DSP Group Inc. (DSPG) Stock Rating Lowered by Zacks Investment Research
DSP Group Inc. (NASDAQ:DSPG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “DSP Group, Inc. is a fabless semiconductor company, offering advanced chip-set solutions for a variety of applications. DSP Group is a worldwide leader in the short-range wireless communication market, enabling home networking convergence for voice, video & data. By combining its in-house technologies of Digital Signal Processors, portfolio of wireless communication protocols, including DECT, Bluetooth and Wi-Fi, most advanced Radio Frequency CMOS and SiGe, as well as VoIP ICs, DSP Group is a worldwide leader and a one-stop-shop for a wide range of applications. DSP Group ICs provide solutions for MP3 players, VoIP Phones, Gateways, and Integrated Access Devices and are widely used in Digital Voice Recorders. “
Several other brokerages also recently commented on DSPG. TheStreet raised shares of DSP Group from a “hold” rating to a “buy” rating in a research report on Monday, August 1st. Wunderlich increased their price objective on shares of DSP Group from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Tuesday, September 6th. Canaccord Genuity started coverage on shares of DSP Group in a report on Tuesday, August 9th. They set a “buy” rating and a $14.00 price target on the stock. Needham & Company LLC raised their price target on shares of DSP Group from $11.00 to $12.50 and gave the company a “buy” rating in a report on Monday, August 1st. Finally, Roth Capital started coverage on shares of DSP Group in a report on Wednesday, August 31st. They set a “buy” rating and a $14.00 price target on the stock. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. DSP Group currently has an average rating of “Buy” and a consensus price target of $12.58.
Shares of DSP Group (NASDAQ:DSPG) traded down 1.45% during trading on Tuesday, reaching $10.20. 52,662 shares of the company traded hands. The company’s market capitalization is $223.32 million. DSP Group has a 52 week low of $7.89 and a 52 week high of $12.19. The company’s 50-day moving average price is $11.43 and its 200-day moving average price is $10.47.
DSP Group (NASDAQ:DSPG) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.03. DSP Group had a negative net margin of 1.34% and a negative return on equity of 0.31%. The company had revenue of $36.20 million for the quarter, compared to the consensus estimate of $36 million. During the same period in the prior year, the firm posted $0.10 EPS. DSP Group’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities research analysts forecast that DSP Group will post $0.30 EPS for the current fiscal year.
In other news, CEO Ofer Elyakim sold 45,000 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $11.98, for a total value of $539,100.00. Following the transaction, the chief executive officer now owns 442,302 shares in the company, valued at approximately $5,298,777.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Dror Levy sold 11,937 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $11.72, for a total transaction of $139,901.64. Following the completion of the transaction, the chief financial officer now owns 149,060 shares in the company, valued at approximately $1,746,983.20. The disclosure for this sale can be found here. 6.01% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the company. Prudential Financial Inc. boosted its position in shares of DSP Group by 1.6% in the first quarter. Prudential Financial Inc. now owns 58,367 shares of the company’s stock valued at $532,000 after buying an additional 900 shares during the period. Kennedy Capital Management Inc. boosted its position in shares of DSP Group by 75.3% in the first quarter. Kennedy Capital Management Inc. now owns 194,808 shares of the company’s stock valued at $1,777,000 after buying an additional 83,701 shares during the period. Roumell Asset Management LLC boosted its position in shares of DSP Group by 8.1% in the first quarter. Roumell Asset Management LLC now owns 331,186 shares of the company’s stock valued at $3,020,000 after buying an additional 24,835 shares during the period. Emerald Acquisition Ltd. acquired a new position in shares of DSP Group during the second quarter valued at $212,000. Finally, Cadence Capital Management LLC boosted its position in shares of DSP Group by 13.4% in the second quarter. Cadence Capital Management LLC now owns 105,779 shares of the company’s stock valued at $1,122,000 after buying an additional 12,502 shares during the period. Hedge funds and other institutional investors own 76.52% of the company’s stock.
About DSP Group
DSP Group, Inc is a provider of wireless chipset solutions for converged communications. The Company delivers semiconductor system solutions with software and hardware reference designs and enables original equipment manufacturers (OEMs), original design manufacturers (ODMs), consumer electronics (CE) manufacturers and service providers to develop products.
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