StockNews.com Initiates Coverage on TESSCO Technologies (NASDAQ:TESS)

Posted by on Jun 25th, 2023

Research analysts at StockNews.com initiated coverage on shares of TESSCO Technologies (NASDAQ:TESS – Get Rating) in a research report issued to clients and investors on Sunday. The firm set a “hold” rating on the communications equipment provider’s stock.

A number of other equities analysts also recently commented on TESS. William Blair downgraded TESSCO Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, April 13th. TheStreet upgraded TESSCO Technologies from a “d+” rating to a “c-” rating in a report on Wednesday, April 26th.

TESSCO Technologies Stock Performance

NASDAQ TESS opened at $8.94 on Friday. The business’s 50-day moving average price is $8.82 and its 200 day moving average price is $6.29. TESSCO Technologies has a twelve month low of $4.03 and a twelve month high of $8.96. The company has a market capitalization of $82.84 million, a PE ratio of -19.02 and a beta of 0.93. The company has a current ratio of 1.98, a quick ratio of 1.09 and a debt-to-equity ratio of 0.96.

TESSCO Technologies (NASDAQ:TESS – Get Rating) last released its earnings results on Friday, May 26th. The communications equipment provider reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.11). The business had revenue of $104.20 million for the quarter, compared to analysts’ expectations of $116.16 million. TESSCO Technologies had a negative return on equity of 5.99% and a negative net margin of 0.96%. On average, research analysts predict that TESSCO Technologies will post 0.1 earnings per share for the current year.

Insider Activity

In other news, major shareholder Robert B. Barnhill, Jr. sold 34,402 shares of the stock in a transaction dated Monday, April 24th. The stock was sold at an average price of $8.77, for a total value of $301,705.54. Following the completion of the sale, the insider now owns 1,553,484 shares in the company, valued at $13,624,054.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other TESSCO Technologies news, major shareholder Robert B. Barnhill, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 12th. The stock was sold at an average price of $8.77, for a total transaction of $131,550.00. Following the completion of the sale, the insider now owns 1,587,886 shares in the company, valued at approximately $13,925,760.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Robert B. Barnhill, Jr. sold 34,402 shares of the firm’s stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $8.77, for a total value of $301,705.54. Following the sale, the insider now owns 1,553,484 shares of the company’s stock, valued at approximately $13,624,054.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,097 shares of company stock worth $450,099. 7.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TESSCO Technologies

A number of hedge funds have recently bought and sold shares of TESS. Employees Retirement System of Texas grew its stake in TESSCO Technologies by 39.8% during the 1st quarter. Employees Retirement System of Texas now owns 119,341 shares of the communications equipment provider’s stock valued at $721,000 after purchasing an additional 34,000 shares in the last quarter. Moors & Cabot Inc. grew its stake in TESSCO Technologies by 35.5% during the 4th quarter. Moors & Cabot Inc. now owns 124,771 shares of the communications equipment provider’s stock valued at $787,000 after purchasing an additional 32,703 shares in the last quarter. Essex Investment Management Co. LLC grew its stake in TESSCO Technologies by 35.9% during the 4th quarter. Essex Investment Management Co. LLC now owns 118,928 shares of the communications equipment provider’s stock valued at $583,000 after purchasing an additional 31,385 shares in the last quarter. Millennium Management LLC acquired a new position in shares of TESSCO Technologies in the 4th quarter worth approximately $102,000. Finally, Legato Capital Management LLC acquired a new position in shares of TESSCO Technologies in the 4th quarter worth approximately $49,000. Institutional investors and hedge funds own 57.78% of the company’s stock.

TESSCO Technologies Company Profile

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TESSCO Technologies Incorporated engages in manufacture and distribution of technology products and solutions for wireless infrastructure market in the United States and internationally. It operates in two segments, Carrier and Commercial. The company offers base station infrastructure products, including base station antennas, cable and transmission lines, small towers, lightning protection devices, connectors, power systems, enclosures, grounding products, jumpers, miscellaneous hardware products, and mobile antennas to build, repair, and upgrade wireless broadband systems.

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