DSP Group (DSPG) Rating Lowered to Sell at Zacks Investment Research

DSP Group (NASDAQ:DSPG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

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. “

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity restated a “buy” rating and set a $16.00 price objective on shares of DSP Group in a report on Thursday, November 2nd. TheStreet cut DSP Group from a “b-” rating to a “c+” rating in a report on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $14.60.

DSP Group (NASDAQ DSPG) traded down $0.25 on Wednesday, reaching $12.77. The company had a trading volume of 56,045 shares, compared to its average volume of 70,951. DSP Group has a one year low of $9.80 and a one year high of $14.20. The stock has a market cap of $290.20, a PE ratio of 72.22 and a beta of 0.86.

DSP Group (NASDAQ:DSPG) last posted its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.01. DSP Group had a positive return on equity of 2.93% and a negative net margin of 1.21%. The company had revenue of $34.30 million during the quarter, compared to analysts’ expectations of $34.00 million. During the same quarter in the previous year, the business earned $0.19 EPS. DSP Group’s revenue was down 11.6% compared to the same quarter last year. equities analysts anticipate that DSP Group will post -0.05 EPS for the current fiscal year.

In other DSP Group news, CEO Ofer Elyakim sold 26,261 shares of DSP Group stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $12.81, for a total transaction of $336,403.41. Following the completion of the sale, the chief executive officer now directly owns 573,252 shares of the company’s stock, valued at approximately $7,343,358.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Yair Seroussi sold 12,000 shares of DSP Group stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $13.10, for a total value of $157,200.00. Following the sale, the director now directly owns 26,000 shares of the company’s stock, valued at $340,600. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,321 shares of company stock valued at $545,774. 5.18% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in DSPG. Senvest Management LLC raised its position in shares of DSP Group by 17.9% in the 2nd quarter. Senvest Management LLC now owns 1,831,092 shares of the semiconductor company’s stock worth $21,241,000 after acquiring an additional 278,041 shares in the last quarter. Vanguard Group Inc. raised its position in shares of DSP Group by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 1,141,427 shares of the semiconductor company’s stock worth $13,697,000 after acquiring an additional 55,238 shares in the last quarter. State Street Corp raised its position in shares of DSP Group by 6.1% in the 2nd quarter. State Street Corp now owns 558,027 shares of the semiconductor company’s stock worth $6,472,000 after acquiring an additional 31,863 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of DSP Group by 21.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 137,761 shares of the semiconductor company’s stock worth $1,598,000 after acquiring an additional 24,182 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of DSP Group by 128.9% in the 1st quarter. Bank of America Corp DE now owns 40,582 shares of the semiconductor company’s stock worth $487,000 after acquiring an additional 22,856 shares in the last quarter. 74.80% of the stock is owned by hedge funds and other institutional investors.

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About DSP Group

DSP Group, Inc is a global provider of wireless and audio chipset solutions for converged communications. Delivering semiconductor system solutions with software and hardware reference designs, the Company enables original equipment manufacturers, original design manufacturers, consumer electronics manufacturers and service providers to develop new products.

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