PC Tel Inc (NASDAQ:PCTI) Sees Significant Decrease in Short Interest

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PC Tel Inc (NASDAQ:PCTI) was the recipient of a significant decline in short interest in August. As of August 15th, there was short interest totalling 4,100 shares, a decline of 69.4% from the July 15th total of 13,400 shares. Based on an average daily volume of 60,100 shares, the short-interest ratio is presently 0.1 days. Currently, 0.0% of the shares of the stock are sold short.

A number of hedge funds have recently modified their holdings of the business. Rutabaga Capital Management LLC MA raised its holdings in PC Tel by 69.3% during the first quarter. Rutabaga Capital Management LLC MA now owns 941,895 shares of the Wireless communications provider’s stock worth $4,719,000 after purchasing an additional 385,535 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of PC Tel in the second quarter valued at $414,000. Russell Investments Group Ltd. increased its holdings in shares of PC Tel by 28.1% in the second quarter. Russell Investments Group Ltd. now owns 356,025 shares of the Wireless communications provider’s stock valued at $1,578,000 after buying an additional 78,026 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of PC Tel by 4.3% in the second quarter. Renaissance Technologies LLC now owns 1,487,633 shares of the Wireless communications provider’s stock valued at $6,590,000 after buying an additional 61,363 shares in the last quarter. Finally, Boston Partners increased its holdings in shares of PC Tel by 44.1% in the first quarter. Boston Partners now owns 193,541 shares of the Wireless communications provider’s stock valued at $970,000 after buying an additional 59,241 shares in the last quarter. Institutional investors own 62.13% of the company’s stock.

PCTI has been the topic of a number of recent research reports. ValuEngine raised shares of PC Tel from a “hold” rating to a “buy” rating in a research note on Saturday, August 10th. Lake Street Capital upgraded PC Tel from a “hold” rating to a “buy” rating and increased their target price for the company from $5.00 to $6.00 in a report on Friday, August 9th. Zacks Investment Research upgraded PC Tel from a “hold” rating to a “strong-buy” rating and set a $6.25 target price on the stock in a report on Friday, August 16th. Finally, B. Riley upgraded PC Tel from a “neutral” rating to a “buy” rating and increased their target price for the company from $5.00 to $6.50 in a report on Friday, August 9th.

Shares of NASDAQ PCTI remained flat at $$6.45 during midday trading on Tuesday. The stock had a trading volume of 202,700 shares, compared to its average volume of 58,067. PC Tel has a twelve month low of $3.88 and a twelve month high of $6.51. The company has a market capitalization of $117.95 million, a PE ratio of -28.04 and a beta of 0.04. The stock’s 50-day moving average price is $5.17 and its two-hundred day moving average price is $5.06.

PC Tel (NASDAQ:PCTI) last posted its quarterly earnings results on Thursday, August 8th. The Wireless communications provider reported $0.13 EPS for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.06. The business had revenue of $23.50 million during the quarter, compared to the consensus estimate of $22.40 million. PC Tel had a negative return on equity of 0.48% and a negative net margin of 12.16%. As a group, sell-side analysts predict that PC Tel will post 0.16 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 8th were paid a $0.055 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.22 dividend on an annualized basis and a yield of 3.41%. PC Tel’s dividend payout ratio (DPR) is -95.65%.

About PC Tel

PCTEL, Inc, together with its subsidiaries, delivers performance critical telecom solutions in the Asia Pacific, Europe, the Middle East, Africa, and the Americas. The company designs and manufactures precision antennas, which are used primarily in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the Industrial Internet of Things.

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