Insider Buying: Meru Networks Director Purchases 2,000 Shares of Stock (MERU)
Meru Networks (NASDAQ:MERU) Director Harold D. Copperman bought 2,000 shares of the company’s stock on the open market in a transaction dated Friday, August 8th. The stock was purchased at an average price of $3.59 per share, with a total value of $7,180.00. Following the completion of the purchase, the director now directly owns 405,452 shares in the company, valued at approximately $1,455,573. The purchase was disclosed in a document filed with the SEC, which is available at this link.
Shares of Meru Networks (NASDAQ:MERU) traded down 5.65% during mid-day trading on Tuesday, hitting $3.51. The stock had a trading volume of 237,589 shares. Meru Networks has a 52-week low of $2.93 and a 52-week high of $4.94. The stock’s 50-day moving average is $3.80 and its 200-day moving average is $4.06. The company’s market cap is $82.8 million.
Meru Networks (NASDAQ:MERU) last posted its quarterly earnings results on Monday, July 28th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by $0.01. The company had revenue of $23.60 million for the quarter, compared to the consensus estimate of $23.90 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was down 10.9% on a year-over-year basis. Analysts expect that Meru Networks will post $-0.36 EPS for the current fiscal year.
Meru Networks, Inc (NASDAQ:MERU) provides a virtualized wireless local area network (LAN) solution.
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