pdvWireless (PDVW) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of pdvWireless (NASDAQ:PDVW) from a hold rating to a buy rating in a report published on Friday morning. The brokerage currently has $36.00 price objective on the wireless provider’s stock.

According to Zacks, “pdvWireless, Inc. develops and sells wireless communications applications. It offers cloud-based pdvConnect mobile resource management solutions that enable businesses to locate and communicate with field workers, and enhance documentation of work events and job status. The company also sells and installs equipment used to run the wireless communications applications. pdvWireless, Inc., formerly known as Pacific DataVision, Inc., is headquartered in Woodland Park, New Jersey. “

PDVW has been the subject of several other reports. BidaskClub lowered shares of pdvWireless from a strong-buy rating to a buy rating in a research report on Thursday, December 21st. B. Riley reissued a buy rating and set a $59.00 price target on shares of pdvWireless in a research report on Friday, December 15th. Finally, ValuEngine lowered shares of pdvWireless from a hold rating to a sell rating in a research report on Thursday, October 12th.

pdvWireless (NASDAQ:PDVW) traded up $1.15 during mid-day trading on Friday, hitting $33.55. 8,100 shares of the company’s stock traded hands, compared to its average volume of 12,300. The stock has a market capitalization of $467.79, a price-to-earnings ratio of -12.90 and a beta of 0.51. pdvWireless has a 1-year low of $18.70 and a 1-year high of $36.00.

In related news, major shareholder Owl Creek Asset Management, L. acquired 25,257 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was purchased at an average cost of $29.56 per share, with a total value of $746,596.92. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Richard E. Rohmann sold 900 shares of the stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $30.60, for a total transaction of $27,540.00. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 340,001 shares of company stock valued at $10,648,710 and have sold 2,700 shares valued at $82,845. Corporate insiders own 10.91% of the company’s stock.

Several institutional investors have recently made changes to their positions in PDVW. The Manufacturers Life Insurance Company raised its position in shares of pdvWireless by 5.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,171 shares of the wireless provider’s stock valued at $190,000 after purchasing an additional 448 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of pdvWireless in the 3rd quarter valued at approximately $212,000. State Board of Administration of Florida Retirement System purchased a new position in shares of pdvWireless in the 3rd quarter valued at approximately $215,000. Teachers Advisors LLC raised its position in shares of pdvWireless by 2.2% in the 2nd quarter. Teachers Advisors LLC now owns 18,031 shares of the wireless provider’s stock valued at $420,000 after purchasing an additional 391 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of pdvWireless by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 33,852 shares of the wireless provider’s stock valued at $789,000 after purchasing an additional 209 shares during the last quarter. 91.97% of the stock is owned by hedge funds and other institutional investors.

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pdvWireless Company Profile

pdvWireless, Inc, formerly Pacific DataVision, Inc, is a wireless communications carrier and a provider of mobile workforce communication and location-based solutions. The Company’s solutions focus on enhancing the productivity of its customers’ field-based workers, and the efficiency of their dispatch and call center operations.

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