Sphere 3D (NASDAQ:ANY) Stock Price Passes Above Fifty Day Moving Average – Here’s Why

Shares of Sphere 3D Corp. (NASDAQ:ANY) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $1.55 and traded as high as $2.17. Sphere 3D shares last traded at $2.13, with a volume of 265,077 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ANY shares. Wall Street Zen upgraded Sphere 3D to a “sell” rating in a research note on Saturday, March 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sphere 3D in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $30.00.

Sphere 3D Price Performance

The firm has a market capitalization of $8.63 million, a price-to-earnings ratio of -0.30 and a beta of 3.60. The firm’s 50-day simple moving average is $1.59 and its 200 day simple moving average is $2.93.

Sphere 3D (NASDAQ:ANY) last announced its quarterly earnings data on Friday, May 15th. The technology company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.46). Sphere 3D had a negative net margin of 192.13% and a negative return on equity of 84.26%. The firm had revenue of $1.92 million for the quarter, compared to analyst estimates of $2.90 million.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its position in Sphere 3D by 294.7% during the third quarter. BNP Paribas Financial Markets now owns 50,127 shares of the technology company’s stock valued at $37,000 after purchasing an additional 37,427 shares in the last quarter. XTX Topco Ltd raised its position in Sphere 3D by 51.7% during the second quarter. XTX Topco Ltd now owns 71,682 shares of the technology company’s stock valued at $42,000 after purchasing an additional 24,424 shares in the last quarter. Jane Street Group LLC acquired a new position in Sphere 3D during the fourth quarter valued at approximately $37,000. Squarepoint Ops LLC acquired a new position in Sphere 3D during the fourth quarter valued at approximately $113,000. Finally, Armistice Capital LLC acquired a new position in shares of Sphere 3D during the fourth quarter worth $465,000. 17.28% of the stock is currently owned by institutional investors and hedge funds.

About Sphere 3D

Sphere 3D Corporation is a technology company specializing in virtualization, containerization and data management solutions. The company develops software and appliance-based offerings designed to simplify the deployment, mobility and orchestration of applications and data across on-premises, private cloud and public cloud environments. Its platforms enable organizations to consolidate IT infrastructure, improve resource utilization and accelerate application delivery without extensive re-engineering of legacy systems.

Among its key products is the Glassware platform, which allows enterprises to containerize Windows and Linux applications for delivery to virtually any endpoint without needing native software installs.