Evercore ISI initiated coverage on shares of pdvWireless (NASDAQ:ATEX) in a research note released on Friday morning, AnalystRatings.com reports. The brokerage issued an outperform rating and a $61.00 target price on the stock.
“We look at two different approaches for valuing ATEX. First, we look at the shares’ value on a straightforward $/MHz-Pop basis. Using this method, we estimate shares are trading at ~$0.47/MHz- Pop, net of upcoming retuning costs. Using a $0.88 value (weighted average of recent low-band auction and private market transactions), we reach a $79/share valuation for ATEX based on its spectrum holdings. We also consider what a fair valuation for ATEX could be on a P/FCF or EV/EBITDA basis five years out, once the company’s spectrum deployment is largely complete. For this analysis, we use typical metrics for tower companies, given that the models are broadly similar, and then discount the implied valuation back to YE20, reaching a $85 blended value.”,” the firm’s analyst wrote.
Shares of ATEX stock opened at $40.99 on Friday. pdvWireless has a 12 month low of $27.65 and a 12 month high of $51.33.
pdvWireless (NASDAQ:ATEX) last announced its quarterly earnings data on Monday, May 20th. The company reported ($0.65) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.63) by ($0.02). The business had revenue of $1.30 million during the quarter, compared to the consensus estimate of $1.15 million. pdvWireless had a negative return on equity of 17.68% and a negative net margin of 646.34%. Analysts expect that pdvWireless will post -2.43 EPS for the current year.
In other pdvWireless news, major shareholder Owl Creek Asset Management, L. acquired 41,300 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were acquired at an average price of $44.90 per share, with a total value of $1,854,370.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders bought 1,128,329 shares of company stock worth $50,510,985. 6.74% of the stock is currently owned by insiders.
pdvWireless Company Profile
pdvWireless, Inc, a wireless communication company, provides network and mobile communication solutions to infrastructure and enterprise customers primarily in the United States. It offers pdvConnect service, the company's proprietary cloud-based mobile resource management solution; TeamConnect service, which combines pdvConnect with push-to-talk mobile communication services involving digital network architecture and mobile devices; and Diga-talk, a mobile communication that provides nationwide two-way digital communication services.
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