Mitel Networks Corp. (MITL) Short Interest Down 26.4% in October
Mitel Networks Corp. (NASDAQ:MITL) (TSE:MNW) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 813,867 shares, a drop of 26.4% from the October 14th total of 1,105,243 shares. Based on an average daily volume of 233,502 shares, the short-interest ratio is currently 3.5 days. Approximately 0.8% of the company’s stock are sold short.
Large investors have recently added to or reduced their stakes in the stock. Elliott Management Corp boosted its stake in Mitel Networks Corp. by 1.9% in the first quarter. Elliott Management Corp now owns 11,768,719 shares of the company’s stock valued at $96,268,000 after buying an additional 219,848 shares during the period. Emerald Acquisition Ltd. bought a new stake in Mitel Networks Corp. during the second quarter valued at about $1,230,000. JPMorgan Chase & Co. boosted its stake in Mitel Networks Corp. by 1.6% in the first quarter. JPMorgan Chase & Co. now owns 216,010 shares of the company’s stock valued at $1,767,000 after buying an additional 3,456 shares during the period. Clear Harbor Asset Management LLC boosted its stake in Mitel Networks Corp. by 57.3% in the second quarter. Clear Harbor Asset Management LLC now owns 55,000 shares of the company’s stock valued at $346,000 after buying an additional 20,025 shares during the period. Finally, CIBC World Markets Inc. boosted its stake in Mitel Networks Corp. by 5.6% in the second quarter. CIBC World Markets Inc. now owns 39,310 shares of the company’s stock valued at $247,000 after buying an additional 2,077 shares during the period. 82.85% of the stock is owned by institutional investors.
Shares of Mitel Networks Corp. (NASDAQ:MITL) opened at 7.07 on Thursday. Mitel Networks Corp. has a 12 month low of $5.81 and a 12 month high of $8.82. The company’s 50 day moving average is $6.93 and its 200 day moving average is $6.98. The company’s market cap is $861.84 million.
Mitel Networks Corp. (NASDAQ:MITL) last released its quarterly earnings data on Thursday, November 3rd. The company reported $0.12 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.12. The company earned $279.80 million during the quarter, compared to analysts’ expectations of $284.98 million. Mitel Networks Corp. had a negative net margin of 1.19% and a positive return on equity of 14.48%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. On average, equities research analysts predict that Mitel Networks Corp. will post $0.62 EPS for the current fiscal year.
A number of brokerages have weighed in on MITL. Royal Bank Of Canada decreased their target price on shares of Mitel Networks Corp. from $13.50 to $12.00 and set an “outperform” rating for the company in a research note on Friday, November 4th. National Bank Financial reaffirmed an “outperform market weight” rating on shares of Mitel Networks Corp. in a research note on Monday, September 26th. Finally, RBC Capital Markets reissued an “outperform” rating and set a $12.00 price target (down previously from $13.50) on shares of Mitel Networks Corp. in a research report on Sunday, November 6th. Four analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus target price of $11.00.
About Mitel Networks Corp.
Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company operates through three segments: Enterprise, Cloud and Mobile. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment.
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