Mitel Networks (MITL) Stock Rating Upgraded by BidaskClub
BidaskClub upgraded shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) from a strong sell rating to a sell rating in a report published on Wednesday.
Separately, ValuEngine cut Mitel Networks from a strong-buy rating to a buy rating in a research report on Thursday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $13.05.
Shares of MITL stock opened at $11.02 on Wednesday. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.05 and a quick ratio of 0.87. The company has a market cap of $1.36 billion, a P/E ratio of -27.55 and a beta of 2.29. Mitel Networks has a twelve month low of $7.13 and a twelve month high of $11.31.
In other news, EVP Todd Abbott sold 2,448 shares of the business’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $11.01, for a total value of $26,952.48. Following the completion of the sale, the executive vice president now directly owns 7,552 shares in the company, valued at $83,147.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter Charbonneau sold 4,668 shares of Mitel Networks stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $10.98, for a total value of $51,254.64. Following the completion of the sale, the director now directly owns 59,969 shares in the company, valued at $658,459.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,019 shares of company stock valued at $472,596. 5.60% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. 22NW LP acquired a new stake in shares of Mitel Networks in the first quarter worth approximately $234,000. Suntrust Banks Inc. acquired a new stake in shares of Mitel Networks in the first quarter worth approximately $235,000. Xact Kapitalforvaltning AB acquired a new stake in shares of Mitel Networks in the second quarter worth approximately $259,000. Sphinx Trading LP acquired a new position in Mitel Networks during the second quarter worth $274,000. Finally, Cubist Systematic Strategies LLC boosted its stake in Mitel Networks by 44.8% during the second quarter. Cubist Systematic Strategies LLC now owns 28,702 shares of the communications equipment provider’s stock worth $314,000 after buying an additional 8,883 shares during the last quarter. 80.71% of the stock is currently owned by hedge funds and other institutional investors.
Mitel Networks Company Profile
Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.
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