MiX Telematics (NYSE:MIXT) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of MiX Telematics (NYSE:MIXT) in a research note issued to investors on Monday. The brokerage set a “buy” rating on the technology company’s stock.

Separately, Raymond James boosted their price target on MiX Telematics from $8.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 13th.

MiX Telematics Price Performance

Shares of MiX Telematics stock opened at $14.20 on Monday. The firm has a market cap of $314.67 million, a price-to-earnings ratio of 56.80 and a beta of 1.15. The stock’s 50-day moving average is $9.75 and its 200-day moving average is $7.53. MiX Telematics has a one year low of $4.75 and a one year high of $14.54.

MiX Telematics (NYSE:MIXT) last released its earnings results on Thursday, February 1st. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). MiX Telematics had a return on equity of 8.45% and a net margin of 3.72%. The company had revenue of $39.09 million for the quarter, compared to the consensus estimate of $37.02 million. On average, equities analysts expect that MiX Telematics will post 0.4 EPS for the current year.

Hedge Funds Weigh In On MiX Telematics

Several institutional investors and hedge funds have recently made changes to their positions in MIXT. FNY Investment Advisers LLC acquired a new position in shares of MiX Telematics in the fourth quarter valued at approximately $43,000. Bank of America Corp DE grew its position in shares of MiX Telematics by 105.8% in the first quarter. Bank of America Corp DE now owns 6,175 shares of the technology company’s stock valued at $48,000 after purchasing an additional 3,175 shares during the last quarter. Commonwealth Equity Services LLC acquired a new position in shares of MiX Telematics in the first quarter valued at approximately $79,000. State Street Corp acquired a new position in shares of MiX Telematics in the third quarter valued at approximately $117,000. Finally, Envestnet Asset Management Inc. acquired a new stake in MiX Telematics during the first quarter worth approximately $175,000. Institutional investors and hedge funds own 40.29% of the company’s stock.

MiX Telematics Company Profile

MiX Telematics Limited, together with its subsidiaries, provides fleet and mobile asset management solutions through software-as-a-service (SaaS) delivery model. It offers MiX Fleet Manager, a commercial fleet management solution comprising MyMiX, an innovative driver engagement platform; MiX Vision, an on-road and in-vehicle video recording solution; MiX Rovi, an in-vehicle display and communications system; MiX RIBAS and DriveMate, an in-cab driving aid solution; MiX Hours of Service, which allows real-time monitoring and compliance; MiX Journey Management, an easy-to-use electronic alternative to paper-based systems; and MiX OEM Connect allows customer instant, direct integration to relevant, and powerful telematics data.