Comtech Telecommunications (NASDAQ:CMTL) Share Price Passes Above 200 Day Moving Average - Here's Why

Comtech Telecommunications Corp. (NASDAQ:CMTL - Get Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.18 and traded as high as $2.90. Comtech Telecommunications shares last traded at $2.88, with a volume of 139,608 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, B. Riley cut their price target on Comtech Telecommunications from $7.00 to $6.00 and set a "buy" rating for the company in a research note on Tuesday, June 10th.

Comtech Telecommunications Trading Down 0.3%

The firm has a 50-day moving average of $2.16 and a two-hundred day moving average of $2.16. The firm has a market cap of $84.38 million, a price-to-earnings ratio of -0.29 and a beta of 1.24.

Comtech Telecommunications (NASDAQ:CMTL - Get Free Report) last posted its quarterly earnings data on Monday, June 9th. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.08. Comtech Telecommunications had a negative net margin of 51.28% and a negative return on equity of 15.38%. The company had revenue of $126.79 million for the quarter, compared to the consensus estimate of $124.12 million. As a group, equities analysts anticipate that Comtech Telecommunications Corp. will post -2.38 EPS for the current year.

Hedge Funds Weigh In On Comtech Telecommunications

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Needham Investment Management LLC grew its stake in shares of Comtech Telecommunications by 18.5% during the fourth quarter. Needham Investment Management LLC now owns 1,780,000 shares of the communications equipment provider's stock worth $7,138,000 after purchasing an additional 277,500 shares during the period. Royce & Associates LP increased its stake in Comtech Telecommunications by 19.4% in the first quarter. Royce & Associates LP now owns 1,582,138 shares of the communications equipment provider's stock valued at $2,531,000 after purchasing an additional 256,530 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in Comtech Telecommunications by 12.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,339,842 shares of the communications equipment provider's stock worth $5,373,000 after purchasing an additional 143,225 shares during the period. QVT Financial LP boosted its position in shares of Comtech Telecommunications by 16.5% during the first quarter. QVT Financial LP now owns 705,773 shares of the communications equipment provider's stock worth $1,129,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC grew its holdings in shares of Comtech Telecommunications by 7.5% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 494,174 shares of the communications equipment provider's stock valued at $791,000 after buying an additional 34,544 shares during the period.

Comtech Telecommunications Company Profile

Comtech Telecommunications Corp., together with its subsidiaries, engages in the provision of next-gen telecommunication solutions in the United States and internationally. The company's Satellite and Space Communications segment offers satellite ground station technologies, services and system integration that facilitates the transmission of voice, video, and data over GEO, MEO and LEO satellite constellations, including solid-state and traveling wave tube power amplifiers, modems, VSAT platforms, and frequency converters; and satellite communications and tracking antenna systems, including high precision full motion fixed and mobile X/Y tracking antennas, RF feeds, reflectors, and radomes.