Short Interest in Mitel Networks Corp. (MITL) Drops By 30.0%
Mitel Networks Corp. (NASDAQ:MITL) was the target of a significant decline in short interest in September. As of September 30th, there was short interest totalling 1,445,449 shares, a decline of 30.0% from the September 15th total of 2,063,490 shares. Currently, 1.4% of the company’s stock are short sold. Based on an average trading volume of 386,188 shares, the short-interest ratio is presently 3.7 days.
Separately, National Bank Financial started coverage on shares of Mitel Networks Corp. in a research note on Tuesday, September 27th. They issued an “outperform” rating and a $10.50 price target for the company. Four equities research analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and a consensus target price of $11.20.
Institutional investors have recently bought and sold shares of the company. State Street Corp increased its position in Mitel Networks Corp. by 1.6% in the second quarter. State Street Corp now owns 90,527 shares of the company’s stock worth $569,000 after buying an additional 1,450 shares in the last quarter. First Interstate Bank raised its stake in Mitel Networks Corp. by 6.3% in the second quarter. First Interstate Bank now owns 34,920 shares of the company’s stock valued at $220,000 after buying an additional 2,075 shares during the last quarter. CIBC World Markets Inc. raised its stake in Mitel Networks Corp. by 5.6% in the second quarter. CIBC World Markets Inc. now owns 39,310 shares of the company’s stock valued at $247,000 after buying an additional 2,077 shares during the last quarter. Stifel Financial Corp raised its stake in Mitel Networks Corp. by 8.3% in the second quarter. Stifel Financial Corp now owns 27,770 shares of the company’s stock valued at $175,000 after buying an additional 2,140 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Mitel Networks Corp. by 1.6% in the first quarter. JPMorgan Chase & Co. now owns 216,010 shares of the company’s stock valued at $1,767,000 after buying an additional 3,456 shares during the last quarter. 83.03% of the stock is currently owned by institutional investors.
Shares of Mitel Networks Corp. (NASDAQ:MITL) opened at 6.80 on Friday. The stock’s market capitalization is $826.86 million. Mitel Networks Corp. has a 52-week low of $5.81 and a 52-week high of $8.90. The stock’s 50 day moving average is $7.32 and its 200 day moving average is $7.12.
Mitel Networks Corp. (NASDAQ:MITL) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.05. The business had revenue of $307.20 million for the quarter, compared to the consensus estimate of $292.05 million. Mitel Networks Corp. had a negative net margin of 3.91% and a positive return on equity of 12.57%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.18 earnings per share. Equities research analysts expect that Mitel Networks Corp. will post $0.63 earnings per share for the current fiscal year.
Mitel Networks Corp. Company Profile
Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company operates through three segments: Enterprise, Cloud and Mobile. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment.
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