Newtek Business Services Inc. (NEWT) Sees Strong Trading Volume
Newtek Business Services Inc. (NASDAQ:NEWT) shares saw unusually-high trading volume on Thursday . Approximately 122,736 shares were traded during trading, an increase of 46% from the previous session’s volume of 83,824 shares.The stock last traded at $13.62 and had previously closed at $13.42.
NEWT has been the subject of several research analyst reports. TheStreet upgraded shares of Newtek Business Services from a “hold” rating to a “buy” rating in a report on Friday, April 22nd. DA Davidson initiated coverage on Newtek Business Services in a report on Thursday, June 16th. They issued a “buy” rating and a $16.00 price objective for the company. Finally, Zacks Investment Research downgraded Newtek Business Services from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $16.30.
The company has a market capitalization of $196.11 million and a price-to-earnings ratio of 5.49. The firm’s 50 day moving average price is $12.89 and its 200-day moving average price is $12.23.
Newtek Business Services (NASDAQ:NEWT) last announced its quarterly earnings results on Monday, August 8th. The company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.03. Analysts anticipate that Newtek Business Services Inc. will post $1.65 EPS for the current fiscal year.
A number of hedge funds and institutional investors have recently made changes to their positions in NEWT. GSA Capital Partners LLP increased its position in shares of Newtek Business Services by 49.0% in the fourth quarter. GSA Capital Partners LLP now owns 78,096 shares of the company’s stock valued at $1,118,000 after buying an additional 25,696 shares during the last quarter. West Family Investments Inc. increased its position in shares of Newtek Business Services by 184.8% in the fourth quarter. West Family Investments Inc. now owns 168,345 shares of the company’s stock valued at $2,411,000 after buying an additional 109,245 shares during the last quarter. Finally, Royce & Associates LLC increased its position in shares of Newtek Business Services by 190.3% in the fourth quarter. Royce & Associates LLC now owns 369,900 shares of the company’s stock valued at $5,297,000 after buying an additional 242,500 shares during the last quarter.
Newtek Business Services Corp. is a non-diversified closed-end management investment company. The Company is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. Its products and services consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions.
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