MiX Telematics (NYSE:MIXT) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Thursday.

Several other equities research analysts also recently issued reports on the company. Raymond James raised MiX Telematics from an “outperform” rating to a “strong-buy” rating and set a $22.00 price target on the stock in a research report on Monday, August 20th. Zacks Investment Research downgraded MiX Telematics from a “hold” rating to a “sell” rating in a research report on Thursday, July 26th. Finally, Canaccord Genuity raised their price target on MiX Telematics from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, June 14th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $23.00.

MiX Telematics stock opened at $14.52 on Thursday. The firm has a market cap of $326.01 million, a price-to-earnings ratio of 25.07 and a beta of 0.48. MiX Telematics has a one year low of $9.28 and a one year high of $21.00.

MiX Telematics (NYSE:MIXT) last posted its earnings results on Thursday, August 2nd. The technology company reported $0.15 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.15. The firm had revenue of $33.28 million for the quarter, compared to the consensus estimate of $35.56 million. MiX Telematics had a net margin of 9.46% and a return on equity of 11.83%. Equities analysts anticipate that MiX Telematics will post 0.57 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in MIXT. Summit Trail Advisors LLC grew its position in MiX Telematics by 1,425.2% during the first quarter. Summit Trail Advisors LLC now owns 258,537 shares of the technology company’s stock worth $259,000 after buying an additional 241,586 shares in the last quarter. Renaissance Technologies LLC grew its position in MiX Telematics by 21.4% during the second quarter. Renaissance Technologies LLC now owns 1,100,200 shares of the technology company’s stock worth $19,496,000 after buying an additional 194,224 shares in the last quarter. Millennium Management LLC grew its position in MiX Telematics by 153.4% during the second quarter. Millennium Management LLC now owns 219,264 shares of the technology company’s stock worth $3,885,000 after buying an additional 132,747 shares in the last quarter. JPMorgan Chase & Co. grew its position in MiX Telematics by 237.6% during the first quarter. JPMorgan Chase & Co. now owns 109,898 shares of the technology company’s stock worth $1,709,000 after buying an additional 77,341 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in MiX Telematics by 230.4% during the second quarter. Dimensional Fund Advisors LP now owns 84,616 shares of the technology company’s stock worth $1,499,000 after buying an additional 59,008 shares in the last quarter. 32.75% of the stock is currently owned by institutional investors and hedge funds.

About MiX Telematics

MiX Telematics Limited provides fleet and mobile asset management solutions through software-as-a-service delivery model. The company offers fleet solutions, including MiX Fleet Manager Premium that provides access to secure information about drivers and vehicles; MiX Fleet Manager Essential for monitoring drivers and vehicles; and MiX Asset Manager, a solution for fleet owners and managers to track and monitor vehicles.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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