Connor Clark & Lunn Investment Management Ltd. Takes Position in Ultralife Corporation $ULBI

Key Points

• Connor Clark & Lunn Investment Management acquired 155,043 Ultralife shares worth approximately $980,000, giving it a 0.93% stake. Institutional investors collectively own 30.68% of ULBI.
• Ultralife reported quarterly EPS of $0.19, in line with estimates, but revenue of $47.94 million fell short of the $55 million consensus forecast. The company posted a negative net margin of 3.50%.
• Analyst sentiment remains negative: Weiss Ratings downgraded Ultralife from “sell (d+)” to “sell (d),” and the stock has an average “Sell” rating from one tracked analyst.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Ultralife Corporation (NASDAQ:ULBI - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 155,043 shares of the technology company's stock, valued at approximately $980,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.93% of Ultralife at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ULBI. XTX Topco Ltd increased its holdings in Ultralife by 19.9% in the fourth quarter. XTX Topco Ltd now owns 15,456 shares of the technology company's stock worth $88,000 after purchasing an additional 2,569 shares in the last quarter. Bank of America Corp DE grew its position in shares of Ultralife by 30.7% during the 4th quarter. Bank of America Corp DE now owns 12,067 shares of the technology company's stock worth $90,000 after buying an additional 2,836 shares during the period. Lazard Asset Management LLC grew its position in shares of Ultralife by 1,650.0% during the 2nd quarter. Lazard Asset Management LLC now owns 5,565 shares of the technology company's stock worth $49,000 after buying an additional 5,247 shares during the period. Empowered Funds LLC bought a new stake in shares of Ultralife in the 4th quarter valued at $44,000. Finally, Janney Montgomery Scott LLC increased its stake in shares of Ultralife by 2.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 518,000 shares of the technology company's stock valued at $3,377,000 after acquiring an additional 10,200 shares in the last quarter. Institutional investors and hedge funds own 30.68% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered shares of Ultralife from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, June 12th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of "Sell".

Ultralife Stock Performance

Shares of Ultralife stock opened at $6.47 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.30 and a current ratio of 2.87. Ultralife Corporation has a 52 week low of $4.90 and a 52 week high of $8.25. The stock has a 50 day moving average price of $6.10 and a two-hundred day moving average price of $6.39. The stock has a market capitalization of $107.81 million, a PE ratio of -16.17 and a beta of 0.80.

Ultralife (NASDAQ:ULBI - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The technology company reported $0.19 EPS for the quarter, meeting the consensus estimate of $0.19. Ultralife had a positive return on equity of 2.75% and a negative net margin of 3.50%.The firm had revenue of $47.94 million during the quarter, compared to the consensus estimate of $55.00 million.

Ultralife Company Profile

Ultralife Corporation NASDAQ: ULBI develops, manufactures and sells a broad range of energy and communications products for defense, medical, automotive and consumer electronics markets. The company operates through two primary segments: Power Systems and Communications Systems. In its Power Systems segment, Ultralife produces lithium-ion rechargeable cells and battery packs, primary lithium batteries, alkaline and rechargeable battery packs, chargers and battery accessories designed to meet demanding performance and safety requirements.

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