Zagg Inc. (ZAGG) Rating Lowered to Sell at Zacks Investment Research
Zagg Inc. (NASDAQ:ZAGG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.
According to Zacks, “ZAGG Inc. designs, manufactures and distributes protective clear coverings and accessories for consumer electronic and hand-held devices, worldwide. ZAGG’s flagship brand, the invisibleSHIELD, is a protective, high-tech patented film covering, designed for iPods, laptops, cell phones, digital cameras, PDAs, watch faces, GPS systems, gaming devices and other items. The patent-pending invisibleSHIELD application is the first scratch protection solution of its kind on the market, and has sold over one million units. Currently, ZAGG offers over 2,500 precision pre-cut designs with a lifetime replacement warranty through online channels, resellers, college bookstores, Mac stores and mall kiosks. The company continues to increase its product lines to offer additional electronic accessories to its tech-savvy customer base, as well as an expanded array of invisibleSHIELD products for other industries. “
Separately, Roth Capital increased their price objective on shares of Zagg from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Thursday, July 14th.
Shares of Zagg (NASDAQ:ZAGG) opened at 7.80 on Thursday. Zagg has a 12-month low of $4.71 and a 12-month high of $12.74. The stock’s 50 day moving average is $7.70 and its 200-day moving average is $6.91. The company has a market capitalization of $219.36 million, a P/E ratio of 50.00 and a beta of 1.69.
Zagg (NASDAQ:ZAGG) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.14. The company had revenue of $99.80 million for the quarter, compared to the consensus estimate of $93.07 million. Zagg had a net margin of 1.42% and a return on equity of 8.43%. The firm’s revenue for the quarter was up 49.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. Analysts anticipate that Zagg will post $0.45 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in shares of Zagg by 19.2% in the second quarter. Royal Bank of Canada now owns 3,928,216 shares of the company’s stock worth $20,623,000 after buying an additional 631,478 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Zagg by 10.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,301,925 shares of the company’s stock worth $12,085,000 after buying an additional 214,236 shares in the last quarter. Tieton Capital Management LLC boosted its stake in shares of Zagg by 59.8% in the second quarter. Tieton Capital Management LLC now owns 1,099,517 shares of the company’s stock worth $5,772,000 after buying an additional 411,437 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Zagg by 15.4% in the second quarter. AQR Capital Management LLC now owns 1,025,927 shares of the company’s stock worth $5,386,000 after buying an additional 136,614 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC boosted its stake in shares of Zagg by 54.3% in the second quarter. Pacific Ridge Capital Partners LLC now owns 511,810 shares of the company’s stock worth $2,687,000 after buying an additional 180,020 shares in the last quarter. 77.75% of the stock is owned by institutional investors and hedge funds.
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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