B.Riley FBR Sticks to Their Hold Rating for PCTEL Inc (PCTI)

In a report released yesterday, Mike Crawford from B.Riley FBR reiterated a Hold rating on PCTEL Inc (PCTI), with a price target of $4.50. The company’s shares opened today at $4.34, close to its 52-week low of $4.01.

Crawford noted:

“Neutral-rated PCTEL (PCTI, $4.50 PT) reported 3Q18 results below our and consensus estimates, as well as below the lowered guidance it provided back in August, limping in with an $18.4M top line that was below $19M-$20M guidance as well as our and consensus $19.5M. High-margin scanning receiver and related RF Solutions revenues were particularly weak at $3.6M, vs. a $5M- $6M average, causing gross margin to come in $1.0M below our $7.8M projection and at a 37.1% gross margin vs. 40%-41% guidance. That said, PCTI made up the difference with lower opex and squeaked out with a non-GAAP EPS $(0.06) print that met both guidance and our projection.”

According to TipRanks.com, Crawford is a 5-star analyst with an average return of 9.1% and a 59.5% success rate. Crawford covers the Consumer Goods sector, focusing on stocks such as CPI Aerostructures, Finjan Holdings, and Kratos Defense.

Currently, the analyst consensus on PCTEL Inc is a Hold with an average price target of $4.50.

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Based on PCTEL Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $1.23 million. In comparison, last year the company had a net profit of $452K.

Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PCTI in relation to earlier this year.

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PCTEL, Inc. delivers performance critical technology solutions to the wireless industry. It provides wireless network antenna and testing solutions. The firm operates through the following segments: Connected Solutions and RF Solutions.