Aerohive Networks (HIVE) Trading Down 28.6%

Aerohive Networks Inc (NYSE:HIVE) shares were down 28.6% on Wednesday . The stock traded as low as $3.95 and last traded at $4.07. Approximately 2,762,929 shares were traded during mid-day trading, an increase of 384% from the average daily volume of 570,891 shares. The stock had previously closed at $5.70.

HIVE has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 target price for the company in a research report on Wednesday, November 8th. ValuEngine upgraded shares of Aerohive Networks from a “strong sell” rating to a “sell” rating in a research report on Friday, November 10th. Craig Hallum initiated coverage on shares of Aerohive Networks in a research report on Tuesday, October 17th. They set a “buy” rating and a $6.00 target price for the company. Finally, Dougherty & Co cut shares of Aerohive Networks from a “buy” rating to a “neutral” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $6.05.

The company has a market cap of $224.58, a PE ratio of -8.18 and a beta of 1.79. The company has a current ratio of 2.19, a quick ratio of 1.95 and a debt-to-equity ratio of 0.94.

Aerohive Networks (NYSE:HIVE) last issued its earnings results on Wednesday, November 1st. The communications equipment provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $37.07 million during the quarter, compared to analysts’ expectations of $38.41 million. Aerohive Networks had a negative net margin of 17.00% and a negative return on equity of 103.45%. The business’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.06) EPS. equities analysts anticipate that Aerohive Networks Inc will post -0.43 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP bought a new stake in shares of Aerohive Networks in the 3rd quarter valued at $112,000. Sterling Capital Management LLC bought a new stake in shares of Aerohive Networks in the 3rd quarter valued at $638,000. Granahan Investment Management Inc. MA increased its position in shares of Aerohive Networks by 10.4% in the 3rd quarter. Granahan Investment Management Inc. MA now owns 1,213,714 shares of the communications equipment provider’s stock valued at $4,964,000 after buying an additional 114,355 shares in the last quarter. Yiheng Capital LLC increased its position in shares of Aerohive Networks by 56.9% in the 3rd quarter. Yiheng Capital LLC now owns 1,863,083 shares of the communications equipment provider’s stock valued at $7,620,000 after buying an additional 675,814 shares in the last quarter. Finally, Royce & Associates LP bought a new stake in shares of Aerohive Networks in the 3rd quarter valued at $4,116,000. Institutional investors and hedge funds own 46.13% of the company’s stock.

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Aerohive Networks Company Profile

Aerohive Networks, Inc together with its subsidiaries, has designed and developed a cloud-managed mobile networking platform that enables enterprises to deploy and manage a mobile-centric network edge. Its portfolio of products and solutions is built around sets of technologies and solutions, which include Enterprise Cloud Networking, Wireless Fidelity (Wi-Fi) Connectivity and Application and Insights.

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