B. Riley Upgrades Spok (NASDAQ:SPOK) Stock Rating

Spok (NASDAQ:SPOK - Get Free Report) has received an upgrade from B. Riley, which has changed its rating from "neutral" to "buy" in a report published on Thursday. The financial firm has also revised its price target for Spok's stock from $15.00 to $20.00. This new target price suggests a potential increase of approximately 20.92% based on the company's most recent closing price.

Performance Overview of Spok's Stock

On Thursday, NASDAQ SPOK opened at a price of $16.54. The total market capitalization for the company stands at $335.30 million. The stock has a price-to-earnings (PE) ratio of 22.66 and a beta value of 0.33. Over the past 50 days, the stock has had a simple moving average of $16.20, while the two-hundred day simple moving average is $15.75. In the past year, shares of Spok have reached a low of $13.24 and a high of $18.14.

Recently, Spok reported its quarterly earnings on February 26, where it announced earnings per share (EPS) of $0.18. This outcome fell short of analysts' predictions, which had anticipated earnings of $0.20 per share by a margin of $0.02. Additionally, the company's return on equity is 9.20%, and its net margin sits at 10.66%. Analysts forecast that Spok will achieve an EPS of 0.76 in the current fiscal year.

Changes in Institutional Investments

Several institutional investors have shifted their positions in Spok recently. HighTower Advisors LLC has increased its stake by 4.2% during the third quarter, now holding 673,268 shares valued at $10,141,000 after adding 27,048 shares in the last quarter. Geode Capital Management LLC has also raised its position by 1.3% in the fourth quarter, owning 514,427 shares worth $8,258,000 following the acquisition of an additional 6,591 shares.

Meanwhile, Foundry Partners LLC has grown its investment by 1.0%, now possessing 437,255 shares valued at $6,585,000 after acquiring 4,120 shares during the third quarter. State Street Corp increased its holdings by 3.1%, owning 415,876 shares valued at $6,263,000 following the purchase of 12,467 shares in the last quarter. Lastly, JPMorgan Chase & Co. raised its stake by 7.6% in the fourth quarter, owning 213,575 shares worth $3,428,000 after purchasing an additional 15,156 shares. Approximately 50.81% of Spok's stock is held by institutional investors and hedge funds.

About Spok Holdings, Inc.

Spok Holdings, Inc., through its subsidiary Spok, Inc., specializes in providing healthcare communication solutions across various regions including the United States, Europe, Canada, Australia, Asia, and the Middle East. The company offers products and services designed to improve workflows for clinicians and ensure administrative compliance. They enable the delivery of crucial clinical information to care teams promptly, enhancing patient outcomes. Among its offerings is the GenA Pager, a one-way alphanumeric pager, which facilitates effective communication within healthcare settings.

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