pdvWireless (PDVW) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of pdvWireless (NASDAQ:PDVW) from a hold rating to a buy rating in a report published on Friday, Zacks.com reports. Zacks Investment Research currently has $56.00 price target on the wireless provider’s stock.

According to Zacks, “pdvWireless, Inc. develops and sells wireless communications applications. It offers cloud-based pdvConnect mobile resource management solutions that enable businesses to locate and communicate with field workers, and enhance documentation of work events and job status. The company also sells and installs equipment used to run the wireless communications applications. pdvWireless, Inc., formerly known as Pacific DataVision, Inc., is headquartered in Woodland Park, New Jersey. “

Other equities analysts have also issued research reports about the stock. Craig Hallum lifted their price target on shares of pdvWireless from $62.00 to $80.00 and gave the company a buy rating in a report on Friday, May 24th. BidaskClub upgraded shares of pdvWireless from a hold rating to a buy rating in a report on Thursday, May 9th. Finally, ValuEngine lowered shares of pdvWireless from a strong-buy rating to a buy rating in a report on Wednesday, May 1st. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $68.00.

Shares of PDVW opened at $48.75 on Friday. The firm has a market capitalization of $708.63 million, a price-to-earnings ratio of -20.92 and a beta of 0.60. pdvWireless has a fifty-two week low of $22.50 and a fifty-two week high of $51.33.

In related news, major shareholder Stephen Feinberg sold 477,602 shares of pdvWireless stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $49.90, for a total transaction of $23,832,339.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Brian Mcauley sold 36,000 shares of pdvWireless stock in a transaction on Friday, May 24th. The shares were sold at an average price of $50.26, for a total transaction of $1,809,360.00. Following the transaction, the chairman now owns 329,685 shares in the company, valued at approximately $16,569,968.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 793,736 shares of company stock worth $39,698,824. 12.40% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the stock. Worth Venture Partners LLC acquired a new position in shares of pdvWireless during the 4th quarter valued at $42,000. Legal & General Group Plc lifted its holdings in shares of pdvWireless by 45.3% during the 4th quarter. Legal & General Group Plc now owns 1,885 shares of the wireless provider’s stock valued at $70,000 after acquiring an additional 588 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of pdvWireless by 426.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,980 shares of the wireless provider’s stock valued at $70,000 after acquiring an additional 1,604 shares in the last quarter. ClariVest Asset Management LLC acquired a new position in shares of pdvWireless during the 1st quarter valued at $120,000. Finally, Nordea Investment Management AB acquired a new position in shares of pdvWireless during the 1st quarter valued at $120,000. Institutional investors and hedge funds own 89.29% of the company’s stock.

pdvWireless Company Profile

pdvWireless, Inc, a wireless communication company, provides network and mobile communication solutions to infrastructure and enterprise customers primarily in the United States. It offers TeamConnect service, which combines pdvConnect, a proprietary suite of mobile communication and workforce management applications with digital network architecture and mobile devices supplied by Motorola Solutions, Inc The company's mobile communication and workforce management solutions enable businesses to locate and communicate with their field workers, as well as enhance the documentation of work events and job status.

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