NEWTEK Business Services (NASDAQ:NEWT) Rating Increased to Sell at ValuEngine

NEWTEK Business Services (NASDAQ:NEWT) was upgraded by equities research analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a report issued on Thursday, ValuEngine reports.

Several other analysts also recently weighed in on NEWT. BidaskClub downgraded shares of NEWTEK Business Services from a “hold” rating to a “sell” rating in a report on Thursday. Zacks Investment Research downgraded shares of NEWTEK Business Services from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. NEWTEK Business Services currently has a consensus rating of “Hold” and an average target price of $19.17.

Shares of NASDAQ:NEWT traded up $0.30 during midday trading on Thursday, hitting $21.40. The stock had a trading volume of 277,933 shares, compared to its average volume of 113,745. The company has a market capitalization of $404.28 million, a PE ratio of 11.03 and a beta of 1.22. The stock has a 50 day moving average price of $22.61 and a two-hundred day moving average price of $21.89. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.34. NEWTEK Business Services has a 1 year low of $15.59 and a 1 year high of $23.99.

NEWTEK Business Services (NASDAQ:NEWT) last issued its earnings results on Tuesday, August 6th. The business services provider reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.01. The business had revenue of $14.15 million for the quarter, compared to the consensus estimate of $14.33 million. NEWTEK Business Services had a net margin of 68.61% and a return on equity of 9.87%. As a group, equities analysts expect that NEWTEK Business Services will post 2.55 EPS for the current year.

In related news, CEO Barry Sloane acquired 2,000 shares of NEWTEK Business Services stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $20.94 per share, for a total transaction of $41,880.00. Following the completion of the purchase, the chief executive officer now directly owns 1,029,906 shares of the company’s stock, valued at $21,566,231.64. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders purchased 2,698 shares of company stock valued at $56,379 in the last quarter. Company insiders own 6.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in NEWT. Intrinsic Edge Capital Management LLC acquired a new stake in shares of NEWTEK Business Services in the second quarter valued at about $2,990,000. Private Advisor Group LLC lifted its stake in shares of NEWTEK Business Services by 70.0% in the second quarter. Private Advisor Group LLC now owns 155,081 shares of the business services provider’s stock valued at $3,567,000 after purchasing an additional 63,875 shares during the period. AE Wealth Management LLC acquired a new stake in shares of NEWTEK Business Services in the second quarter valued at about $470,000. Van ECK Associates Corp lifted its stake in shares of NEWTEK Business Services by 11.4% in the second quarter. Van ECK Associates Corp now owns 170,305 shares of the business services provider’s stock valued at $3,917,000 after purchasing an additional 17,429 shares during the period. Finally, AXA acquired a new stake in shares of NEWTEK Business Services in the second quarter valued at about $317,000. Hedge funds and other institutional investors own 18.12% of the company’s stock.

About NEWTEK Business Services

Newtek Business Services Corp. is a business development company specializing in providing financial and business services to the small-and medium-sized business market in the United States. The firm also seeks to invest in early stage businesses. The firm seeks to makes both debt and equity investments.

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