Mitel Networks Corp (MITL) Short Interest Up 78.9% in October

Mitel Networks Corp (NASDAQ:MITL) (TSE:MNW) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 1,178,470 shares, a growth of 78.9% from the October 15th total of 658,632 shares. Currently, 1.0% of the shares of the company are sold short. Based on an average daily trading volume, of 797,681 shares, the short-interest ratio is presently 1.5 days.

In other Mitel Networks news, Director Benjamin Ball sold 21,250 shares of the company’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $10.97, for a total transaction of $233,112.50. Following the completion of the transaction, the director now directly owns 51,125 shares in the company, valued at $560,841.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter Charbonneau sold 4,668 shares of the company’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $10.98, for a total transaction of $51,254.64. Following the transaction, the director now owns 59,969 shares of the company’s stock, valued at $658,459.62. The disclosure for this sale can be found here. Insiders have sold 28,897 shares of company stock worth $317,063 over the last three months. 5.60% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Suntrust Banks Inc. acquired a new stake in shares of Mitel Networks in the first quarter valued at about $235,000. Xact Kapitalforvaltning AB acquired a new stake in shares of Mitel Networks in the second quarter valued at about $259,000. Sphinx Trading LP acquired a new stake in shares of Mitel Networks in the second quarter valued at about $274,000. Cubist Systematic Strategies LLC raised its position in shares of Mitel Networks by 44.8% in the second quarter. Cubist Systematic Strategies LLC now owns 28,702 shares of the communications equipment provider’s stock valued at $314,000 after buying an additional 8,883 shares during the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Mitel Networks by 17.6% in the second quarter. Toronto Dominion Bank now owns 37,319 shares of the communications equipment provider’s stock valued at $409,000 after buying an additional 5,598 shares during the last quarter. Institutional investors and hedge funds own 80.49% of the company’s stock.

NASDAQ:MITL opened at $11.01 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.94 and a debt-to-equity ratio of 1.19. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -27.53 and a beta of 2.00. Mitel Networks has a fifty-two week low of $7.13 and a fifty-two week high of $11.31.

A number of equities analysts have weighed in on MITL shares. ValuEngine cut shares of Mitel Networks from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 2nd. Zacks Investment Research upgraded shares of Mitel Networks from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Tuesday, October 16th. Finally, BidaskClub upgraded shares of Mitel Networks from a “hold” rating to a “buy” rating in a research report on Monday, October 15th. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $12.38.

COPYRIGHT VIOLATION WARNING: This news story was originally reported by American Banking News and is owned by of American Banking News. If you are accessing this news story on another website, it was copied illegally and republished in violation of US and international trademark and copyright legislation. The original version of this news story can be accessed at https://www.americanbankingnews.com/2018/11/10/mitel-networks-corp-mitl-short-interest-up-78-9-in-october.html.

Mitel Networks Company Profile

Mitel Networks Corporation provides cloud and on-site business communications and collaboration software, services, and solutions. It operates in two segments, Enterprise and Cloud. The Enterprise segment sells and supports products and services for premise-based customers, including its premise-based IP and TDM telephony platforms; desktop devices, and unified communications and collaborations (UCC); and contact center applications that are deployed on the customer's premise under the MiVoice brand.

Featured Article: Why do corrections happen?

Receive News & Ratings for Mitel Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mitel Networks and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply