Canaccord Genuity Cuts Numerex Corp. (NMRX) Price Target to $3.50
Numerex Corp. (NASDAQ:NMRX) had its price target reduced by Canaccord Genuity from $4.50 to $3.50 in a research note published on Thursday. They currently have a hold rating on the communications equipment provider’s stock.
Other research analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Numerex Corp. from a sell rating to a hold rating in a report on Wednesday, July 12th. ValuEngine cut shares of Numerex Corp. from a sell rating to a strong sell rating in a report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $4.67.
Numerex Corp. (NASDAQ:NMRX) traded down $0.01 on Thursday, reaching $3.47. 4,800 shares of the company’s stock were exchanged, compared to its average volume of 23,822. Numerex Corp. has a one year low of $3.43 and a one year high of $9.01. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.00 and a quick ratio of 0.73.
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Several hedge funds have recently added to or reduced their stakes in the company. LMR Partners LLP purchased a new stake in shares of Numerex Corp. during the second quarter worth about $170,000. Susquehanna International Group LLP purchased a new stake in shares of Numerex Corp. during the second quarter worth about $197,000. Legal & General Group Plc increased its stake in shares of Numerex Corp. by 7,923.3% during the second quarter. Legal & General Group Plc now owns 161,911 shares of the communications equipment provider’s stock worth $798,000 after purchasing an additional 159,893 shares in the last quarter. Finally, K2 Principal Fund L.P. purchased a new stake in shares of Numerex Corp. during the third quarter worth about $1,337,000. 23.91% of the stock is owned by institutional investors and hedge funds.
Numerex Corp. Company Profile
Numerex Corp. is a holding company. The Company, through its subsidiaries, provides managed enterprise solutions, which enable the Internet of Things (IoT). The Company offers solutions to incorporate the IoT building blocks, such as device, network, application and platform. Its technology encompasses a range of the IoT ecosystem and delivers solutions for enterprise users.
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