ZAGG Inc (ZAGG) Trading 5.8% Higher on Analyst Upgrade
ZAGG Inc (NASDAQ:ZAGG) shares traded up 5.8% on Wednesday after Northland Securities raised their price target on the stock from $12.00 to $16.00. Northland Securities currently has an outperform rating on the stock. ZAGG traded as high as $13.25 and last traded at $12.85. 1,311,231 shares were traded during mid-day trading, an increase of 327% from the average session volume of 307,269 shares. The stock had previously closed at $12.15.
A number of other research analysts also recently weighed in on ZAGG. Roth Capital set a $9.00 price objective on shares of ZAGG and gave the stock a “hold” rating in a research report on Saturday, June 17th. BidaskClub upgraded shares of ZAGG from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 5th. Zacks Investment Research upgraded shares of ZAGG from a “hold” rating to a “strong-buy” rating and set a $10.00 price objective for the company in a research report on Friday, August 4th. Finally, Wunderlich reiterated a “buy” rating and issued a $10.00 price objective on shares of ZAGG in a research report on Friday, June 9th. One investment analyst has rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $11.25.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gotham Asset Management LLC acquired a new position in shares of ZAGG during the 2nd quarter worth about $100,000. American International Group Inc. raised its position in shares of ZAGG by 7.0% during the 1st quarter. American International Group Inc. now owns 16,976 shares of the specialty retailer’s stock worth $122,000 after purchasing an additional 1,117 shares during the last quarter. Voya Investment Management LLC raised its position in shares of ZAGG by 18.2% during the 2nd quarter. Voya Investment Management LLC now owns 17,709 shares of the specialty retailer’s stock worth $153,000 after purchasing an additional 2,730 shares during the last quarter. Wedbush Securities Inc. acquired a new position in shares of ZAGG during the 1st quarter worth about $130,000. Finally, Alliancebernstein L.P. acquired a new position in shares of ZAGG during the 2nd quarter worth about $169,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.
The firm has a 50-day moving average of $10.66 and a 200-day moving average of $8.49. The company’s market capitalization is $359.34 million.
ZAGG (NASDAQ:ZAGG) last issued its earnings results on Tuesday, August 1st. The specialty retailer reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.02. The business had revenue of $115.20 million for the quarter, compared to the consensus estimate of $107.81 million. ZAGG had a negative net margin of 3.12% and a positive return on equity of 5.34%. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Analysts forecast that ZAGG Inc will post $0.85 earnings per share for the current year.
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ZAGG Company Profile
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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