Sphere 3D Corp. (NASDAQ:ANY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $0.50 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 7.99% from the company’s previous close.

According to Zacks, “Sphere 3D Corporation is a virtualization technology solution provider. The Company is engaged in the development, and sale of Sphere 3D’s Glassware 2.0 ultra-thin client technology, that allows access to third party software on any Cloud connected device. Sphere 3D also develops V3 systems appliances, a series of servers that are used for virtualization; and provides Desktop Cloud Orchestrator software, which allows administrators to manage local, cloud hosted, or hybrid virtual desktop deployments. It caters to the cloud computing market. Sphere 3D Inc. is based in Mississauga, Canada. “

Sphere 3D Corp. (NASDAQ:ANY) traded up 5.8747% during midday trading on Wednesday, hitting $0.4902. 212,093 shares of the company traded hands. The company’s market cap is $25.01 million. The stock has a 50 day moving average price of $0.58 and a 200-day moving average price of $0.90. Sphere 3D Corp. has a 12-month low of $0.40 and a 12-month high of $3.44.

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Sphere 3D Corp. (NASDAQ:ANY) last issued its quarterly earnings results on Thursday, August 11th. The company reported ($0.19) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.18) by $0.01. Sphere 3D Corp. had a negative net margin of 60.50% and a negative return on equity of 37.54%. The business earned $19.60 million during the quarter, compared to analyst estimates of $20.40 million. During the same period in the previous year, the company posted ($0.15) earnings per share. Sphere 3D Corp.’s revenue was up 6.5% compared to the same quarter last year. Analysts expect that Sphere 3D Corp. will post ($0.72) EPS for the current year.

An institutional investor recently bought a new position in Sphere 3D Corp. stock. Harber Asset Management LLC purchased a new position in shares of Sphere 3D Corp. (NASDAQ:ANY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 218,464 shares of the company’s stock, valued at approximately $175,000. Harber Asset Management LLC owned 0.44% of Sphere 3D Corp. at the end of the most recent reporting period. 17.09% of the stock is currently owned by hedge funds and other institutional investors.

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