MiX Telematics Limited (NYSE:MIXT) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Other research analysts have also issued research reports about the company. TheStreet upgraded MiX Telematics Limited from a “c+” rating to a “b-” rating in a report on Tuesday, July 11th. Canaccord Genuity reiterated a “buy” rating and set a $12.00 price target on shares of MiX Telematics Limited in a report on Thursday, August 3rd. Finally, Zacks Investment Research upgraded MiX Telematics Limited from a “hold” rating to a “buy” rating and set a $7.75 price target on the stock in a report on Tuesday, May 30th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. MiX Telematics Limited has a consensus rating of “Hold” and an average price target of $9.88.

MiX Telematics Limited (NYSE:MIXT) traded up 0.58% on Tuesday, reaching $8.64. 82,300 shares of the company’s stock were exchanged. The firm has a market cap of $194.72 million, a PE ratio of 23.04 and a beta of 0.85. MiX Telematics Limited has a one year low of $4.93 and a one year high of $8.83. The firm has a 50 day moving average price of $8.13 and a 200 day moving average price of $7.07.

MiX Telematics Limited (NYSE:MIXT) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. MiX Telematics Limited had a return on equity of 8.56% and a net margin of 7.88%. The business had revenue of $31.08 million for the quarter, compared to analyst estimates of $31.22 million. On average, equities analysts anticipate that MiX Telematics Limited will post $0.01 earnings per share for the current year.

MiX Telematics Limited declared that its board has approved a stock repurchase program on Thursday, May 25th that authorizes the company to buyback $20.10 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 12.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. raised its position in MiX Telematics Limited by 105.6% in the first quarter. Russell Investments Group Ltd. now owns 19,495 shares of the technology company’s stock valued at $123,000 after buying an additional 10,015 shares in the last quarter. State of Wisconsin Investment Board bought a new position in MiX Telematics Limited during the first quarter valued at approximately $225,000. Bank of New York Mellon Corp raised its position in MiX Telematics Limited by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 58,292 shares of the technology company’s stock valued at $367,000 after buying an additional 1,715 shares in the last quarter. Blair William & Co. IL raised its position in MiX Telematics Limited by 0.6% in the first quarter. Blair William & Co. IL now owns 56,478 shares of the technology company’s stock valued at $403,000 after buying an additional 340 shares in the last quarter. Finally, Royce & Associates LP raised its position in MiX Telematics Limited by 2,095.6% in the second quarter. Royce & Associates LP now owns 57,985 shares of the technology company’s stock valued at $457,000 after buying an additional 55,344 shares in the last quarter. Institutional investors and hedge funds own 15.05% of the company’s stock.

About MiX Telematics Limited

MiX Telematics Limited is a South Africa-based provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS) to customers. The Company’s operating segments include Africa, Europe, Americas, Middle East and Australasia, Brazil and Central Services Organization. The Company’s products and services provide enterprise fleets, small fleets and consumers with solutions for safety, risk management and security.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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