Newtek Business Services Inc. (NEWT) Sees Strong Trading Volume
Shares of Newtek Business Services Inc. (NASDAQ:NEWT) saw unusually-high trading volume on Wednesday . Approximately 101,914 shares were traded during mid-day trading, an increase of 16% from the previous session’s volume of 87,547 shares.The stock last traded at $13.27 and had previously closed at $13.27.
NEWT has been the topic of a number of 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 began coverage on shares of Newtek Business Services in a report on Thursday, June 16th. They set a “buy” rating and a $16.00 target price on the stock. Zacks Investment Research cut shares of Newtek Business Services from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. Finally, Raymond James Financial Inc. dropped their target price on shares of Newtek Business Services from $16.00 to $15.00 and set an “outperform” rating on the stock in a report on Monday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $15.70.
The firm has a market cap of $190.99 million and a P/E ratio of 5.35. The stock has a 50-day moving average of $13.01 and a 200 day moving average of $12.32.
Newtek Business Services (NASDAQ:NEWT) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.37 by $0.03. On average, equities analysts anticipate that Newtek Business Services Inc. will post $1.63 earnings per share for the current year.
Other hedge funds and institutional investors recently bought and sold shares of the company. GSA Capital Partners LLP raised its position in 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 in the last quarter. Royce & Associates LLC raised its position in 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 in the last quarter. Finally, West Family Investments Inc. raised its position in 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 in 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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