pdvWireless (PDVW) Upgraded to Strong-Buy at BidaskClub

BidaskClub upgraded shares of pdvWireless (NASDAQ:PDVW) from a buy rating to a strong-buy rating in a research note published on Friday.

A number of other equities research analysts have also recently issued reports on PDVW. Zacks Investment Research raised shares of pdvWireless from a sell rating to a hold rating in a research note on Tuesday, June 26th. ValuEngine cut shares of pdvWireless from a buy rating to a hold rating in a research note on Wednesday, June 27th. Finally, TheStreet cut shares of pdvWireless from a c- rating to a d+ rating in a research note on Thursday, June 28th. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $47.50.

Shares of pdvWireless stock traded down $0.04 during trading on Friday, reaching $36.31. The company’s stock had a trading volume of 33,729 shares, compared to its average volume of 32,406. pdvWireless has a 52-week low of $22.50 and a 52-week high of $39.75. The stock has a market capitalization of $491.88 million, a price-to-earnings ratio of -15.58 and a beta of 0.77.

pdvWireless (NASDAQ:PDVW) last announced its quarterly earnings data on Friday, August 10th. The wireless provider reported ($0.54) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.93) by $0.39. pdvWireless had a negative net margin of 517.89% and a negative return on equity of 16.02%. The company had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $1.26 million. On average, analysts predict that pdvWireless will post -2.91 earnings per share for the current year.

In other news, major shareholder Owl Creek Asset Management, L. purchased 3,600 shares of the company’s stock in a transaction on Friday, July 20th. The stock was acquired at an average price of $25.13 per share, with a total value of $90,468.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bravo Fund Ii L.P. Pimco sold 25,100 shares of the stock in a transaction on Monday, August 20th. The shares were sold at an average price of $31.84, for a total transaction of $799,184.00. The disclosure for this sale can be found here. Insiders bought a total of 90,218 shares of company stock valued at $2,467,367 in the last ninety days. 12.40% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PDVW. Dimensional Fund Advisors LP purchased a new stake in pdvWireless during the 2nd quarter valued at $1,238,000. Serengeti Asset Management LP purchased a new stake in pdvWireless during the 2nd quarter valued at $1,198,000. BlackRock Inc. boosted its position in pdvWireless by 7.1% during the 2nd quarter. BlackRock Inc. now owns 683,937 shares of the wireless provider’s stock valued at $17,064,000 after buying an additional 45,248 shares during the period. Renaissance Technologies LLC boosted its position in pdvWireless by 560.0% during the 2nd quarter. Renaissance Technologies LLC now owns 49,500 shares of the wireless provider’s stock valued at $1,235,000 after buying an additional 42,000 shares during the period. Finally, Citadel Advisors LLC purchased a new stake in pdvWireless during the 2nd quarter valued at $366,000. 89.86% of the stock is owned by institutional investors and hedge funds.

About pdvWireless

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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