PC Tel Inc (NASDAQ:PCTI) was the recipient of a large decline in short interest in November. As of November 29th, there was short interest totalling 139,000 shares, a decline of 15.8% from the November 14th total of 165,000 shares. Approximately 0.9% of the shares of the company are sold short. Based on an average daily trading volume, of 155,400 shares, the short-interest ratio is currently 0.9 days.
Institutional investors and hedge funds have recently modified their holdings of the stock. Cadence Capital Management LLC bought a new stake in PC Tel in the 3rd quarter worth approximately $1,985,000. Hillsdale Investment Management Inc. bought a new position in shares of PC Tel during the 2nd quarter valued at approximately $414,000. Russell Investments Group Ltd. increased its position in shares of PC Tel by 28.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 356,025 shares of the Wireless communications provider’s stock valued at $1,578,000 after purchasing an additional 78,026 shares during the last quarter. Millennium Management LLC bought a new position in shares of PC Tel during the 3rd quarter valued at approximately $624,000. Finally, Renaissance Technologies LLC increased its position in shares of PC Tel by 4.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,487,633 shares of the Wireless communications provider’s stock valued at $6,590,000 after purchasing an additional 61,363 shares during the last quarter. 57.54% of the stock is currently owned by institutional investors.
PCTI traded down $0.21 on Friday, hitting $8.63. 65,623 shares of the company’s stock traded hands, compared to its average volume of 110,308. The company’s 50 day simple moving average is $8.26 and its 200-day simple moving average is $6.57. The firm has a market cap of $163.15 million, a price-to-earnings ratio of -37.52 and a beta of -0.11. PC Tel has a one year low of $3.88 and a one year high of $9.40.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend was Thursday, November 7th. PC Tel’s dividend payout ratio (DPR) is presently -95.65%.
PCTI has been the topic of a number of analyst reports. TheStreet raised PC Tel from a “c” rating to a “b-” rating in a research report on Monday, September 9th. Zacks Investment Research raised PC Tel from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Thursday, November 14th. ValuEngine downgraded PC Tel from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Lake Street Capital lifted their target price on PC Tel from $6.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $8.17.
PC Tel Company Profile
PCTEL, Inc, together with its subsidiaries, delivers performance critical telecom solutions in the Asia Pacific, Europe, the Middle East, Africa, and the Americas. The company designs and manufactures precision antennas, which are used primarily in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the Industrial Internet of Things.
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