Mitel Networks Corp. (NASDAQ:MITL) shares shot up 17.8% during mid-day trading on Friday . The company traded as high as $7.25 and last traded at $7.09, with a volume of 9,328,871 shares traded. The stock had previously closed at $6.02.

Several analysts recently issued reports on MITL shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $14.00 price target on shares of Mitel Networks Corp. in a research report on Wednesday, May 4th. Zacks Investment Research upgraded shares of Mitel Networks Corp. from a “hold” rating to a “buy” rating and set a $8.00 price target on the stock in a research report on Thursday, March 10th.

The stock has a 50 day moving average of $6.43 and a 200-day moving average of $6.97. The stock’s market cap is $860.30 million.

Mitel Networks Corp. (NASDAQ:MITL) last announced its quarterly earnings data on Thursday, May 5th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.07 by $0.01. The business had revenue of $276.80 million for the quarter, compared to analyst estimates of $281.88 million. During the same quarter last year, the company posted $0.16 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities research analysts forecast that Mitel Networks Corp. will post $0.60 earnings per share for the current fiscal year.

Other hedge funds recently made changes to their positions in the company. Swiss National Bank bought a new stake in shares of Mitel Networks Corp. during the fourth quarter valued at approximately $1,029,000. Paradigm Capital Management Inc. NY raised its stake in shares of Mitel Networks Corp. by 6.5% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 2,033,000 shares of the company’s stock valued at $15,633,000 after buying an additional 123,700 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of Mitel Networks Corp. by 6.9% in the fourth quarter. Sei Investments Co. now owns 328,305 shares of the company’s stock valued at $2,525,000 after buying an additional 21,170 shares in the last quarter.

Mitel Networks Corporation (Mitel) is a global provider of business communications and collaboration software, services and solutions. They power more than 2 billion connections every day, including over 33 million daily cloud connections. Mitel offers portfolios of business communications solutions, which are known as unified communications and collaboration (UCC).

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.