Zagg (NASDAQ:ZAGG) Stock Rating Upgraded by ValuEngine

Zagg (NASDAQ:ZAGG) was upgraded by equities research analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued on Wednesday, ValuEngine reports.

Several other equities analysts have also recently issued reports on the company. Zacks Investment Research cut Zagg from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Craig Hallum decreased their price objective on Zagg from $17.50 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company. Zagg currently has an average rating of “Hold” and a consensus price target of $13.00.

Shares of ZAGG traded up $0.71 during midday trading on Wednesday, hitting $6.33. The company had a trading volume of 3,351,973 shares, compared to its average volume of 526,354. The company’s 50-day simple moving average is $6.54 and its 200-day simple moving average is $8.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.99 and a current ratio of 1.86. The firm has a market capitalization of $168.38 million, a P/E ratio of 4.40, a P/E/G ratio of 0.68 and a beta of 1.43. Zagg has a 1 year low of $5.26 and a 1 year high of $16.70.

Zagg (NASDAQ:ZAGG) last announced its quarterly earnings data on Tuesday, August 6th. The specialty retailer reported ($0.09) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.09). The business had revenue of $106.80 million during the quarter, compared to analysts’ expectations of $105.41 million. Zagg had a return on equity of 9.82% and a net margin of 1.86%. The business’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 EPS. Equities analysts predict that Zagg will post 0.85 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC lifted its stake in Zagg by 540.7% during the second quarter. Tower Research Capital LLC TRC now owns 4,472 shares of the specialty retailer’s stock worth $31,000 after purchasing an additional 3,774 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in Zagg by 9,137.7% during the first quarter. BNP Paribas Arbitrage SA now owns 5,635 shares of the specialty retailer’s stock worth $51,000 after purchasing an additional 5,574 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in Zagg by 3,643.5% during the first quarter. Meeder Asset Management Inc. now owns 7,824 shares of the specialty retailer’s stock worth $70,000 after purchasing an additional 7,615 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in Zagg by 378.1% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 9,629 shares of the specialty retailer’s stock worth $94,000 after purchasing an additional 7,615 shares during the last quarter. Finally, Royce & Associates LP lifted its stake in Zagg by 71.3% during the first quarter. Royce & Associates LP now owns 14,900 shares of the specialty retailer’s stock worth $135,000 after purchasing an additional 6,200 shares during the last quarter. Institutional investors and hedge funds own 82.74% of the company’s stock.

About Zagg

ZAGG Inc, together with its subsidiaries, designs, manufactures, and distributes mobile tech accessories for smartphones and tablets in the United States, Europe, and internationally. The company offers screen protection products; protective cases to protect device-specific mobile devices and tablets; power management products for tablets, smartphones, smartwatches, cameras, and other electronic mobile devices; power stations, wireless chargers, car and wall chargers, portable power products, and power wallets; earbuds, headphones, and speakers; and device specific keyboards and device agnostic keyboards under the ZAGG, InvisibleShield, mophie, IFROGZ, BRAVEN, Gear4, and HALO brands.

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