Vistance Networks (NASDAQ:VISN) Shares Gap Up Following Insider Buying Activity

Key Points

• Insider buying lifted shares: Director Claudius Watts IV bought 250,000 shares in three transactions for about $1.03 million, increasing his stake. VISN opened at $4.22 after closing at $4.00 and was last reported at $4.11.
• Analyst sentiment remains cautious: Five analysts rate the stock Hold on average, with a reported average price target of $15. Northland Securities downgraded its rating to Market Perform and set a $4 target.
• The special dividend was reduced: Vistance Networks paid $1.50 per share, down from its previous special dividend of $5.00.

Vistance Networks, Inc. (NASDAQ:VISN - Get Free Report) gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $4.00, but opened at $4.22. Vistance Networks shares last traded at $4.1110, with a volume of 740,223 shares traded.

Specifically, Director Claudius Watts, IV bought 200,000 shares of the company's stock in a transaction that occurred on Monday, November 9th. The stock was bought at an average cost of $4.16 per share, for a total transaction of $832,000.00. Following the acquisition, the director directly owned 1,547,729 shares of the company's stock, valued at $6,438,552.64. The trade was a 14.84% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Claudius Watts, IV bought 25,000 shares of the company's stock in a transaction that occurred on Thursday, November 12th. The shares were bought at an average price of $4.00 per share, with a total value of $100,000.00. Following the completion of the acquisition, the director directly owned 1,597,729 shares in the company, valued at $6,390,916. This trade represents a 1.59% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In related news, Director Claudius Watts, IV purchased 25,000 shares of Vistance Networks stock in a transaction that occurred on Tuesday, November 10th. The shares were acquired at an average cost of $3.93 per share, for a total transaction of $98,250.00. Following the transaction, the director directly owned 1,572,729 shares in the company, valued at $6,180,824.97. The trade was a 1.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

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

Vistance Networks Trading Up 2.1%

The stock has a market cap of $831.67 million, a PE ratio of 0.12 and a beta of 2.57. The business has a fifty day simple moving average of $6.07 and a two-hundred day simple moving average of $12.40.

Vistance Networks Cuts Dividend

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

Institutional Investors Weigh In On Vistance Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd bought a new position in Vistance Networks in the second quarter worth $29,000. Triumph Capital Management bought a new stake in shares of Vistance Networks during the 2nd quarter valued at $32,000. SBI Securities Co. Ltd. boosted its holdings in shares of Vistance Networks by 408.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 6,145 shares of the business services provider's stock valued at $37,000 after buying an additional 4,936 shares in the last quarter. First Bancorp Inc ME purchased a new stake in shares of Vistance Networks in the 2nd quarter worth about $38,000. Finally, Meeder Asset Management Inc. grew its position in shares of Vistance Networks by 61.1% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,080 shares of the business services provider's stock worth $42,000 after buying an additional 2,686 shares during the period. 88.04% of the stock is owned by hedge funds and other institutional investors.

About Vistance Networks

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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