Mitel Networks Corp. (MITL) Shares Up 17.8%
Mitel Networks Corp. (NASDAQ:MITL)’s share price shot up 17.8% during trading on Friday . The stock traded as high as $7.25 and last traded at $7.09, with a volume of 9,328,871 shares trading hands. The stock had previously closed at $6.02.
Separately, Royal Bank Of Canada reiterated an “outperform” rating and set a $14.00 price target on shares of Mitel Networks Corp. in a report on Monday, April 18th.
The company’s market cap is $874.25 million. The company’s 50-day moving average is $6.47 and its 200 day moving average is $6.97.
Mitel Networks Corp. (NASDAQ:MITL) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by $0.01. The firm earned $276.80 million during the quarter, compared to analyst estimates of $281.88 million. During the same quarter in the previous year, the business earned $0.16 EPS. Mitel Networks Corp.’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts forecast that Mitel Networks Corp. will post $0.59 EPS for the current year.
Several institutional investors have added to or reduced their stakes in MITL. Paradigm Capital Management Inc. NY boosted its position in 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 during the period. Sei Investments Co. boosted its position in 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 during the period. Finally, Swiss National Bank acquired a new position in Mitel Networks Corp. during the fourth quarter valued at $1,029,000.
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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