Short Interest in PC Tel Inc (NASDAQ:PCTI) Declines By 69.4%

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PC Tel Inc (NASDAQ:PCTI) saw a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 4,100 shares, a drop of 69.4% from the July 15th total of 13,400 shares. Currently, 0.0% of the company’s shares are short sold. Based on an average daily trading volume, of 60,100 shares, the days-to-cover ratio is currently 0.1 days.

A number of brokerages recently issued reports on PCTI. B. Riley upgraded PC Tel from a “neutral” rating to a “buy” rating and increased their target price for the stock from $5.00 to $6.50 in a report on Friday, August 9th. ValuEngine upgraded PC Tel from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. Zacks Investment Research upgraded PC Tel from a “hold” rating to a “strong-buy” rating and set a $6.25 target price on the stock in a report on Friday, August 16th. Finally, Lake Street Capital upgraded PC Tel from a “hold” rating to a “buy” rating and increased their target price for the stock from $5.00 to $6.00 in a report on Friday, August 9th.

A number of large investors have recently modified their holdings of PCTI. Rutabaga Capital Management LLC MA lifted its stake in PC Tel by 69.3% during the 1st quarter. Rutabaga Capital Management LLC MA now owns 941,895 shares of the Wireless communications provider’s stock valued at $4,719,000 after acquiring an additional 385,535 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of PC Tel during the 2nd quarter valued at $414,000. Russell Investments Group Ltd. increased its position in shares of PC Tel by 28.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 356,025 shares of the Wireless communications provider’s stock valued at $1,578,000 after purchasing an additional 78,026 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of PC Tel by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,487,633 shares of the Wireless communications provider’s stock valued at $6,590,000 after purchasing an additional 61,363 shares during the last quarter. Finally, Boston Partners increased its position in shares of PC Tel by 44.1% during the 1st quarter. Boston Partners now owns 193,541 shares of the Wireless communications provider’s stock valued at $970,000 after purchasing an additional 59,241 shares during the last quarter. Institutional investors and hedge funds own 62.13% of the company’s stock.

Shares of PCTI traded down $0.02 during trading hours on Wednesday, reaching $6.45. The stock had a trading volume of 530 shares, compared to its average volume of 125,569. PC Tel has a 12 month low of $3.88 and a 12 month high of $6.51. The firm has a 50-day simple moving average of $5.20 and a 200 day simple moving average of $5.06. The company has a market capitalization of $117.95 million, a price-to-earnings ratio of -28.04 and a beta of 0.04.

PC Tel (NASDAQ:PCTI) last issued its quarterly earnings data on Thursday, August 8th. The Wireless communications provider reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.06. PC Tel had a negative return on equity of 0.48% and a negative net margin of 12.16%. The business had revenue of $23.50 million for the quarter, compared to analysts’ expectations of $22.40 million. Sell-side analysts expect that PC Tel will post 0.16 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, August 8th were paid a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Wednesday, August 7th. PC Tel’s dividend payout ratio (DPR) is presently -95.65%.

PC Tel Company Profile

PCTEL, Inc, together with its subsidiaries, delivers performance critical telecom solutions in the Asia Pacific, Europe, the Middle East, Africa, and the Americas. The company designs and manufactures precision antennas, which are used primarily in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the Industrial Internet of Things.

Further Reading: Green Investing

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