Zagg Inc. (ZAGG) Downgraded by Zacks Investment Research
Zagg Inc. (NASDAQ:ZAGG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
According to Zacks, “ZAGG Inc. designs, manufactures and distributes protective clear coverings and accessories for consumer electronic and hand-held devices, worldwide. ZAGG’s flagship brand, the invisibleSHIELD, is a protective, high-tech patented film covering, designed for iPods, laptops, cell phones, digital cameras, PDAs, watch faces, GPS systems, gaming devices and other items. The patent-pending invisibleSHIELD application is the first scratch protection solution of its kind on the market, and has sold over one million units. Currently, ZAGG offers over 2,500 precision pre-cut designs with a lifetime replacement warranty through online channels, resellers, college bookstores, Mac stores and mall kiosks. The company continues to increase its product lines to offer additional electronic accessories to its tech-savvy customer base, as well as an expanded array of invisibleSHIELD products for other industries. “
Separately, Roth Capital raised their price target on shares of Zagg from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Thursday, July 14th.
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Zagg (NASDAQ:ZAGG) opened at 7.70 on Thursday. The company has a market cap of $216.55 million, a P/E ratio of 49.36 and a beta of 1.69. Zagg has a 12 month low of $4.71 and a 12 month high of $12.74. The firm has a 50-day moving average price of $7.67 and a 200 day moving average price of $6.91.
Zagg (NASDAQ:ZAGG) last issued its earnings results on Tuesday, August 2nd. The company reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.14. The company earned $99.80 million during the quarter, compared to the consensus estimate of $93.07 million. Zagg had a return on equity of 8.43% and a net margin of 1.42%. The firm’s revenue for the quarter was up 49.7% compared to the same quarter last year. During the same period last year, the business posted $0.12 EPS. On average, equities analysts expect that Zagg will post $0.45 earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in ZAGG. Royal Bank of Canada boosted its position in shares of Zagg by 19.2% in the second quarter. Royal Bank of Canada now owns 3,928,216 shares of the company’s stock valued at $20,623,000 after buying an additional 631,478 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Zagg by 10.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,301,925 shares of the company’s stock valued at $12,085,000 after buying an additional 214,236 shares in the last quarter. Tieton Capital Management LLC boosted its position in Zagg by 59.8% in the second quarter. Tieton Capital Management LLC now owns 1,099,517 shares of the company’s stock valued at $5,772,000 after buying an additional 411,437 shares in the last quarter. AQR Capital Management LLC boosted its position in Zagg by 15.4% in the second quarter. AQR Capital Management LLC now owns 1,025,927 shares of the company’s stock valued at $5,386,000 after buying an additional 136,614 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC boosted its position in Zagg by 54.3% in the second quarter. Pacific Ridge Capital Partners LLC now owns 511,810 shares of the company’s stock valued at $2,687,000 after buying an additional 180,020 shares in the last quarter. 77.75% of the stock is currently owned by institutional investors and hedge funds.
ZAGG Inc (ZAGG) designs, produces and distributes professional product solutions for mobile devices, including screen protection (glass and film), keyboards for tablet computers and mobile devices, keyboard cases, earbuds, mobile power solutions, cables, and cases under the ZAGG and InvisibleShield brands.
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