pdvWireless (PDVW) Raised to “Hold” at BidaskClub

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BidaskClub upgraded shares of pdvWireless (NASDAQ:PDVW) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

A number of other analysts have also weighed in on PDVW. Zacks Investment Research raised pdvWireless from a sell rating to a hold rating and set a $36.00 price objective on the stock in a research report on Tuesday, August 14th. ValuEngine lowered pdvWireless from a buy rating to a hold rating in a research report on Wednesday, August 8th. Finally, TheStreet lowered pdvWireless from a c- rating to a d+ rating in a research report on Thursday, June 28th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $47.50.

Shares of NASDAQ PDVW opened at $30.25 on Tuesday. The company has a market capitalization of $484.63 million, a price-to-earnings ratio of -12.98 and a beta of 0.80. pdvWireless has a 52-week low of $22.50 and a 52-week high of $39.75.

pdvWireless (NASDAQ:PDVW) last posted its quarterly earnings data on Tuesday, June 5th. The wireless provider reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.04). pdvWireless had a negative return on equity of 16.02% and a negative net margin of 517.89%. The company had revenue of $1.78 million for the quarter, compared to analysts’ expectations of $1.55 million. equities research analysts expect that pdvWireless will post -2.91 EPS for the current year.

In related news, major shareholder Owl Creek Asset Management, L. acquired 50,895 shares of the business’s stock in a transaction dated Wednesday, June 6th. The shares were acquired at an average price of $23.78 per share, with a total value of $1,210,283.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bravo Fund Ii L.P. Pimco sold 25,000 shares of the business’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $32.30, for a total transaction of $807,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 148,121 shares of company stock worth $3,858,105 and have sold 26,644 shares worth $849,342. 12.40% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of PDVW. MetLife Investment Advisors LLC acquired a new position in shares of pdvWireless during the fourth quarter worth $108,000. Trexquant Investment LP acquired a new position in shares of pdvWireless during the second quarter worth $221,000. Citadel Advisors LLC acquired a new position in shares of pdvWireless during the second quarter worth $366,000. Chicago Equity Partners LLC acquired a new position in shares of pdvWireless during the first quarter worth $430,000. Finally, Swiss National Bank grew its stake in shares of pdvWireless by 12.7% during the first quarter. Swiss National Bank now owns 15,950 shares of the wireless provider’s stock worth $476,000 after purchasing an additional 1,800 shares in the last quarter. Hedge funds and other institutional investors own 91.95% of the company’s stock.

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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