Wasatch Advisors, Inc. recently announced the acquisition of new stake in QualTek Services Inc. (NASDAQ:QTEK). The institutional investor has increased its shareholding in the Communication Services company by 34.32% to 1.22 million shares with purchase of 0.31 million shares. This fresh investment now brings its stake to 4.37% valued currently at $0.54 million. In addition, Legacy Advisors LLC raised its holdings by 0.32 million to 0.32 million shares.
With over 0.1 million QualTek Services Inc. (QTEK) shares trading Monday and a closing price of $0.57 on the day, the dollar volume was approximately $59262.899999999994. The shares have shown a negative half year performance of -47.71% and its price on 01/23/23 gained nearly 6.44%. Currently, there are 22.17M common shares owned by the public and among those 15.00M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for QTEK have a consensus price objective of $3.50. The analysts have set the share’s price value over the next 12 months at a high of $4.00 and a low of $3.00. The average price target is 83.71% above its recent price level and an upside to the estimated low will see the stock gain 81.0% over that period. But an upside of 85.75% will see the stock hit the forecast high price target while median target price for the stock is $3.50.
Insiders at the company have transacted a total of 6 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 6 of these insider trades were purchases, accounting for 40,750 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in QualTek Services Inc. are Wasatch Micro Cap Fund, Fidelity Extended Market Index Fu, and iShares Tr. – Micro Cap ETF. Wasatch Micro Cap Fund owns 1.2 million shares of the company’s stock, all valued at over $0.53 million. The company bought an additional 0.3 million shares recently to bring their total holdings to about 4.33% of the shares outstanding. iShares Tr. – Micro Cap ETF now owns shares totaling to 0.09% of the shares outstanding.
Shares of QualTek Services Inc. (NASDAQ: QTEK) opened at $0.5623, up $0.02 from a prior closing price of $0.54. However, the script later moved the day high at 0.5780, up 6.44%. The company’s stock has a 5-day price change of 5.58% and -55.12% over the past three months. QTEK shares are trading 29.31% year to date (YTD), with the 12-month market performance down to -94.26% lower. It has a 12-month low price of $0.35 and touched a high of $10.43 over the same period. QTEK has an average intraday trading volume of 85.55K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 20.63%, -20.70%, and -61.32% respectively.
Institutional ownership of QualTek Services Inc. (NASDAQ: QTEK) shares accounts for 57.10% of the company’s 22.17M shares outstanding. Mutual fund holders own 4.88%, while other institutional holders and individual stakeholders account for 45.69% and 3.39% respectively.
It has a market capitalization of $29.41M. The earnings-per-share (ttm) stands at -$1.32. Price movements for the stock have been influenced by the stock’s volatility, which stands at 11.36% over the week and 14.41% over the month.
Analysts forecast that QualTek Services Inc. (QTEK) will achieve an EPS of $0.41 for the current quarter, -$0.16 for the next quarter and -$0.03 for 2023. The lowest estimate earnings-per-share for the quarter is $0.34 while analysts give the company a high EPS estimate of $0.48.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate QualTek Services Inc. (QTEK) as a “Strong Buy” at a consensus score of 1.70. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”