Mitel Networks Corp. (NASDAQ:MITL)’s share price dropped 2.1% on Monday . The stock traded as low as $7.04 and last traded at $7.06, with a volume of 1,576,645 shares changing hands. The stock had previously closed at $7.21.

Separately, Royal Bank Of Canada reissued an “outperform” rating and set a $14.00 target price on shares of Mitel Networks Corp. in a research report on Monday, April 18th.

The firm’s market cap is $841.51 million. The company’s 50-day moving average is $6.52 and its 200 day moving average is $6.95.

Mitel Networks Corp. (NASDAQ:MITL) last released its earnings results on Thursday, May 5th. The company reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by $0.01. The company earned $276.80 million during the quarter, compared to analysts’ expectations of $281.88 million. During the same period last year, the firm earned $0.16 earnings per share. Mitel Networks Corp.’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts expect that Mitel Networks Corp. will post $0.59 earnings per share for the current fiscal year.

A number of hedge funds and institutional investors recently added to or reduced their stakes in MITL. 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 last quarter. 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 in the last quarter. Finally, Swiss National Bank acquired a new position in Mitel Networks Corp. during the fourth quarter valued at about $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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