Net 1 UEPS Technologies (NASDAQ:UEPS) Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Net 1 UEPS Technologies (NASDAQ:UEPS) from a buy rating to a hold rating in a research note released on Tuesday morning, 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. “

UEPS has been the topic of several other reports. B. Riley set a $7.00 price target on shares of Net 1 UEPS Technologies and gave the company a buy rating in a research note on Tuesday, October 8th. Maxim Group set a $7.00 price objective on shares of Net 1 UEPS Technologies and gave the stock a buy rating in a research note on Friday, September 27th. One equities 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 company’s stock. Net 1 UEPS Technologies currently has a consensus rating of Hold and an average price target of $5.75.

Shares of UEPS opened at $3.67 on Tuesday. The stock has a market capitalization of $197.99 million, a P/E ratio of -0.76 and a beta of 0.76. Net 1 UEPS Technologies has a twelve month low of $2.78 and a twelve month high of $5.37. The company has a 50 day moving average of $3.19 and a 200-day moving average of $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) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($2.35). Net 1 UEPS Technologies had a negative return on equity of 50.20% and a negative net margin of 81.29%. The business had revenue of $71.20 million during the quarter, compared to the consensus estimate of $67.64 million. During the same period in the prior year, the firm earned $0.29 EPS. The business’s revenue for the quarter was down 52.3% compared to the same quarter last year. Equities research analysts forecast that Net 1 UEPS Technologies will post -0.15 EPS for the current year.

A number of hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio lifted its holdings in Net 1 UEPS Technologies by 52.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 8,856 shares of the business services provider’s stock worth $32,000 after buying an additional 3,033 shares during the period. State Street Corp increased its stake in shares of Net 1 UEPS Technologies by 12.2% during the third quarter. State Street Corp now owns 161,979 shares of the business services provider’s stock valued at $578,000 after buying an additional 17,674 shares during the period. California Public Employees Retirement System raised its holdings in shares of Net 1 UEPS Technologies by 5.4% during the third quarter. California Public Employees Retirement System now owns 145,220 shares of the business services provider’s stock valued at $518,000 after acquiring an additional 7,400 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Net 1 UEPS Technologies during the second quarter valued at approximately $83,000. Finally, ETF Managers Group LLC raised its holdings in shares of Net 1 UEPS Technologies by 12.1% during the second quarter. ETF Managers Group LLC now owns 377,154 shares of the business services provider’s stock valued at $1,509,000 after acquiring an additional 40,679 shares in the last quarter. Hedge funds and other institutional investors own 52.12% of the company’s stock.

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.

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