Zagg Inc. (ZAGG) Stock Rating Lowered 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 released on Wednesday.
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 increased their price objective on shares of Zagg from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Thursday, July 14th.
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Zagg (NASDAQ:ZAGG) opened at 7.75 on Wednesday. The firm has a market cap of $217.95 million, a price-to-earnings ratio of 49.68 and a beta of 1.69. The stock has a 50 day moving average of $7.73 and a 200 day moving average of $6.86. Zagg has a one year low of $4.71 and a one year high of $12.74.
Zagg (NASDAQ:ZAGG) last issued its quarterly earnings data 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 business earned $99.80 million during the quarter, compared to the consensus estimate of $93.07 million. Zagg had a net margin of 1.42% and a return on equity of 8.43%. The firm’s revenue was up 49.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 EPS. Equities research analysts predict that Zagg will post $0.45 EPS for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. acquired a new position in Zagg during the first quarter valued at about $1,687,000. Spark Investment Management LLC acquired a new position in Zagg during the first quarter valued at about $1,300,000. Goldman Sachs Group Inc. increased its position in Zagg by 43.0% in the first quarter. Goldman Sachs Group Inc. now owns 109,778 shares of the company’s stock valued at $989,000 after buying an additional 33,012 shares during the last quarter. Hancock Holding Co. acquired a new position in Zagg during the first quarter valued at about $760,000. Finally, A.R.T. Advisors LLC increased its position in Zagg by 424.5% in the first quarter. A.R.T. Advisors LLC now owns 62,189 shares of the company’s stock valued at $560,000 after buying an additional 50,333 shares during the last quarter. 77.68% of the stock is owned by hedge funds and other institutional investors.
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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