StockNews.com Initiates Coverage on MiX Telematics (NYSE:MIXT)

StockNews.com began coverage on shares of MiX Telematics (NYSE:MIXT) in a research note issued to investors on Wednesday. The brokerage issued a buy rating on the technology company’s stock.

MiX Telematics Stock Performance

MIXT stock opened at $14.55 on Wednesday. MiX Telematics has a fifty-two week low of $4.75 and a fifty-two week high of $14.85. The business’s 50-day moving average is $14.55 and its two-hundred day moving average is $14.41. The company has a market cap of $353.75 million, a price-to-earnings ratio of 58.20 and a beta of 1.15.

Institutional Investors Weigh In On MiX Telematics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC purchased a new position in MiX Telematics during the fourth quarter valued at approximately $1,757,000. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV purchased a new position in MiX Telematics during the fourth quarter valued at approximately $1,753,000. Cannell Capital LLC purchased a new position in MiX Telematics during the fourth quarter valued at approximately $7,718,000. Black Maple Capital Management LP purchased a new position in MiX Telematics during the fourth quarter valued at approximately $369,000. Finally, Harber Asset Management LLC lifted its holdings in MiX Telematics by 6.6% during the fourth quarter. Harber Asset Management LLC now owns 703,202 shares of the technology company’s stock valued at $6,055,000 after purchasing an additional 43,436 shares in the last quarter. 45.72% of the stock is owned by hedge funds and other institutional investors.

About MiX Telematics

MiX Telematics Limited, together with its subsidiaries, provides fleet and mobile asset management solutions through software-as-a-service (SaaS) delivery model. It offers MiX Fleet Manager, a commercial fleet management solution comprising MyMiX, an innovative driver engagement platform; MiX Vision, an on-road and in-vehicle video recording solution; MiX Rovi, an in-vehicle display and communications system; MiX RIBAS and DriveMate, an in-cab driving aid solution; MiX Hours of Service, which allows real-time monitoring and compliance; MiX Journey Management, an easy-to-use electronic alternative to paper-based systems; and MiX OEM Connect allows customer instant, direct integration to relevant, and powerful telematics data.