Zagg Inc. (ZAGG) Trading 5% Higher
Zagg Inc. (NASDAQ:ZAGG) shares traded up 5% during trading on Wednesday . The company traded as high as $5.22 and last traded at $5.21, with a volume of 233,902 shares trading hands. The stock had previously closed at $4.96.
A number of research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Zagg from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 30th. Wunderlich decreased their target price on Zagg from $13.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, May 11th. Finally, Roth Capital reiterated a “hold” rating on shares of Zagg in a report on Wednesday, May 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $9.44.
The stock has a market capitalization of $147.32 million and a price-to-earnings ratio of 16.43. The stock has a 50 day moving average price of $5.23 and a 200 day moving average price of $8.17.
Zagg (NASDAQ:ZAGG) last released its quarterly earnings results on Tuesday, May 10th. The company reported ($0.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.05. The company earned $62.40 million during the quarter, compared to analyst estimates of $71.07 million. During the same period last year, the business earned $0.17 EPS. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities analysts expect that Zagg Inc. will post $0.48 earnings per share for the current fiscal year.
In related news, CFO Bradley J. Holiday purchased 7,560 shares of the firm’s stock in a transaction that occurred on Thursday, May 19th. The stock was acquired at an average price of $5.24 per share, for a total transaction of $39,614.40. Following the transaction, the chief financial officer now directly owns 76,440 shares of the company’s stock, valued at approximately $400,545.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director E Todd Heiner purchased 37,865 shares of the firm’s stock in a transaction that occurred on Thursday, May 19th. The stock was bought at an average price of $5.25 per share, with a total value of $198,791.25. Following the transaction, the director now directly owns 92,308 shares in the company, valued at $484,617. The disclosure for this purchase can be found here.
Several institutional investors recently added to or reduced their stakes in the stock. Engineers Gate Manager LP bought a new position in Zagg during the fourth quarter worth $1,174,000. EAM Investors LLC bought a new position in Zagg during the fourth quarter worth $2,473,000. Morgan Stanley raised its position in Zagg by 322.2% in the fourth quarter. Morgan Stanley now owns 239,573 shares of the company’s stock worth $2,620,000 after buying an additional 182,823 shares during the period. Cornerstone Capital Management Holdings LLC. raised its position in Zagg by 2.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 272,717 shares of the company’s stock worth $2,984,000 after buying an additional 5,917 shares during the period. Finally, Opus Capital Group LLC bought a new position in Zagg during the fourth quarter worth $3,375,000.
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.