Pinnacle Associates Ltd. has recently announced that it has increased stake in Edgio Inc (NASDAQ:EGIO) by 2.64%. After grabbing 5.76 million shares, the institutional investor is now in possession of 0.15 million shares of the Technology Company. The new investment brought the stake of investor firm to 2.56% having worth around $2.67 million. Moreover, Newton Investment Management Nort increased its share by 909.0 to have a control over 4.32 million shares. And Putnam Investment Management LLC raised its holdings to 0.36 million shares by acquiring 3.19 million shares or 1.42% of the stake.
Edgio Inc (EGIO) concluded trading on 12/21/23 at a closing price of $0.35, with 2.62 million shares of worth about $0.92 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -45.86% during that period and on Thursday the price saw a gain of about 0.75%. Currently the company’s common shares owned by public are about 222.23M shares, out of which, 125.07M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 4 analysts are covering the EGIO stock and their offered price forecasts bring an average price target of $2.19. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $6.00 and could fall to a lowest price of $0.50. The stock’s current price level is 84.02% above of average price target set by the analysts, while a rise to estimated low would result in gain of 30.0% for the stock. However, touching the estimated high of $6.00 would mean a gain of 94.17% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 12 times over the past 12 months. They bought 186,792 shares in 3 of the transactions. In 9 selling transactions, insiders dumped 576,450 shares.
Vanguard Total Stock Market ETF, Putnam Small Cap Value Fund, and Vanguard Extended Market Index Fu are the top 3 mutual funds which are holding stakes in Edgio Inc Vanguard Total Stock Market ETF is currently holding 3.62 million shares of worth totaling $1.68 million. The company recently came buying 0.0 shares which brought its stake up to 1.61% of the company’s outstanding shares. Putnam Small Cap Value Fund bought 0.38 million shares, after which its hold over company’s outstanding shares expand to 0.98%, leaving 2.22 million shares with the mutual fund that have a worth of about $1.03 million. Vanguard Extended Market Index Fu, after buying 1.89 million shares, have now control over 0.84% of the stake in the company. It holds 0.0 shares of worth $0.88 million.
Edgio Inc (NASDAQ: EGIO) started trading at $0.35, above $0.01 from concluding price of the previous day. However, the stock later moved at a day high price of 0.3700, or with a gain of 0.75%. Stock saw a price change of -23.03% in past 5 days and over the past one month there was a price change of -33.08%. Year-to-date (YTD), EGIO shares are showing a performance of -69.24% which decreased to -70.29% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $0.33 but also hit the highest price of $1.79 during that period. The average intraday trading volume for Edgio Inc shares is 757.09K. The stock is currently trading -20.05% below its 20-day simple moving average (SMA20), while that difference is down -44.65% for SMA50 and it goes to -49.55% lower than SMA200.
Pinnacle Associates Ltd. acquired 5.76 million shares of Edgio Inc having value of about $2.67 million. Data submitted at the U.S SEC by Pinnacle Associates Ltd. revealed that the firm now holds 0.15 million shares in the company valued at close to $51892.4, or have control over 2.64% stake in the company. Edgio Inc (NASDAQ: EGIO) currently have 222.23M outstanding shares and institutions hold larger chunk of about 17.72% of that. Holding of mutual funds in the company is about 8.85% while other institutional holders and individual stake holders have control over 8.91% and 33.37% of the stake respectively.
The stock has a current market capitalization of $78.40M and its 3Y-monthly beta is at 0.59. It has posted earnings per share of -$0.69 in the same period. It has Quick Ratio of 0.85 while making debt-to-equity ratio of 1.01. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for EGIO, volatility over the week remained 15.51% while standing at 12.49% over the month.
Analysts are in expectations that Edgio Inc (EGIO) stock would likely to be making an EPS of -$0.04 in the current quarter, while forecast for next quarter EPS is -$0.05 and it is -$0.13 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.06 which is -$0.02 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.19 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -57.65% while it is estimated to increase by 55.54% in next year. EPS is likely to grow at an annualized rate of 15.00% for next 5-years, compared to annual growth of -60.63% made by the stock over the past 5-years.
Analysts at 4 brokerage firms have issued recommendations for the Edgio Inc (EGIO)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 4 Wall Street analysts, 2 recommended a “Buy” rating, while 2 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.