Evolving Systems Inc. (NASDAQ:EVOL) shares reached a new 52-week low during trading on Wednesday . The stock 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.

EVOL has been the topic of several research reports. Zacks Investment Research downgraded shares of Evolving Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Maxim Group lifted their price target on shares of Evolving Systems from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, May 4th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Evolving Systems currently has an average rating of “Hold” and a consensus price target of $7.75.

The stock has a 50-day moving average of $5.16 and a 200 day moving average of $5.36. The stock has a market cap of $49.58 million and a PE ratio of 17.50.

A hedge fund recently raised its stake in Evolving Systems stock. Lapides Asset Management LLC increased its position in shares of Evolving Systems Inc. (NASDAQ:EVOL) by 18.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 310,600 shares of the company’s stock after buying an additional 47,600 shares during the period. Lapides Asset Management LLC owned about 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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