Covisint Corp Shares Up 4.8% After Insider Buying Activity (COVS)
Covisint Corp (NASDAQ:COVS)’s share price shot up 4.8% during mid-day trading on Thursday after an insider bought additional shares in the company, AnalystRatingsNetwork reports. The company traded as high as $4.33 and last traded at $4.18, with a volume of 1,630,414 shares trading hands. The stock had previously closed at $3.99.
Specifically, major shareholder Corp Compuware purchased 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The shares were purchased at an average price of $4.10 per share, with a total value of $73,800.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
COVS has been the subject of a number of recent research reports. Analysts at Evercore Partners cut their price target on shares of Covisint Corp to $6.00 in a research note on Friday, May 23rd. They now have an “equal weight” rating on the stock. Separately, analysts at Credit Suisse cut their price target on shares of Covisint Corp from $8.00 to $6.00 in a research note on Friday, May 23rd. Finally, analysts at Pacific Crest downgraded shares of Covisint Corp from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 23rd. They now have a $14.00 price target on the stock.
The stock’s 50-day moving average is $6.54 and its 200-day moving average is $9.52. The company’s market cap is $153.6 million.
Covisint Corp (NASDAQ:COVS) last posted its quarterly earnings results on Thursday, May 22nd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by $0.06. The company had revenue of $24.40 million for the quarter, compared to the consensus estimate of $24.66 million. During the same quarter in the previous year, the company posted ($0.10) earnings per share. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. Analysts expect that Covisint Corp will post $-0.25 EPS for the current fiscal year.
Covisint Corporation provides cloud engagement platform for enabling organizations to securely connect, engage and collaborate with large, distributed communities of customers, business partners and suppliers.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.