, Quantbot Technologies LP purchased a new position in Mitel Networks in the 2nd quarter worth approximately $143,000. Institutional investors and hedge funds own 80.05% of the company’s stock.
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Mitel Networks Company Profile
Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company’s segments include Cloud and Enterprise. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment.
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