DSP Group Inc. (DSPG) Stock Rating Lowered by Zacks Investment Research
DSP Group Inc. (NASDAQ:DSPG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “DSP Group, Inc. is a fabless semiconductor company, offering advanced chip-set solutions for a variety of applications. DSP Group is a worldwide leader in the short-range wireless communication market, enabling home networking convergence for voice, video & data. By combining its in-house technologies of Digital Signal Processors, portfolio of wireless communication protocols, including DECT, Bluetooth and Wi-Fi, most advanced Radio Frequency CMOS and SiGe, as well as VoIP ICs, DSP Group is a worldwide leader and a one-stop-shop for a wide range of applications. DSP Group ICs provide solutions for MP3 players, VoIP Phones, Gateways, and Integrated Access Devices and are widely used in Digital Voice Recorders. “
A number of other equities analysts also recently commented on the stock. Wunderlich boosted their target price on shares of DSP Group from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Tuesday, September 6th. Roth Capital assumed coverage on DSP Group in a research note on Wednesday, August 31st. They set a “buy” rating and a $14.00 price target on the stock. Canaccord Genuity assumed coverage on DSP Group in a research note on Tuesday, August 9th. They set a “buy” rating and a $14.00 price target on the stock. TheStreet upgraded DSP Group from a “hold” rating to a “buy” rating in a research note on Monday, August 1st. Finally, Needham & Company LLC boosted their price target on DSP Group from $11.00 to $12.50 and gave the stock a “buy” rating in a research note on Monday, August 1st. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. DSP Group currently has an average rating of “Buy” and an average price target of $12.58.
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Shares of DSP Group (NASDAQ:DSPG) traded down 1.45% during trading on Tuesday, hitting $10.20. 52,662 shares of the stock traded hands. The stock has a 50 day moving average of $11.43 and a 200 day moving average of $10.47. The firm’s market cap is $223.32 million. DSP Group has a 52-week low of $7.89 and a 52-week high of $12.19.
DSP Group (NASDAQ:DSPG) last announced its earnings results on Monday, August 1st. The company reported $0.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.03. The business earned $36.20 million during the quarter, compared to the consensus estimate of $36 million. DSP Group had a negative net margin of 1.34% and a negative return on equity of 0.31%. The firm’s revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.10 earnings per share. Analysts expect that DSP Group will post $0.30 EPS for the current year.
In other DSP Group news, CFO Dror Levy sold 11,937 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $11.72, for a total value of $139,901.64. Following the completion of the transaction, the chief financial officer now directly owns 149,060 shares of the company’s stock, valued at $1,746,983.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ofer Elyakim sold 45,000 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $11.98, for a total value of $539,100.00. Following the completion of the transaction, the chief executive officer now directly owns 442,302 shares of the company’s stock, valued at $5,298,777.96. The disclosure for this sale can be found here. 6.01% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of DSP Group by 9.0% in the second quarter. Vanguard Group Inc. now owns 1,074,533 shares of the company’s stock worth $11,400,000 after buying an additional 88,360 shares during the last quarter. Kennedy Capital Management Inc. increased its position in shares of DSP Group by 75.3% in the first quarter. Kennedy Capital Management Inc. now owns 194,808 shares of the company’s stock worth $1,777,000 after buying an additional 83,701 shares during the last quarter. Zacks Investment Management bought a new position in shares of DSP Group during the second quarter worth about $619,000. BlackRock Fund Advisors increased its position in shares of DSP Group by 2.6% in the second quarter. BlackRock Fund Advisors now owns 1,472,478 shares of the company’s stock worth $15,623,000 after buying an additional 37,892 shares during the last quarter. Finally, Roumell Asset Management LLC increased its position in shares of DSP Group by 8.1% in the first quarter. Roumell Asset Management LLC now owns 331,186 shares of the company’s stock worth $3,020,000 after buying an additional 24,835 shares during the last quarter. 76.52% of the stock is owned by institutional investors.
About DSP Group
DSP Group, Inc is a provider of wireless chipset solutions for converged communications. The Company delivers semiconductor system solutions with software and hardware reference designs and enables original equipment manufacturers (OEMs), original design manufacturers (ODMs), consumer electronics (CE) manufacturers and service providers to develop products.
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