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.
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.