Mitel Networks Corp. (MITL) Shares Up 17.8%
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).
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