MiX Telematics Limited (NYSE:MIXT) was upgraded by investment analysts at TheStreet from a “c+” rating to a “b-” rating in a research note issued to investors on Tuesday.
Other research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded MiX Telematics Limited from a “hold” rating to a “buy” rating and set a $7.75 target price on the stock in a report on Tuesday, March 21st. ValuEngine cut MiX Telematics Limited from a “buy” rating to a “hold” rating in a report on Friday, May 26th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $9.13.
Shares of MiX Telematics Limited (NYSE:MIXT) traded up 4.36% during midday trading on Tuesday, reaching $8.37. The company’s stock had a trading volume of 176,336 shares. The firm has a market capitalization of $188.63 million, a price-to-earnings ratio of 22.32 and a beta of 0.84. MiX Telematics Limited has a 52 week low of $4.80 and a 52 week high of $8.60. The firm’s 50 day moving average is $7.00 and its 200 day moving average is $6.77.
MiX Telematics Limited (NYSE:MIXT) last issued its earnings results on Thursday, May 25th. The technology company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.06. MiX Telematics Limited had a return on equity of 7.08% and a net margin of 7.88%. The firm had revenue of $29.18 million for the quarter, compared to analysts’ expectations of $27.81 million. Equities analysts forecast that MiX Telematics Limited will post $0.01 EPS for the current fiscal year.
MiX Telematics Limited declared that its Board of Directors has approved a share buyback program on Thursday, May 25th that authorizes the company to buyback $20.10 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 12.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC boosted its position in shares of MiX Telematics Limited by 123.6% in the first quarter. Acadian Asset Management LLC now owns 397,232 shares of the technology company’s stock worth $2,503,000 after buying an additional 219,616 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of MiX Telematics Limited by 53.6% in the first quarter. Renaissance Technologies LLC now owns 543,510 shares of the technology company’s stock worth $3,424,000 after buying an additional 189,710 shares in the last quarter. Formula Growth Ltd. boosted its position in shares of MiX Telematics Limited by 12.1% in the first quarter. Formula Growth Ltd. now owns 600,165 shares of the technology company’s stock worth $3,781,000 after buying an additional 64,574 shares in the last quarter. State of Wisconsin Investment Board bought a new position in shares of MiX Telematics Limited during the first quarter worth approximately $225,000. Finally, Russell Investments Group Ltd. boosted its position in shares of MiX Telematics Limited by 105.6% in the first quarter. Russell Investments Group Ltd. now owns 19,495 shares of the technology company’s stock worth $123,000 after buying an additional 10,015 shares in the last quarter. Institutional investors own 14.37% of the company’s stock.
About MiX Telematics Limited
MiX Telematics Limited is a South Africa-based provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS) to customers. The Company’s operating segments include Africa, Europe, Americas, Middle East and Australasia, Brazil and Central Services Organization. The Company’s products and services provide enterprise fleets, small fleets and consumers with solutions for safety, risk management and security.
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