Zagg Inc. (ZAGG) Trading 7.7% Higher
Zagg Inc. (NASDAQ:ZAGG) shares traded up 7.7% during mid-day trading on Wednesday . The company traded as high as $6.25 and last traded at $5.73, with a volume of 1,646,174 shares trading hands. The stock had previously closed at $5.32.
A number of research analysts have issued reports on the company. Zacks Investment Research cut Zagg from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 30th. Wunderlich lowered their price objective on Zagg from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, May 11th. Finally, Roth Capital reiterated a “hold” rating on shares of Zagg in a research note on Wednesday, May 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $9.44.
The firm has a 50-day moving average of $5.20 and a 200-day moving average of $7.98. The firm has a market capitalization of $166.16 million and a PE ratio of 18.53.
Zagg (NASDAQ:ZAGG) last issued its quarterly earnings results on Tuesday, May 10th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.05. The firm earned $62.40 million during the quarter, compared to analysts’ expectations of $71.07 million. During the same quarter last year, the firm posted $0.17 EPS. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities analysts expect that Zagg Inc. will post $0.48 EPS for the current fiscal year.
In other news, CFO Bradley J. Holiday acquired 7,560 shares of the company’s stock in a transaction that occurred on Thursday, May 19th. The shares were bought at an average price of $5.24 per share, with a total value of $39,614.40. Following the completion of the purchase, the chief financial officer now directly owns 76,440 shares in the company, valued at $400,545.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director E Todd Heiner acquired 37,865 shares of the company’s stock in a transaction that occurred on Thursday, May 19th. The stock was purchased at an average cost of $5.25 per share, for a total transaction of $198,791.25. Following the purchase, the director now owns 92,308 shares of the company’s stock, valued at $484,617. The disclosure for this purchase can be found here.
Other hedge funds and institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its position in shares of Zagg by 4,168.8% in the fourth quarter. Wells Fargo & Company MN now owns 635,064 shares of the company’s stock valued at $6,947,000 after buying an additional 620,187 shares during the period. Opus Capital Group LLC purchased a new position in shares of Zagg during the fourth quarter valued at about $3,375,000. EAM Investors LLC purchased a new position in shares of Zagg during the fourth quarter valued at about $2,473,000. Morgan Stanley boosted its position in shares of Zagg by 322.2% in the fourth quarter. Morgan Stanley now owns 239,573 shares of the company’s stock valued at $2,620,000 after buying an additional 182,823 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Zagg by 11.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,809,165 shares of the company’s stock valued at $19,793,000 after buying an additional 181,033 shares during the period.
ZAGG Inc (ZAGG) designs, produces and distributes professional product solutions for mobile devices, including screen protection (glass and film), keyboards for tablet computers and mobile devices, keyboard cases, earbuds, mobile power solutions, cables, and cases under the ZAGG and InvisibleShield brands.
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