Canaccord Genuity Cuts Telit Communications Plc (TCM) Price Target to GBX 210

Telit Communications Plc (LON:TCM) had its price objective dropped by investment analysts at Canaccord Genuity from GBX 390 ($5.06) to GBX 210 ($2.73) in a research note issued on Tuesday, August 8th. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity’s price target would suggest a potential upside of 70.73% from the stock’s previous close.

A number of other research firms also recently issued reports on TCM. Berenberg Bank reissued a “buy” rating and set a GBX 415 ($5.39) price target on shares of Telit Communications Plc in a research report on Tuesday, May 23rd. Morgan Stanley decreased their price objective on Telit Communications Plc from GBX 350 ($4.54) to GBX 269 ($3.49) and set an “overweight” rating for the company in a research note on Tuesday, August 8th. Five research analysts have rated the stock with a buy rating, Telit Communications Plc currently has an average rating of “Buy” and an average target price of GBX 287.80 ($3.74).

Telit Communications Plc (TCM) traded down 1.80% on Tuesday, reaching GBX 123.00. 1,778,522 shares of the company were exchanged. The company’s 50-day moving average price is GBX 241.92 and its 200-day moving average price is GBX 303.17. Telit Communications Plc has a 12-month low of GBX 100.25 and a 12-month high of GBX 379.00. The stock’s market capitalization is GBX 146.45 million.

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In other news, insider Oozi Cats sold 7,081,620 shares of the stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of GBX 340 ($4.41), for a total value of £24,077,508 ($31,257,312.74). Also, insider Yosi Fait sold 89,135 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of GBX 300 ($3.89), for a total value of £267,405 ($347,143.97). Over the last quarter, insiders sold 7,187,653 shares of company stock valued at $2,439,814,170.

Telit Communications Plc Company Profile

Telit Communications PLC (Telit) is a United Kingdom-based enabler of machine-to-machine (M2M) communications providing cellular, short range and positioning modules via its brand Telit Wireless Solutions. The Company develops and markets cellular, global navigation satellite system (GNSS), short-to-long range wireless modules plus mobile connectivity services and application enablement platform to onboard edge devices to the Internet of Things (IoT).

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