B.Riley FBR analyst Mike Crawford maintained a Buy rating on pdvWireless Inc (NASDAQ: PDVW) today and set a price target of $59. The company’s shares opened today at $42.13, close to its 52-week high of $43.92.
Crawford said:
“We expect Buy-rated pdvWireless (PDVW, $59 PT) to report 2Q19 (Sep) results during the 11/5 week but far more important to the company is impending action by the FCC to realign the 900 MHz spectrum band to support a 3×3 LTE broadband allocation, as contemplated in an ongoing Notice of Inquiry (NOI). FCC Chairman Pai testified to 25 that he and his staff were in the process of drafting a 900 Rulemaking (NPRM), and we continue to look for a potential NPRM to be issued via circulation—as was the NOI in August 2017—given the action still would be “relatively small scale” for the FCC, as described by PDVW Chairman and CEO Morgan O’Brien.”
According to TipRanks.com, Crawford is a 4-star analyst with an average return of 8.2% and a 57.1% 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 pdvWireless Inc is a Moderate Buy with an average price target of $60.50, which is a 43.6% upside from current levels. In a report issued on October 15, Craig-Hallum also initiated coverage with a Buy rating on the stock with a $62 price target.
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Based on pdvWireless Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $12.3 million. In comparison, last year the company had a GAAP net loss of $8.2 million.
Based on the recent corporate insider activity of 54 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 PDVW in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
pdvWireless, Inc. engages in the provision of wireless communications services. It focuses on the development of spectrum assets for the deployment of next generation network, and mobile communication solutions designed to meet the needs of critical infrastructure, and enterprise customers.
