Vistance Networks (NASDAQ:VISN) Stock Price Up 7.7% - Here's What Happened

Key Points

• Vistance Networks stock jumped 7.7% during mid-day trading to about $10.67 (high of $10.55) on Wednesday, with roughly 1.865 million shares traded—about 59% below its average daily volume.
• The company paid a special dividend of $10.00 per share to shareholders of record on April 17, which was distributed on April 27.
• Analyst sentiment is cautious after several downgrades and new coverage notes, leaving an average rating of "Reduce" and an average target price of $20.50.

Vistance Networks, Inc. (NASDAQ:VISN - Get Free Report)'s stock price was up 7.7% during mid-day trading on Wednesday . The company traded as high as $10.55 and last traded at $10.6660. Approximately 1,865,451 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 4,589,938 shares. The stock had previously closed at $9.90.

Analyst Ratings Changes

A number of research analysts have recently issued reports on VISN shares. Wall Street Zen cut shares of Vistance Networks from a "buy" rating to a "hold" rating in a research note on Sunday, March 8th. JPMorgan Chase & Co. cut their target price on shares of Vistance Networks from $24.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, April 16th. Weiss Ratings began coverage on shares of Vistance Networks in a research note on Wednesday, January 14th. They issued a "hold (c)" rating for the company. Zacks Research lowered Vistance Networks from a "hold" rating to a "strong sell" rating in a research note on Monday, February 23rd. Finally, Evercore began coverage on Vistance Networks in a research note on Thursday, February 26th. They issued a "hold" rating and a $20.00 target price for the company. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $20.50.

Vistance Networks Price Performance

The business has a 50-day moving average price of $18.15. The stock has a market cap of $2.38 billion, a PE ratio of 1.13, a price-to-earnings-growth ratio of 1.78 and a beta of 2.38.

Vistance Networks Announces Dividend

The firm also recently announced a special dividend, which was paid on Monday, April 27th. Shareholders of record on Friday, April 17th were issued a dividend of $10.00 per share.

About Vistance Networks

CommScope Holding Company, Inc provides infrastructure solutions for communications and entertainment networks. It operates through four segments: Broadband Networks (Broadband), Outdoor Wireless Networks (OWN), Venue and Campus Networks (VCN), and Home Networks (Home). The Broadband segment provides converged cable access platforms, passive optical networking products, video systems, access technologies, fiber and coaxial cables, fiber and copper connectivity products, and hardened closures to the telco and cable provider broadband market.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.