Newtek Business Services Inc. (NEWT) Sees Strong Trading Volume
Shares of Newtek Business Services Inc. (NASDAQ:NEWT) saw strong trading volume on Thursday . 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.
Several analysts have recently commented on the stock. DA Davidson assumed coverage on shares of Newtek Business Services in a research note on Thursday, June 16th. They set a “buy” rating and a $16.00 price target on the stock. TheStreet raised shares of Newtek Business Services from a “hold” rating to a “buy” rating in a research note on Friday, April 22nd. Finally, Zacks Investment Research cut shares of Newtek Business Services from a “buy” rating to a “hold” rating in a research note on Wednesday, July 13th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $16.30.
The firm has a market cap of $194.09 million and a PE ratio of 5.44. The stock’s 50-day moving average price is $12.92 and its 200 day moving average price is $12.25.
Newtek Business Services (NASDAQ:NEWT) last issued its quarterly earnings data on Monday, August 8th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.37 by $0.03. Equities analysts predict that Newtek Business Services Inc. will post $1.64 EPS for the current year.
A number of hedge funds have modified their holdings of NEWT. GSA Capital Partners LLP boosted its stake 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 period. West Family Investments Inc. boosted 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 boosted 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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