MiX Telematics Limited (NYSE:MIXT) Rating Reiterated by Canaccord Genuity
Canaccord Genuity restated their buy rating on shares of MiX Telematics Limited (NYSE:MIXT) in a research note published on Thursday morning. The firm currently has a $12.00 target price on the technology company’s stock.
A number of other analysts have also recently commented on the stock. Zacks Investment Research cut shares of MiX Telematics Limited from a strong-buy rating to a hold rating in a report on Wednesday, July 26th. TheStreet upgraded shares of MiX Telematics Limited from a c+ rating to a b- rating in a report on Tuesday, July 11th. Finally, ValuEngine cut shares of MiX Telematics Limited from a buy rating to a hold rating in a report on Friday, May 26th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $9.88.
MiX Telematics Limited (NYSE MIXT) opened at 8.69 on Thursday. The firm has a market cap of $195.85 million, a P/E ratio of 23.17 and a beta of 0.85. The firm’s 50-day moving average is $8.04 and its 200 day moving average is $7.04. MiX Telematics Limited has a 12-month low of $4.93 and a 12-month high of $8.78.
MiX Telematics Limited (NYSE:MIXT) last announced its earnings results on Thursday, August 3rd. The technology company reported $0.10 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.10. MiX Telematics Limited had a net margin of 7.88% and a return on equity of 8.56%. The firm had revenue of $31.08 million for the quarter, compared to analysts’ expectations of $31.22 million. Equities analysts forecast that MiX Telematics Limited will post $0.01 earnings per share for the current year.
MiX Telematics Limited announced that its Board of Directors has approved a share buyback plan on Thursday, May 25th that allows the company to buyback $20.10 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 12.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in the stock. GCA Investment Management LLC acquired a new stake in shares of MiX Telematics Limited during the second quarter worth approximately $521,000. Rice Hall James & Associates LLC raised its position in MiX Telematics Limited by 23.2% in the second quarter. Rice Hall James & Associates LLC now owns 413,127 shares of the technology company’s stock valued at $3,255,000 after buying an additional 77,723 shares in the last quarter. Boston Partners bought a new position in MiX Telematics Limited during the second quarter valued at about $485,000. Acadian Asset Management LLC raised its position in MiX Telematics Limited by 31.1% in the second quarter. Acadian Asset Management LLC now owns 520,875 shares of the technology company’s stock valued at $4,105,000 after buying an additional 123,643 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in MiX Telematics Limited by 197.9% in the second quarter. Russell Investments Group Ltd. now owns 58,077 shares of the technology company’s stock valued at $457,000 after buying an additional 38,582 shares in the last quarter. Hedge funds and other institutional investors own 15.05% of the company’s stock.
MiX Telematics Limited Company Profile
MiX Telematics Limited is a South Africa-based provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS) to customers. The Company’s operating segments include Africa, Europe, Americas, Middle East and Australasia, Brazil and Central Services Organization. The Company’s products and services provide enterprise fleets, small fleets and consumers with solutions for safety, risk management and security.
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