Zacks Investment Research Downgrades Exela Technologies (NASDAQ:XELA) to Hold

Zacks Investment Research cut shares of Exela Technologies (NASDAQ:XELA) from a buy rating to a hold rating in a research note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “Exela Technologies, Inc. is engaged in providing information and transaction processing solutions. The Company’s segments include Information and Transaction Processing Solutions, Healthcare Solutions and Legal & Loss Prevention Services. ITPS provides industry solutions for banking and financial services, including lending solutions for mortgages, banking solutions for clearing, anti-money laundering, sanctions, cross-border settlement; property and casualty insurance solutions for enrollments, and communications. The HS segment offerings include integrated accounts payable and accounts receivable, and information management for both the healthcare payer and provider markets. The LLPS segment solutions include processing of legal claims for class action and mass action settlement administrations, involving project management support, notification and collection, analysis, and distribution of settlement funds. Exela Technologies Inc., formerly known as Quinpario Acquisition Corp. 2, is based in United States. “

Separately, ValuEngine upgraded Exela Technologies from a hold rating to a buy rating in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Exela Technologies has an average rating of Buy and an average price target of $7.56.

XELA traded down $0.08 on Friday, hitting $2.63. 54,528 shares of the company’s stock were exchanged, compared to its average volume of 242,217. Exela Technologies has a fifty-two week low of $1.65 and a fifty-two week high of $7.34. The firm’s 50-day simple moving average is $2.25. The company has a market capitalization of $406.89 million, a PE ratio of -3.42 and a beta of 1.36.

Exela Technologies (NASDAQ:XELA) last announced its earnings results on Thursday, May 9th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.03). The business had revenue of $403.77 million for the quarter. As a group, equities analysts anticipate that Exela Technologies will post -0.35 earnings per share for the current fiscal year.

In other news, Director Ex-Sigma 2 Llc sold 13,234,848 shares of Exela Technologies stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $1.65, for a total transaction of $21,837,499.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO James Reynolds purchased 247,630 shares of Exela Technologies stock in a transaction dated Tuesday, June 25th. The shares were bought at an average price of $1.65 per share, for a total transaction of $408,589.50. The disclosure for this purchase can be found here. 53.10% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in Exela Technologies by 2.2% in the 4th quarter. BlackRock Inc. now owns 2,428,466 shares of the company’s stock valued at $9,447,000 after buying an additional 52,284 shares during the period. Geode Capital Management LLC raised its holdings in Exela Technologies by 18.8% in the 4th quarter. Geode Capital Management LLC now owns 599,477 shares of the company’s stock valued at $2,331,000 after buying an additional 94,845 shares during the period. Northern Trust Corp raised its holdings in Exela Technologies by 13.6% in the 4th quarter. Northern Trust Corp now owns 541,362 shares of the company’s stock valued at $2,106,000 after buying an additional 64,868 shares during the period. Dimensional Fund Advisors LP raised its holdings in Exela Technologies by 112.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 216,353 shares of the company’s stock valued at $841,000 after buying an additional 114,401 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Exela Technologies by 27.1% in the 4th quarter. Bank of New York Mellon Corp now owns 193,514 shares of the company’s stock valued at $753,000 after buying an additional 41,216 shares during the period. Institutional investors and hedge funds own 43.72% of the company’s stock.

Exela Technologies Company Profile

Exela Technologies, Inc (Exela), formerly Quinpario Acquisition Corp. 2, is engaged in providing information and transaction processing solutions. The Company’s segments include Information and Transaction Processing Solutions (ITPS), Healthcare Solutions (HS) and Legal & Loss Prevention Services (LLPS).

Read More: Average Daily Trade Volume – What It Means In Stock Trading

Get a free copy of the Zacks research report on Exela Technologies (XELA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Exela Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Exela Technologies and related companies with MarketBeat.com's FREE daily email newsletter.