Zacks Investment Research Downgrades pdvWireless (PDVW) to Sell

pdvWireless (NASDAQ:PDVW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

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. “

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Several other research firms also recently weighed in on PDVW. B. Riley restated a “buy” rating and set a $59.00 price objective on shares of pdvWireless in a report on Friday, December 15th. BidaskClub upgraded shares of pdvWireless from a “buy” rating to a “strong-buy” rating in a report on Friday, December 15th. TheStreet upgraded shares of pdvWireless from a “d+” rating to a “c-” rating in a report on Wednesday, February 7th. Finally, ValuEngine upgraded shares of pdvWireless from a “sell” rating to a “hold” rating in a report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $47.50.

PDVW opened at $31.50 on Wednesday. pdvWireless has a 1-year low of $20.23 and a 1-year high of $39.75.

pdvWireless (NASDAQ:PDVW) last released its quarterly earnings data on Tuesday, February 6th. The wireless provider reported ($0.59) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.61) by $0.02. pdvWireless had a negative net margin of 613.47% and a negative return on equity of 17.38%. The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.50 million. research analysts expect that pdvWireless will post -2.36 earnings per share for the current year.

In related news, EVP Richard E. Rohmann sold 900 shares of the stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $33.45, for a total transaction of $30,105.00. Following the completion of the transaction, the executive vice president now owns 11,309 shares in the company, valued at $378,286.05. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Owl Creek Asset Management, L. purchased 7,132 shares of pdvWireless stock in a transaction that occurred on Wednesday, January 10th. The shares were bought at an average price of $31.97 per share, with a total value of $228,010.04. The disclosure for this purchase can be found here. In the last quarter, insiders sold 2,700 shares of company stock valued at $90,567. 10.91% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its position in pdvWireless by 1.6% during the fourth quarter. BlackRock Inc. now owns 646,386 shares of the wireless provider’s stock valued at $20,749,000 after buying an additional 10,333 shares during the period. State Street Corp grew its position in pdvWireless by 6.4% during the second quarter. State Street Corp now owns 200,591 shares of the wireless provider’s stock valued at $4,674,000 after buying an additional 12,020 shares during the period. Schwab Charles Investment Management Inc. grew its position in pdvWireless by 12.5% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 40,238 shares of the wireless provider’s stock valued at $1,292,000 after buying an additional 4,472 shares during the period. Deutsche Bank AG grew its position in pdvWireless by 136.2% during the fourth quarter. Deutsche Bank AG now owns 22,661 shares of the wireless provider’s stock valued at $725,000 after buying an additional 13,068 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in pdvWireless by 5.8% during the second quarter. The Manufacturers Life Insurance Company now owns 8,171 shares of the wireless provider’s stock valued at $190,000 after buying an additional 448 shares during the period. Institutional investors own 90.60% of the company’s stock.

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pdvWireless Company Profile

pdvWireless, Inc operates as a wireless communications carrier, and provider of network and mobile communication solutions to infrastructure and enterprise customers. The company is deploying push-to-talk networks and two-way radio service to businesses in industry verticals, such as construction, distribution, transportation, field services, waste management, and hospitality.

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