MiX Telematics (NYSE:MIXT) Upgraded to “Buy” by Zacks Investment Research

MiX Telematics (NYSE:MIXT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The brokerage currently has a $14.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.09% from the stock’s previous close.

According to Zacks, “MiX Telematics Limited provides fleet and mobile asset management solutions. It offers vehicle tracking services for the consumer and commercial vehicle market worldwide. Mix’s products and services provide enterprise fleets, small fleets and consumers with solutions for safety, efficiency and security. The Company’s products includes Trailer Tracking, MiX Rovi, Beam-e, Matrix MX3, Matrix MX2, Matrix MX1, FM Tracer (FM3316i), FM Protector/MiX 3000, FM-Web, MiX Insight Analyser, Matrix Internet Tracking, MiX DriveTime, MiX Mobile, MiX Track, FM Wireless Kit, FM Voice Kit and FM Sat Comms. MiX Telematics Limited is based in Midrand, South Africa. “

A number of other equities research analysts have also issued reports on MIXT. Canaccord Genuity increased their target price on MiX Telematics from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, May 28th. William Blair restated an “outperform” rating on shares of MiX Telematics in a research note on Friday, May 28th.

Shares of MiX Telematics stock traded up $0.29 during trading hours on Thursday, reaching $12.49. The stock had a trading volume of 12,316 shares, compared to its average volume of 46,469. The firm has a 50 day simple moving average of $13.46 and a two-hundred day simple moving average of $13.89. The firm has a market capitalization of $302.91 million, a price-to-earnings ratio of 18.92 and a beta of 0.83. MiX Telematics has a 1 year low of $7.84 and a 1 year high of $16.79.

MiX Telematics (NYSE:MIXT) last posted its earnings results on Thursday, July 29th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. MiX Telematics had a return on equity of 11.10% and a net margin of 10.88%. The business had revenue of $34.90 million during the quarter, compared to analyst estimates of $33.07 million. On average, equities analysts predict that MiX Telematics will post 0.52 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Parametric Portfolio Associates LLC grew its position in shares of MiX Telematics by 6.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 19,057 shares of the technology company’s stock worth $316,000 after acquiring an additional 1,172 shares in the last quarter. Penn Mutual Asset Management LLC grew its position in shares of MiX Telematics by 46.8% in the 2nd quarter. Penn Mutual Asset Management LLC now owns 14,245 shares of the technology company’s stock worth $236,000 after acquiring an additional 4,540 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of MiX Telematics in the 2nd quarter worth approximately $629,000. Millennium Management LLC grew its position in shares of MiX Telematics by 102.5% in the 2nd quarter. Millennium Management LLC now owns 63,549 shares of the technology company’s stock worth $1,054,000 after acquiring an additional 32,171 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of MiX Telematics by 62.9% in the 2nd quarter. Bank of America Corp DE now owns 3,884 shares of the technology company’s stock worth $64,000 after acquiring an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 36.93% of the company’s stock.

MiX Telematics Company Profile

MiX Telematics Ltd. engages in the provision of fleet and mobile asset management solutions. It focuses on the following industries: fast moving consumer goods, utilities, security, construction, transport and distribution, emergency services, government, rental and leasing, mining, oil and gas, and public transport.

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