Zagg Inc. (ZAGG) Sees Unusually-High Trading Volume
Zagg Inc. (NASDAQ:ZAGG) saw an uptick in trading volume on Wednesday . 1,218,431 shares changed hands during mid-day trading, an increase of 16% from the previous session’s volume of 1,049,015 shares.The stock last traded at $7.27 and had previously closed at $6.85.
A number of research firms have weighed in on ZAGG. Roth Capital increased their target price on Zagg from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Thursday, July 14th. Wunderlich reduced their target price on Zagg from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, May 11th. Finally, Zacks Investment Research lowered Zagg from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $8.69.
The stock has a market cap of $193.43 million and a price-to-earnings ratio of 21.57. The stock has a 50-day moving average price of $5.53 and a 200-day moving average price of $7.81.
Zagg (NASDAQ:ZAGG) last issued its quarterly earnings results on Tuesday, May 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.05. During the same quarter in the previous year, the company earned $0.17 earnings per share. The firm earned $62.40 million during the quarter, compared to analysts’ expectations of $71.07 million. Zagg’s revenue was up 9.1% on a year-over-year basis. On average, analysts forecast that Zagg Inc. will post $0.48 earnings per share for the current fiscal year.
In other news, Director E Todd Heiner purchased 37,865 shares of the stock in a transaction dated Thursday, May 19th. The shares were purchased at an average cost of $5.25 per share, with a total value of $198,791.25. Following the completion of the purchase, the director now directly owns 92,308 shares of the company’s stock, valued at approximately $484,617. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Bradley J. Holiday purchased 7,560 shares of the stock in a transaction dated Thursday, May 19th. The stock was purchased at an average cost of $5.24 per share, for a total transaction of $39,614.40. Following the completion of the purchase, the chief financial officer now directly owns 76,440 shares of the company’s stock, valued at $400,545.60. The disclosure for this purchase can be found here.
Several hedge funds have recently modified their holdings of ZAGG. Dimensional Fund Advisors LP raised its stake 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 worth $19,793,000 after buying an additional 181,033 shares in the last quarter. Wells Fargo & Company MN raised its position in Zagg by 4,168.8% in the fourth quarter. Wells Fargo & Company MN now owns 635,064 shares of the company’s stock worth $6,947,000 after buying an additional 620,187 shares during the period. Cornerstone Capital Management Holdings LLC. raised its position in Zagg by 2.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 272,717 shares of the company’s stock worth $2,984,000 after buying an additional 5,917 shares during the period. New Amsterdam Partners LLC NY raised its position in Zagg by 0.4% in the fourth quarter. New Amsterdam Partners LLC NY now owns 470,664 shares of the company’s stock worth $5,149,000 after buying an additional 2,055 shares during the period. Finally, Engineers Gate Manager LP bought a new position in Zagg during the fourth quarter worth $1,174,000.
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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