CalAmp (NASDAQ:CAMP) Rating Lowered to Sell at Zacks Investment Research

CalAmp (NASDAQ:CAMP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “CalAmp Corp. is a leading provider of wireless communications products that enable anytime/anywhere access to critical information, data and entertainment content. With comprehensive capabilities ranging from product design and development through volume production, CalAmp delivers cost-effective high quality solutions to a broad array of customers and end markets. CalAmp is the leading supplier of Direct Broadcast Satellite outdoor customer premise equipment to the U.S. satellite television market. The Company also provides wireless data communication solutions for the telemetry and asset tracking markets, private wireless networks, public safety communications and critical infrastructure and process control applications. “

A number of other research analysts have also commented on the stock. Goldman Sachs Group decreased their price target on shares of CalAmp from $7.75 to $5.00 and set a “sell” rating on the stock in a research note on Thursday, March 19th. Jefferies Financial Group upgraded shares of CalAmp from a “hold” rating to a “buy” rating and set a $8.25 target price on the stock in a research report on Friday, April 17th. Canaccord Genuity restated a “buy” rating and set a $11.00 target price on shares of CalAmp in a research report on Wednesday, May 6th. BidaskClub lowered shares of CalAmp from a “buy” rating to a “hold” rating in a research report on Friday, June 26th. Finally, JPMorgan Chase & Co. decreased their target price on shares of CalAmp from $12.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. CalAmp currently has a consensus rating of “Hold” and an average target price of $10.04.

Shares of CAMP opened at $7.54 on Tuesday. CalAmp has a 52 week low of $3.70 and a 52 week high of $12.32. The firm has a market cap of $259.11 million, a P/E ratio of 150.80 and a beta of 2.42. The firm’s 50-day simple moving average is $7.88 and its 200 day simple moving average is $7.71. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.96 and a current ratio of 2.33.

CalAmp (NASDAQ:CAMP) last announced its quarterly earnings results on Thursday, June 25th. The Wireless communications provider reported $0.02 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.07. CalAmp had a negative net margin of 23.80% and a positive return on equity of 0.90%. The business had revenue of $80.22 million for the quarter, compared to analyst estimates of $75.29 million. During the same quarter in the prior year, the business earned $0.12 EPS. CalAmp’s quarterly revenue was down 9.9% on a year-over-year basis. As a group, equities analysts forecast that CalAmp will post -0.24 earnings per share for the current year.

In other news, CEO Jeffery R. Gardner purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were bought at an average cost of $6.86 per share, with a total value of $34,300.00. Also, Director Amal M. Johnson purchased 30,000 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were purchased at an average cost of $6.29 per share, for a total transaction of $188,700.00. 3.40% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harvey Partners LLC bought a new position in shares of CalAmp during the first quarter valued at about $1,973,000. State Street Corp raised its position in CalAmp by 13.7% in the first quarter. State Street Corp now owns 1,214,355 shares of the Wireless communications provider’s stock worth $5,465,000 after acquiring an additional 145,867 shares during the period. Advisor Group Holdings Inc. bought a new stake in CalAmp in the first quarter worth about $40,000. Engineers Gate Manager LP raised its position in CalAmp by 171.7% in the first quarter. Engineers Gate Manager LP now owns 106,741 shares of the Wireless communications provider’s stock worth $480,000 after acquiring an additional 67,461 shares during the period. Finally, Invesco Ltd. raised its position in CalAmp by 28.6% in the first quarter. Invesco Ltd. now owns 562,116 shares of the Wireless communications provider’s stock worth $2,529,000 after acquiring an additional 124,998 shares during the period. 75.75% of the stock is currently owned by institutional investors.

CalAmp Company Profile

CalAmp Corp. provides in telematics systems, and software and subscription services in the United States, Latin America, Western Europe, Asia Pacific, the Middle East, Africa, and internationally. The company offers mobile resource management telematics devices for the Internet of Things market, which enable customers to optimize their operations by collecting, monitoring, and reporting business-critical information and desired intelligence from remote and mobile assets.

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