Shares of Evolving Systems Inc. (NASDAQ:EVOL) reached a new 52-week low during trading on Wednesday . The company traded as low as $4.05 and last traded at $4.39, with a volume of 353,953 shares. The stock had previously closed at $5.30.

A number of research firms have recently commented on EVOL. Zacks Investment Research cut Evolving Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Maxim Group lifted their target price on Evolving Systems from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, May 4th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $7.75.

The stock’s 50-day moving average is $5.21 and its 200 day moving average is $5.38. The company has a market cap of $49.79 million and a PE ratio of 17.30.

A hedge fund recently raised its stake in Evolving Systems stock. Lapides Asset Management LLC raised its position in Evolving Systems Inc. (NASDAQ:EVOL) by 18.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 310,600 shares of the company’s stock after buying an additional 47,600 shares during the period. Lapides Asset Management LLC owned approximately 2.65% of Evolving Systems worth $1,708,000 at the end of the most recent quarter.

Evolving Systems, Inc is a provider of software solutions for service enablement, on-device activation and management of services for connected devices for network operators. The Company operates in two segments: license fees and services revenue, and customer support revenue. Its service activation solution, Tertio is used to activate voice, video and data services for wireless, wireline and cable network operators.

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