StockNews.com Initiates Coverage on MiX Telematics (NYSE:MIXT)

Analysts at StockNews.com began coverage on shares of MiX Telematics (NYSE:MIXT) in a report issued on Sunday. The firm set a “strong-buy” rating on the technology company’s stock.

MiX Telematics Trading Up 0.2 %

Shares of MIXT stock opened at $4.91 on Friday. The company has a market capitalization of $119.36 million, a P/E ratio of 19.64 and a beta of 1.06. The business’s 50 day moving average is $5.84 and its two-hundred day moving average is $6.53. MiX Telematics has a 12-month low of $4.75 and a 12-month high of $9.17.

MiX Telematics (NYSE:MIXT) last issued its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). The business had revenue of $36.35 million for the quarter, compared to analysts’ expectations of $35.70 million. MiX Telematics had a return on equity of 8.16% and a net margin of 3.73%. On average, research analysts predict that MiX Telematics will post 0.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Robin A. Frew sold 776,825 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $0.28, for a total value of $217,511.00. Following the transaction, the insider now owns 14,081,280 shares in the company, valued at $3,942,758.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MiX Telematics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp lifted its position in shares of MiX Telematics by 13.1% in the second quarter. State Street Corp now owns 18,857 shares of the technology company’s stock valued at $119,000 after acquiring an additional 2,184 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of MiX Telematics by 1.8% in the second quarter. Renaissance Technologies LLC now owns 464,100 shares of the technology company’s stock valued at $2,933,000 after acquiring an additional 8,300 shares in the last quarter. Penn Mutual Asset Management LLC lifted its position in shares of MiX Telematics by 46.6% in the second quarter. Penn Mutual Asset Management LLC now owns 490,219 shares of the technology company’s stock valued at $3,098,000 after acquiring an additional 155,807 shares in the last quarter. Meros Investment Management LP lifted its position in shares of MiX Telematics by 7.1% in the second quarter. Meros Investment Management LP now owns 451,500 shares of the technology company’s stock valued at $2,853,000 after acquiring an additional 30,057 shares in the last quarter. Finally, Acadian Asset Management LLC increased its holdings in shares of MiX Telematics by 6.3% in the second quarter. Acadian Asset Management LLC now owns 59,552 shares of the technology company’s stock valued at $371,000 after purchasing an additional 3,516 shares during the last quarter. Hedge funds and other institutional investors own 40.29% of the company’s stock.

About MiX Telematics

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.