StockNews.com Initiates Coverage on Evolving Systems (NASDAQ:EVOL)

StockNews.com initiated coverage on shares of Evolving Systems (NASDAQ:EVOLGet Rating) in a research note issued to investors on Tuesday. The brokerage set a “buy” rating on the technology company’s stock.

Shares of EVOL stock opened at $1.28 on Tuesday. The firm’s 50-day moving average is $1.82 and its 200-day moving average is $2.15. The stock has a market cap of $15.79 million, a price-to-earnings ratio of 21.34 and a beta of 1.29. Evolving Systems has a 52-week low of $1.27 and a 52-week high of $3.16.

In other news, major shareholder Karen Singer bought 170,218 shares of the company’s stock in a transaction dated Tuesday, January 25th. The shares were bought at an average cost of $1.85 per share, with a total value of $314,903.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders bought 390,318 shares of company stock worth $711,095. 6.70% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its holdings in Evolving Systems by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 56,933 shares of the technology company’s stock valued at $122,000 after acquiring an additional 4,083 shares during the period. Citadel Advisors LLC raised its holdings in Evolving Systems by 102.4% in the 3rd quarter. Citadel Advisors LLC now owns 21,348 shares of the technology company’s stock valued at $46,000 after acquiring an additional 10,801 shares during the period. Susquehanna International Group LLP bought a new position in Evolving Systems in the 4th quarter valued at about $25,000. Advisor Group Holdings Inc. bought a new position in Evolving Systems in the 4th quarter valued at about $53,000. Finally, Kokino LLC bought a new position in Evolving Systems in the 4th quarter valued at about $2,200,000. 45.89% of the stock is currently owned by hedge funds and other institutional investors.

Evolving Systems Company Profile (Get Rating)

Evolving Systems, Inc provides real-time digital engagement solutions and services to the wireless carrier and consumer financial service markets in the United Kingdom and internationally. The company offers acquisition and activation solutions, including Smart Dealer, a tool set that enables SIM retailers to sell SIM cards; and Dynamic SIM Allocation, a SIM/eSIM activation solution.

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