This trade activity should not be overlooked: QualTek Services Inc. (QTEK)

QualTek Services Inc. (NASDAQ: QTEK) stock jumped 14.02% on Wednesday to $1.87 against a previous-day closing price of $1.64. With 0.51 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.2 million shares. During the session, the Telecom Services company that operates in wider Communication Services sector, reached to the highest price of $2.0689 whereas the lowest price it dropped to was $1.6999. The 52-week range on QTEK shows that it touched its highest point at $10.43 and its lowest point at $0.97 during that stretch. It currently has a 1-year price target of $6.33.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of QTEK was up-trending over the past week, with a rise of 46.09%, but this was down by -8.78% over a month. Three-month performance surged to 28.08% while six-month performance fell -41.93%. The stock lost -81.11% in the past year, while it has lost -81.17% so far this year. A look at the trailing 12-month EPS for QTEK yields -1.24 with Next year EPS estimates of -0.04.

Float and Shares Shorts:

At present, 22.17 million QTEK shares are outstanding with a float of 21.00 million shares on hand for trading. On Jul 14, 2022, short shares totaled 0.21 million, which was 0.85% higher than short shares on Jun 14, 2022. In addition to Mr. Christopher Scott Hisey as the firm’s CEO & Director, Ms. Elizabeth Downey serves as its Chief Admin. Officer.

Institutional Ownership:

Through their ownership of 63.14% of QTEK’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 51.97% of QTEK, in contrast to 4.37% held by mutual funds. Shares owned by individuals account for 4.31%. As the largest shareholder in QTEK with 3.70% of the stake, Wasatch Advisors, Inc. holds 904,582 shares worth 904,582. A second-largest stockholder of QTEK, Friess Associates LLC, holds 424,700 shares, controlling over 1.74% of the firm’s shares. ACT Capital Management LLC is the third largest shareholder in QTEK, holding 300,000 shares or 1.23% stake. With a 3.70% stake in QTEK, the Wasatch Micro Cap Fund is the largest stakeholder. A total of 904,582 shares are owned by the mutual fund manager. The Fidelity Extended Market Index Fu, which owns about 0.32% of QTEK stock, is the second-largest Mutual Fund holder. It holds 79,079 shares valued at 0.16 million. Fidelity Nasdaq Composite Index F holds 0.09% of the stake in QTEK, owning 22,514 shares worth 44353.0.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for QTEK since 3 analysts follow the stock currently. There are 3 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With QTEK analysts setting a high price target of $7.00 and a low target of $6.00, the average target price over the next 12 months is $6.33. Based on these targets, QTEK could surge 274.33% to reach the target high and rise by 220.86% to reach the target low. Reaching the average price target will result in a growth of 238.5% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. QTEK will report FY 2022 earnings on 03/30/2023. Analysts have provided yearly estimates in a range of -$0.23 being high and -$1.28 being low. For QTEK, this leads to a yearly average estimate of -$0.70. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. QualTek Services Inc. surprised analysts by -$0.16 when it reported -$0.50 EPS against a consensus estimate of -$0.34. The surprise factor in the prior quarter was -$1.37. Based on analyst estimates, the high estimate for the next quarter is $0.48 and the low estimate is $0.18. The average estimate for the next quarter is thus $0.33.

Summary of Insider Activity:

Insiders traded QTEK stock several times over the past three months with 1 Buys and 0 Sells. In these transactions, 5,500 shares were bought while 0 shares were sold. The number of buy transactions has increased to 6 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 40,750 while 0 shares were sold.

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