Vistance Networks (NASDAQ:VISN) Downgraded by Northland Securities to "Market Perform"

Key Points

• Northland Securities downgraded Vistance Networks from “outperform” to “market perform,” setting a $4.00 price target—about 2.9% below the prior close.
• Analyst sentiment is mixed but leans to Hold: five analysts rate the stock Hold, with a consensus price target of $15.00.
• VISN opened at $4.12 and has fallen substantially from its 12-month high of $20.55; a company director also sold 23,864 shares at an average price of $6.27.

Vistance Networks (NASDAQ:VISN - Get Free Report) was downgraded by analysts at Northland Securities from an "outperform" rating to a "market perform" rating in a research report issued on Tuesday, MarketBeat reports. They presently have a $4.00 target price on the business services provider's stock. Northland Securities's price target indicates a potential downside of 2.91% from the stock's previous close.

A number of other equities research analysts have also issued reports on VISN. Wall Street Zen raised Vistance Networks from a "sell" rating to a "hold" rating in a research note on Sunday, August 30th. Weiss Ratings downgraded Vistance Networks from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, August 17th. Five investment analysts have rated the stock with a Hold rating. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $15.00.

Vistance Networks Price Performance

VISN stock opened at $4.12 on Tuesday. The company's 50 day simple moving average is $6.20 and its 200-day simple moving average is $12.61. Vistance Networks has a 12 month low of $4.02 and a 12 month high of $20.55. The firm has a market capitalization of $950.20 million, a PE ratio of 0.12 and a beta of 2.57.

Insider Activity

In other Vistance Networks news, Director L. William Krause sold 23,864 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $6.27, for a total transaction of $149,627.28. Following the sale, the director directly owned 74,507 shares of the company's stock, valued at $467,158.89. This trade represents a 24.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Vistance Networks

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Vistance Networks during the second quarter worth approximately $319,679,000. State Street Corp acquired a new position in Vistance Networks in the 2nd quarter valued at $92,121,000. Bank of America Corp DE purchased a new position in shares of Vistance Networks during the 2nd quarter worth $73,146,000. Kestra Advisory Services LLC lifted its stake in shares of Vistance Networks by 1.5% during the 3rd quarter. Kestra Advisory Services LLC now owns 4,608,379 shares of the business services provider's stock worth $27,558,000 after purchasing an additional 67,500 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Vistance Networks by 12.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,879,462 shares of the business services provider's stock worth $23,897,000 after purchasing an additional 416,332 shares during the last quarter. Hedge funds and other institutional investors own 88.04% of the company's stock.

Vistance Networks Company Profile

Vistance Networks develops and supplies communications technology for satellite, space, terrestrial and wireless networks. Its offerings include satellite modems and ground-station equipment, radio-frequency systems, and troposcatter communications technology used to connect networks where conventional infrastructure may be limited.

The company also provides public-safety communications solutions, including technology for emergency calling, call handling and location services. Its customers include government and defense organizations, satellite and telecommunications operators, and public-safety agencies.

Vistance Networks was formerly known as Comtech Telecommunications Corporation.

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