ZAGG Inc (NASDAQ:ZAGG) Stock Rating Upgraded by Zacks Investment Research
ZAGG Inc (NASDAQ:ZAGG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $9.50 target price on the specialty retailer’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 13.10% from the company’s current price.
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. “
ZAGG has been the subject of several other reports. Roth Capital set a $8.00 price target on ZAGG and gave the company a “hold” rating in a research note on Wednesday, May 3rd. Wunderlich reduced their price target on ZAGG from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, May 3rd. Finally, TheStreet upgraded ZAGG from a “d+” rating to a “c-” rating in a research note on Friday, May 5th.
Shares of ZAGG (ZAGG) traded up 1.19% during trading on Wednesday, hitting $8.50. 32,923 shares of the stock were exchanged. The stock’s market cap is $237.67 million. The stock has a 50-day moving average of $8.56 and a 200 day moving average of $7.44. ZAGG has a 12-month low of $5.15 and a 12-month high of $9.15.
ZAGG (NASDAQ:ZAGG) last issued its earnings results on Tuesday, May 2nd. The specialty retailer reported ($0.12) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.01. ZAGG had a positive return on equity of 4.81% and a negative net margin of 4.26%. The company had revenue of $92.95 million during the quarter, compared to the consensus estimate of $88.29 million. Equities analysts predict that ZAGG will post $0.77 earnings per share for the current fiscal year.
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Hedge funds have recently added to or reduced their stakes in the stock. Wesbanco Bank Inc. purchased a new stake in ZAGG during the second quarter valued at about $121,000. American International Group Inc. increased its stake in ZAGG by 7.0% in the first quarter. American International Group Inc. now owns 16,976 shares of the specialty retailer’s stock valued at $122,000 after buying an additional 1,117 shares during the period. Bowling Portfolio Management LLC purchased a new stake in ZAGG during the first quarter valued at about $127,000. Wedbush Securities Inc. purchased a new stake in ZAGG during the first quarter valued at about $130,000. Finally, Brandes Investment Partners LP increased its stake in ZAGG by 86.9% in the first quarter. Brandes Investment Partners LP now owns 19,621 shares of the specialty retailer’s stock valued at $141,000 after buying an additional 9,122 shares during the period. Institutional investors and hedge funds own 78.77% of the company’s stock.
ZAGG Company Profile
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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