Lantronix (NASDAQ:LTRX) Price Target Cut to $10.50 by Analysts at Canaccord Genuity Group

Lantronix (NASDAQ:LTRX) had its price objective cut by Canaccord Genuity Group from $11.00 to $10.50 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group‘s price target indicates a potential upside of 116.05% from the stock’s current price.

A number of other brokerages have also issued reports on LTRX. JonesTrading initiated coverage on shares of Lantronix in a research note on Wednesday, July 15th. They set a “buy” rating and a $12.00 price target on the stock. Zacks Research downgraded shares of Lantronix from a “hold” rating to a “strong sell” rating in a research report on Monday. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Lantronix in a report on Thursday, August 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lantronix in a research report on Thursday, October 15th. Finally, Wall Street Zen raised Lantronix from a “hold” rating to a “buy” rating in a research note on Saturday, August 29th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Lantronix presently has an average rating of “Moderate Buy” and a consensus target price of $10.70.

Lantronix Price Performance

Shares of LTRX traded up $0.47 during midday trading on Wednesday, reaching $4.86. 865,739 shares of the stock were exchanged, compared to its average volume of 1,006,627. Lantronix has a twelve month low of $4.36 and a twelve month high of $8.75. The company has a market capitalization of $227.84 million, a price-to-earnings ratio of -60.75 and a beta of 1.36. The business’s 50-day moving average price is $6.00 and its 200 day moving average price is $6.06.

Lantronix (NASDAQ:LTRX) last posted its quarterly earnings data on Monday, November 9th. The technology company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $32.37 million during the quarter, compared to the consensus estimate of $31.98 million. Lantronix had a negative return on equity of 3.63% and a negative net margin of 2.63%. As a group, equities research analysts expect that Lantronix will post 0.07 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Saleel Awsare purchased 15,000 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The shares were acquired at an average price of $5.18 per share, with a total value of $77,700.00. Following the purchase, the chief executive officer directly owned 453,381 shares of the company’s stock, valued at $2,348,513.58. The trade was a 3.42% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Lantronix

Hedge funds and other institutional investors have recently bought and sold shares of the company. StoneX Group Inc. purchased a new position in shares of Lantronix in the third quarter valued at $89,000. Globeflex Capital L P purchased a new stake in shares of Lantronix in the 2nd quarter worth about $76,000. State of Wyoming grew its stake in Lantronix by 84.0% in the 3rd quarter. State of Wyoming now owns 42,537 shares of the technology company’s stock valued at $307,000 after acquiring an additional 19,420 shares during the last quarter. Bank of America Corp DE grew its stake in Lantronix by 210.7% in the 1st quarter. Bank of America Corp DE now owns 38,589 shares of the technology company’s stock valued at $202,000 after acquiring an additional 26,170 shares during the last quarter. Finally, WINTON GROUP Ltd increased its holdings in Lantronix by 59.4% during the 2nd quarter. WINTON GROUP Ltd now owns 82,148 shares of the technology company’s stock valued at $483,000 after acquiring an additional 30,626 shares in the last quarter. 39.38% of the stock is owned by institutional investors and hedge funds.

Lantronix Company Profile

Lantronix, Inc. (NASDAQ: LTRX) is a provider of Internet of Things (IoT) and edge-computing solutions that help organizations connect, manage, and secure devices and equipment. The company serves customers in industrial, enterprise, transportation, healthcare, smart-city, and other applications where reliable remote connectivity and device management are required. Its portfolio includes embedded networking modules, industrial and cellular gateways, routers, out-of-band management products, and software for remotely provisioning, monitoring, and managing connected devices.