Net 1 UEPS Technologies (NASDAQ:UEPS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Net 1 U.E.P.S. Technologies provides its universal electronic payment system as an alternative payment system for the unbanked and under-banked populations of developing economies. Net 1 believes that it is the first company worldwide to implement a system that can enable the estimated four billion people who generally have limited or no access to a bank account to enter affordably into electronic transactions with each other, government agencies, employers, merchants and other financial service providers. “

Several other equities research analysts have also issued reports on the stock. B. Riley set a $7.00 target price on shares of Net 1 UEPS Technologies and gave the stock a “buy” rating in a report on Tuesday, October 8th. Maxim Group set a $7.00 target price on shares of Net 1 UEPS Technologies and gave the company a “buy” rating in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $5.75.

UEPS stock traded up $0.12 during midday trading on Tuesday, reaching $3.62. 159,635 shares of the company were exchanged, compared to its average volume of 266,176. The company has a market cap of $197.99 million, a price-to-earnings ratio of -0.75 and a beta of 0.76. Net 1 UEPS Technologies has a 1-year low of $2.78 and a 1-year high of $5.54. The stock’s 50-day simple moving average is $3.18 and its 200 day simple moving average is $3.49.

Net 1 UEPS Technologies (NASDAQ:UEPS) last announced its quarterly earnings data on Thursday, September 26th. The business services provider reported ($2.45) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($2.35). The company had revenue of $71.20 million during the quarter, compared to the consensus estimate of $67.64 million. Net 1 UEPS Technologies had a negative net margin of 81.29% and a negative return on equity of 50.20%. The business’s revenue for the quarter was down 52.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 EPS. As a group, sell-side analysts predict that Net 1 UEPS Technologies will post -0.15 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. GSA Capital Partners LLP boosted its position in shares of Net 1 UEPS Technologies by 201.5% during the 2nd quarter. GSA Capital Partners LLP now owns 162,291 shares of the business services provider’s stock valued at $649,000 after acquiring an additional 108,465 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Net 1 UEPS Technologies by 83.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 121,373 shares of the business services provider’s stock valued at $485,000 after purchasing an additional 55,302 shares during the last quarter. Southside Capital LLC raised its position in Net 1 UEPS Technologies by 290.0% in the 2nd quarter. Southside Capital LLC now owns 195,000 shares of the business services provider’s stock worth $780,000 after purchasing an additional 145,000 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in Net 1 UEPS Technologies by 42.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 445,008 shares of the business services provider’s stock worth $1,780,000 after purchasing an additional 131,559 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in Net 1 UEPS Technologies by 30.9% in the second quarter. Russell Investments Group Ltd. now owns 29,670 shares of the business services provider’s stock worth $119,000 after purchasing an additional 7,000 shares during the last quarter. 52.12% of the stock is currently owned by hedge funds and other institutional investors.

About Net 1 UEPS Technologies

Net 1 UEPS Technologies, Inc provides transaction processing services, financial inclusion products and services, and secure payment technologies in South Africa, the Republic of Korea, and internationally. The company develops and markets transaction processing solutions, including smart card-based alternative payment systems for the unbanked and under-banked populations of developing economies and for mobile transaction channels.

Further Reading: Buy Rating

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