Research analysts at Craig Hallum started coverage on shares of Mitel Networks (NASDAQ:MITL) (TSE:MNW) in a note issued to investors on Thursday. The brokerage set a “buy” rating and a $14.00 price target on the communications equipment provider’s stock. Craig Hallum’s target price would indicate a potential upside of 70.94% from the stock’s current price.

A number of other research firms have also issued reports on MITL. National Bank Financial increased their price target on Mitel Networks from $10.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. Royal Bank of Canada reaffirmed a “hold” rating and issued a $8.50 price target on shares of Mitel Networks in a research report on Thursday, November 2nd. Zacks Investment Research raised Mitel Networks from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 27th. TheStreet lowered Mitel Networks from a “b” rating to a “c” rating in a research report on Tuesday, November 14th. Finally, BidaskClub lowered Mitel Networks from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. Mitel Networks presently has an average rating of “Hold” and an average target price of $12.17.

Mitel Networks (NASDAQ:MITL) traded up $0.84 during mid-day trading on Thursday, reaching $8.19. The company’s stock had a trading volume of 3,760,425 shares, compared to its average volume of 719,234. The company has a current ratio of 1.00, a quick ratio of 0.77 and a debt-to-equity ratio of 1.94. Mitel Networks has a 52 week low of $6.21 and a 52 week high of $9.13.

In other news, major shareholder Associates L.P. Elliott sold 350,475 shares of the firm’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $8.25, for a total transaction of $2,891,418.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Richard D. Mcbee bought 10,000 shares of the business’s stock in a transaction dated Wednesday, November 8th. The shares were acquired at an average cost of $8.00 per share, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 268,047 shares in the company, valued at approximately $2,144,376. The disclosure for this purchase can be found here. Insiders sold a total of 506,519 shares of company stock worth $4,177,292 in the last ninety days. 16.50% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of MITL. Bank of Montreal Can raised its position in shares of Mitel Networks by 2.6% during the 2nd quarter. Bank of Montreal Can now owns 124,962 shares of the communications equipment provider’s stock worth $918,000 after acquiring an additional 3,156 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Mitel Networks by 1.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 269,863 shares of the communications equipment provider’s stock worth $1,980,000 after acquiring an additional 4,627 shares in the last quarter. TD Asset Management Inc. raised its position in shares of Mitel Networks by 3.5% during the 2nd quarter. TD Asset Management Inc. now owns 375,203 shares of the communications equipment provider’s stock worth $2,753,000 after acquiring an additional 12,855 shares in the last quarter. Foundry Partners LLC raised its position in shares of Mitel Networks by 34.6% during the 2nd quarter. Foundry Partners LLC now owns 76,525 shares of the communications equipment provider’s stock worth $562,000 after acquiring an additional 19,675 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Mitel Networks by 54.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 40,433 shares of the communications equipment provider’s stock worth $298,000 after acquiring an additional 14,191 shares in the last quarter. 80.05% of the stock is currently owned by institutional investors and hedge funds.

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Mitel Networks Company Profile

Mitel Networks Corporation is a provider of business communications and collaboration software, services and solutions. The Company’s segments include Cloud and Enterprise. The Enterprise segment sells and supports products and services for premise-based customers. The Cloud segment sells and supports products that are deployed in a cloud environment.

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