QualTek Services Inc. (NASDAQ:QTEK – Get Rating) shares fell 2% during trading on Wednesday . The stock traded as low as $0.49 and last traded at $0.49. 194,871 shares traded hands during trading, an increase of 4% from the average session volume of 186,963 shares. The stock had previously closed at $0.50.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on QTEK. DA Davidson decreased their price objective on QualTek Services from $6.00 to $4.00 in a report on Thursday, November 17th. Oppenheimer cut their target price on QualTek Services to $3.00 in a research report on Thursday, November 17th. Finally, Craig Hallum cut their target price on QualTek Services to $3.50 in a research report on Thursday, November 17th.
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QualTek Services Trading Down 2.0 %
The stock has a market capitalization of $25.04 million, a price-to-earnings ratio of -0.01 and a beta of -0.66. The stock has a 50-day moving average price of $1.23 and a 200 day moving average price of $1.46.
QualTek Services (NASDAQ:QTEK – Get Rating) last issued its quarterly earnings results on Monday, November 14th. The company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.47). The company had revenue of $216.12 million for the quarter, compared to analysts' expectations of $245.30 million. Equities research analysts anticipate that QualTek Services Inc. will post -1.01 earnings per share for the current year.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the business. B. Riley Asset Management LLC purchased a new position in QualTek Services in the 1st quarter worth approximately $48,000. Renaissance Technologies LLC raised its position in shares of QualTek Services by 96.0% during the 3rd quarter. Renaissance Technologies LLC now owns 34,300 shares of the company's stock valued at $69,000 after buying an additional 16,800 shares during the period. PACK Private Wealth LLC purchased a new stake in shares of QualTek Services during the 2nd quarter valued at approximately $37,000. IFP Advisors Inc purchased a new stake in shares of QualTek Services during the 3rd quarter valued at approximately $244,000. Finally, State Street Corp purchased a new stake in shares of QualTek Services during the 3rd quarter valued at approximately $78,000. 4.15% of the stock is owned by hedge funds and other institutional investors.
QualTek Services Company Profile
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QualTek Services Inc provides communications infrastructure, power grid modernization, and renewable solutions to telecommunications and utilities industries in North America. It operates in two segments, Telecom, and Renewables & Recovery Logistics. The Telecom segment engages in the installation, project management, maintenance, real estate, and site acquisition; fiber optic aerial and underground installation, fiber optic splicing, termination and testing, new installation, engineering, and fulfillment services to telecommunication companies; and electrical contracting, and utility construction and maintenance services to municipalities, electric membership cooperatives, and electric-utility companies, including the construction and maintenance of overhead and underground distribution systems.
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