Envestnet Asset Management Inc. Purchases 54,766 Shares of Mastech Digital, Inc. (NYSE:MHH)

Key Points

• Envestnet Asset Management Inc. has increased its stake in Mastech Digital, Inc. by 39.0%, owning a total of 195,264 shares valued at about $1,994,000.
• Other institutional investors, including Barclays PLC and Millennium Management LLC, have also made significant acquisitions of Mastech Digital shares, with institutional ownership now at 18.43%.
• Despite recent investments, Mastech Digital's stock rating was downgraded by Wall Street Zen from a "buy" to a "hold" rating on May 21st.

Envestnet Asset Management Inc. increased its position in Mastech Digital, Inc. (NYSE:MHH - Free Report) by 39.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 195,264 shares of the company's stock after purchasing an additional 54,766 shares during the period. Envestnet Asset Management Inc. owned 1.66% of Mastech Digital worth $1,994,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in Mastech Digital by 24.1% in the fourth quarter. Barclays PLC now owns 8,120 shares of the company's stock valued at $122,000 after acquiring an additional 1,576 shares during the period. Marshall Wace LLP bought a new position in Mastech Digital in the fourth quarter valued at about $156,000. Citadel Advisors LLC bought a new position in Mastech Digital in the fourth quarter valued at about $159,000. Millennium Management LLC bought a new position in Mastech Digital in the fourth quarter valued at about $223,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Mastech Digital in the fourth quarter valued at about $267,000. 18.43% of the stock is owned by hedge funds and other institutional investors.

Mastech Digital Trading Up 0.8%

MHH traded up $0.06 on Friday, hitting $7.28. 5,827 shares of the company's stock traded hands, compared to its average volume of 20,519. The company's 50 day simple moving average is $7.11 and its 200-day simple moving average is $7.46. The firm has a market cap of $85.65 million, a price-to-earnings ratio of 25.10, a P/E/G ratio of 0.79 and a beta of 0.73. Mastech Digital, Inc. has a one year low of $6.20 and a one year high of $16.00.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Mastech Digital from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st.

About Mastech Digital

Mastech Digital, Inc, together with its subsidiaries, provides digital transformation IT services to large, medium-sized, and small companies in the United States. The company operates through Data and Analytics Services and IT Staffing Services segments. It offers data management and analytics services, including project-based consulting services in the areas of master data management, enterprise data integration, big data and analytics, and digital transformation by using onsite and offshore resources.