Renaissance Technologies LLC reduced its stake in pdvWireless Inc (NASDAQ:PDVW) by 87.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,000 shares of the wireless provider’s stock after selling 43,500 shares during the period. Renaissance Technologies LLC’s holdings in pdvWireless were worth $203,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Gilder Gagnon Howe & Co. LLC bought a new position in shares of pdvWireless during the third quarter valued at approximately $198,000. State Board of Administration of Florida Retirement System bought a new stake in shares of pdvWireless during the third quarter valued at approximately $245,000. Schwab Charles Investment Management Inc. increased its position in shares of pdvWireless by 6.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 46,990 shares of the wireless provider’s stock valued at $1,173,000 after acquiring an additional 2,965 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of pdvWireless during the second quarter valued at approximately $1,238,000. Finally, Northern Trust Corp increased its position in shares of pdvWireless by 7.5% during the second quarter. Northern Trust Corp now owns 119,542 shares of the wireless provider’s stock valued at $2,983,000 after acquiring an additional 8,374 shares in the last quarter. 88.43% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on PDVW shares. BidaskClub downgraded shares of pdvWireless from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 7th. Zacks Investment Research downgraded shares of pdvWireless from a “buy” rating to a “hold” rating in a research report on Wednesday, November 14th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $46.00.
pdvWireless (NASDAQ:PDVW) last announced its quarterly earnings results on Friday, February 8th. The wireless provider reported ($0.54) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.64) by $0.10. The company had revenue of $1.50 million during the quarter, compared to the consensus estimate of $1.69 million. pdvWireless had a negative net margin of 591.27% and a negative return on equity of 16.56%. On average, research analysts forecast that pdvWireless Inc will post -2.96 EPS for the current fiscal year.
pdvWireless Company Profile
pdvWireless, Inc, a wireless communication company, provides network and mobile communication solutions to infrastructure and enterprise customers primarily in the United States. It offers TeamConnect service, which combines pdvConnect, a proprietary suite of mobile communication and workforce management applications with digital network architecture and mobile devices supplied by Motorola Solutions, Inc The company's mobile communication and workforce management solutions enable businesses to locate and communicate with their field workers, as well as enhance the documentation of work events and job status.
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