Numerex Corp. (NMRX) Price Target Lowered to $3.50 at Canaccord Genuity

Numerex Corp. (NASDAQ:NMRX) had its target price trimmed by Canaccord Genuity from $4.50 to $3.50 in a research note published on Thursday. The brokerage currently has a hold rating on the communications equipment provider’s stock.

Several other research firms also recently commented on NMRX. ValuEngine downgraded Numerex Corp. from a sell rating to a strong sell rating in a research note on Tuesday, September 26th. Zacks Investment Research raised Numerex Corp. from a sell rating to a hold rating in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $4.67.

Numerex Corp. (NMRX) traded down $0.01 on Thursday, reaching $3.47. The company’s stock had a trading volume of 4,800 shares, compared to its average volume of 23,822. The company has a quick ratio of 0.73, a current ratio of 1.00 and a debt-to-equity ratio of 0.24. Numerex Corp. has a 12-month low of $3.43 and a 12-month high of $9.01.

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Hedge funds have recently modified their holdings of the company. Legal & General Group Plc raised its stake in shares of Numerex Corp. by 7,923.3% during the 2nd quarter. Legal & General Group Plc now owns 161,911 shares of the communications equipment provider’s stock worth $798,000 after buying an additional 159,893 shares in the last quarter. K2 Principal Fund L.P. purchased a new position in shares of Numerex Corp. during the 3rd quarter worth approximately $1,337,000. Susquehanna International Group LLP purchased a new position in shares of Numerex Corp. during the 2nd quarter worth approximately $197,000. Finally, LMR Partners LLP purchased a new position in shares of Numerex Corp. during the 2nd quarter worth approximately $170,000. 23.91% of the stock is owned by institutional investors and hedge funds.

About Numerex Corp.

Numerex Corp. is a holding company. The Company, through its subsidiaries, provides managed enterprise solutions, which enable the Internet of Things (IoT). The Company offers solutions to incorporate the IoT building blocks, such as device, network, application and platform. Its technology encompasses a range of the IoT ecosystem and delivers solutions for enterprise users.

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