Kaleyra (NYSE:KLR) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Kaleyra (NYSE:KLR) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Kaleyra Inc. is providing mobile communication services for financial institutions and enterprises. The company manages multi-channel integrated communication services, through its proprietary platform, comprising of messages, push notifications, e-mail, instant messaging, voice services and chatbots. Kaleyra Inc., formerly known as GigCapital Inc., is based in PALO ALTO, Calif. “

Several other equities research analysts have also issued reports on KLR. Oppenheimer initiated coverage on shares of Kaleyra in a report on Monday. They issued an outperform rating and a $12.00 target price for the company. Craig Hallum reduced their target price on shares of Kaleyra from $11.00 to $9.00 and set a buy rating for the company in a report on Wednesday, May 13th. Finally, Cowen reduced their target price on shares of Kaleyra from $18.00 to $12.50 in a report on Friday, March 20th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Kaleyra has an average rating of Buy and an average target price of $11.60.

KLR opened at $4.00 on Tuesday. The stock has a market capitalization of $78.46 million and a P/E ratio of 16.67. The company’s 50-day simple moving average is $6.05 and its two-hundred day simple moving average is $7.25. Kaleyra has a 52-week low of $3.80 and a 52-week high of $11.35.

Kaleyra (NYSE:KLR) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.38). The firm had revenue of $33.63 million for the quarter, compared to analysts’ expectations of $35.07 million. Research analysts forecast that Kaleyra will post -0.13 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new position in shares of Kaleyra during the first quarter valued at $31,000. Greenhaven Road Investment Management L.P. purchased a new position in Kaleyra in the first quarter valued at about $5,110,000. Cowen AND Company LLC purchased a new position in Kaleyra in the fourth quarter valued at about $5,254,000. Finally, Glazer Capital LLC purchased a new position in Kaleyra in the fourth quarter valued at about $9,134,000. Institutional investors and hedge funds own 24.35% of the company’s stock.

Kaleyra Company Profile

Kaleyra, Inc is a global group providing mobile communication services for financial institutions and enterprises. The company trough its proprietary platform, it manages multi-channel integrated communication services on a global scale, comprising of messages, push notifications, e-mail, instant messaging, voice services and chatbots.

Read More: What does an outperform rating mean?

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