BidaskClub Downgrades Mitel Networks (MITL) to Buy

Mitel Networks (NASDAQ:MITL) (TSE:MNW) was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

A number of other equities analysts have also weighed in on MITL. Zacks Investment Research lowered shares of Mitel Networks from a “buy” rating to a “hold” rating in a research note on Saturday, October 27th. ValuEngine cut shares of Mitel Networks from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 2nd. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $12.38.

NASDAQ MITL traded up $0.02 on Thursday, reaching $11.01. The company had a trading volume of 960,818 shares, compared to its average volume of 810,291. The firm has a market cap of $1.35 billion, a PE ratio of -27.53 and a beta of 2.00. The company has a current ratio of 0.94, a quick ratio of 0.77 and a debt-to-equity ratio of 1.19. Mitel Networks has a 1-year low of $7.13 and a 1-year high of $11.31.

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

A number of large investors have recently modified their holdings of the business. Alpine Associates Management Inc. bought a new stake in shares of Mitel Networks in the 2nd quarter valued at about $61,934,000. Paulson & CO. Inc. bought a new stake in shares of Mitel Networks in the 2nd quarter valued at about $43,880,000. Gardner Lewis Asset Management L P bought a new stake in shares of Mitel Networks in the 2nd quarter valued at about $30,632,000. Gabelli Funds LLC bought a new stake in shares of Mitel Networks in the 2nd quarter valued at about $18,713,000. Finally, Paradigm Capital Management Inc. NY bought a new stake in shares of Mitel Networks in the 2nd quarter valued at about $16,676,000. 80.49% of the stock is currently owned by hedge funds and other institutional investors.

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.

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