Vistance Networks (NASDAQ:VISN) Director Claudius Iv Watts Purchases 200,000 Shares of Company Stock

Key Points

• Director Claudius Iv Watts bought 200,000 shares for $832,000 at an average price of $4.16, increasing his holdings by 14.84% to 1,547,729 shares.
• VISN traded at $4.00, near its 52-week low of $3.90 and well below its 50-day and 200-day moving averages of $6.07 and $12.40, respectively.
• The company paid a $1.50 special dividend, down from its previous $5.00 payment. Analysts’ average rating is Hold, with an average price target of $15.

Vistance Networks, Inc. (NASDAQ:VISN - Get Free Report) Director Claudius Iv Watts bought 200,000 shares of the company's stock in a transaction that occurred on Monday, November 9th. The shares were bought at an average cost of $4.16 per share, for a total transaction of $832,000.00. Following the completion of the acquisition, the director owned 1,547,729 shares of the company's stock, valued at $6,438,552.64. This trade represents a 14.84% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Vistance Networks Price Performance

VISN stock traded down $0.06 during trading on Thursday, hitting $4.00. 7,564,426 shares of the company traded hands, compared to its average volume of 7,376,198. The stock's 50-day simple moving average is $6.07 and its 200 day simple moving average is $12.40. The company has a market cap of $814.36 million, a PE ratio of 5.49 and a beta of 2.57. Vistance Networks, Inc. has a 1 year low of $3.90 and a 1 year high of $20.55.

Vistance Networks Cuts Dividend

The company also recently disclosed a special dividend, which was paid on Friday, November 6th. Stockholders of record on Monday, October 26th were paid a dividend of $1.50 per share. This is a drop from Vistance Networks's previous special dividend of $5.00.

Hedge Funds Weigh In On Vistance Networks

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Vistance Networks in the second quarter valued at approximately $319,679,000. State Street Corp acquired a new position in shares of Vistance Networks during the 2nd quarter worth approximately $92,121,000. First Trust Advisors LP raised its stake in shares of Vistance Networks by 1,358.6% during the 3rd quarter. First Trust Advisors LP now owns 14,520,886 shares of the business services provider's stock worth $86,835,000 after buying an additional 13,525,341 shares during the period. Bank of America Corp DE purchased a new position in shares of Vistance Networks during the 2nd quarter valued at approximately $73,146,000. Finally, HighTower Advisors LLC purchased a new position in shares of Vistance Networks during the 2nd quarter valued at approximately $34,338,000. Hedge funds and other institutional investors own 88.04% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on VISN shares. Wall Street Zen upgraded shares of Vistance Networks from a "sell" rating to a "hold" rating in a research note on Sunday, August 30th. Northland Securities downgraded shares of Vistance Networks from an "outperform" rating to a "market perform" rating and set a $4.00 price target on the stock. in a report on Tuesday. Finally, Weiss Ratings lowered shares of Vistance Networks from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, August 17th. Five equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $15.00.

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.

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