StockNews.com Begins Coverage on MiX Telematics (NYSE:MIXT)

Posted by Defense World Staff on Jun 23rd, 2023

Stock analysts at StockNews.com assumed coverage on shares of MiX Telematics (NYSE:MIXT – Get Rating) in a report released on Friday. The brokerage set a “buy” rating on the technology company’s stock.

MiX Telematics Stock Performance

Shares of MiX Telematics stock opened at $6.28 on Friday. MiX Telematics has a 1 year low of $6.06 and a 1 year high of $9.17. The company has a market capitalization of $152.92 million, a P/E ratio of 29.91 and a beta of 0.98. The company’s fifty day moving average is $7.34 and its two-hundred day moving average is $7.67.

MiX Telematics (NYSE:MIXT – Get Rating) last issued its quarterly earnings data on Thursday, May 25th. The technology company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). MiX Telematics had a return on equity of 7.15% and a net margin of 3.12%. The business had revenue of $36.87 million for the quarter, compared to analysts’ expectations of $38.34 million. As a group, equities analysts expect that MiX Telematics will post 0.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Robin A. Frew sold 468,075 shares of MiX Telematics stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $0.28, for a total transaction of $131,061.00. Following the completion of the sale, the insider now directly owns 14,863,605 shares in the company, valued at $4,161,809.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder Robin A. Frew sold 468,075 shares of MiX Telematics stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $0.28, for a total transaction of $131,061.00. Following the completion of the sale, the insider now directly owns 14,863,605 shares in the company, valued at $4,161,809.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robin A. Frew sold 428,825 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $0.29, for a total transaction of $124,359.25. Following the completion of the sale, the insider now owns 15,622,055 shares of the company’s stock, valued at $4,530,395.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,957,550 shares of company stock worth $583,738. Insiders own 27.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada boosted its position in MiX Telematics by 7.9% in the 1st quarter. Royal Bank of Canada now owns 17,248 shares of the technology company’s stock valued at $193,000 after buying an additional 1,263 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of MiX Telematics by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 107,768 shares of the technology company’s stock worth $1,210,000 after buying an additional 1,881 shares during the last quarter. Pinnacle Associates Ltd. raised its holdings in MiX Telematics by 2.0% in the first quarter. Pinnacle Associates Ltd. now owns 121,856 shares of the technology company’s stock valued at $944,000 after acquiring an additional 2,400 shares in the last quarter. Bank of America Corp DE boosted its stake in MiX Telematics by 105.8% during the 1st quarter. Bank of America Corp DE now owns 6,175 shares of the technology company’s stock valued at $48,000 after acquiring an additional 3,175 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in MiX Telematics by 26.7% during the 1st quarter. Invesco Ltd. now owns 21,129 shares of the technology company’s stock worth $237,000 after acquiring an additional 4,450 shares in the last quarter. 38.92% of the stock is owned by institutional investors and hedge funds.

MiX Telematics Company Profile

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MiX Telematics Ltd. engages in the provision of fleet and mobile asset management solutions. It focuses on the following industries: fast moving consumer goods, utilities, security, construction, transport and distribution, emergency services, government, rental and leasing, mining, oil and gas, and public transport.

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