The stock of NEWTEK Business Services Corp (NASDAQ:NEWT) hit a new 52-week high and has $28.31 target or 83.00% above today’s $15.47 share price. The 6 months bullish chart indicates low risk for the $227.76 million company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $28.31 price target is reached, the company will be worth $189.04 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 192,059 shares traded hands or 61.97% up from the average. NEWTEK Business Services Corp (NASDAQ:NEWT) has risen 21.11% since April 19, 2016 and is uptrending. It has outperformed by 17.25% the S&P500.
NEWTEK Business Services Corp (NASDAQ:NEWT) Ratings Coverage
Out of 5 analysts covering Newtech (NASDAQ:NEWT), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. Newtech has been the topic of 7 analyst reports since August 3, 2015 according to StockzIntelligence Inc. Raymond James maintained NEWTEK Business Services Corp (NASDAQ:NEWT) rating on Monday, August 15. Raymond James has “Outperform” rating and $15 price target. As per Thursday, December 10, the company rating was initiated by Keefe Bruyette & Woods. The stock of NEWTEK Business Services Corp (NASDAQ:NEWT) has “Market Perform” rating given on Thursday, October 22 by Raymond James. The firm earned “Outperform” rating on Tuesday, November 10 by Raymond James. Compass Point initiated the stock with “Neutral” rating in Thursday, September 17 report. The rating was maintained by Singular Research with “Buy” on Monday, August 3. On Thursday, June 16 the stock rating was initiated by DA Davidson with “Buy”.
According to Zacks Investment Research, “Newtek Capital, Inc. resulted from the combination of the businesses previously owned by BJB Holdings, Inc. and REXX Environmental Corporation and is operating as a holding company for a network of partner companies in a collaborative and coordinated effort to develop successful businesses in a number of existing as well as emerging, technological business lines.”
Insitutional Activity: The institutional sentiment increased to 1.75 in Q2 2016. Its up 0.54, from 1.21 in 2016Q1. The ratio improved, as 10 funds sold all NEWTEK Business Services Corp shares owned while 9 reduced positions. 13 funds bought stakes while 10 increased positions. They now own 2.88 million shares or 14.03% less from 3.35 million shares in 2016Q1.
California Pub Employees Retirement System last reported 53,644 shares in the company. Springbok Mngmt Ltd Company holds 0.01% of its portfolio in NEWTEK Business Services Corp (NASDAQ:NEWT) for 7,900 shares. Zelman Capital Ltd Co has 0.27% invested in the company for 118,575 shares. Camarda Fincl Advsr Lc has 113 shares for 0% of their US portfolio. Raymond James And Assocs accumulated 0% or 48,658 shares. D E Shaw Co accumulated 0% or 22,007 shares. Northpointe Capital Ltd Llc, a Michigan-based fund reported 217,417 shares. Wellington Mngmt Grp Limited Liability Partnership reported 703,437 shares or 0% of all its holdings. Citigroup reported 6,519 shares or 0% of all its holdings. Van Eck Assocs holds 0% or 54,226 shares in its portfolio. Wells Fargo & Co Mn holds 0% of its portfolio in NEWTEK Business Services Corp (NASDAQ:NEWT) for 2,742 shares. First Personal Financial Services holds 0% or 249 shares in its portfolio. Perritt Cap Mgmt owns 36,059 shares or 0.12% of their US portfolio. Manchester Cap Management Limited Co accumulated 0% or 333 shares. Opus Investment Mngmt Incorporated has 0.01% invested in the company for 2,730 shares.
More notable recent NEWTEK Business Services Corp (NASDAQ:NEWT) news were published by: Globenewswire.com which released: “Newtek Business Services Corp. Announces Note Repurchase Program” on November 21, 2016, also Reuters.com with their article: “BRIEF-Newtek Business Services Corp. reports Q3 financial results” published on November 02, 2016, Quotes.Wsj.com published: “News Newtek Business Services Corp.NEWT” on February 11, 2011. More interesting news about NEWTEK Business Services Corp (NASDAQ:NEWT) were released by: Nasdaq.com and their article: “Newtek Business Services Corp. Reports Third Quarter 2016 Financial Results” published on November 02, 2016 as well as Marketwatch.com‘s news article titled: “Newtek Business Services Corp.” with publication date: December 21, 2009.
NEWT Company Profile
Newtek Business Services Corp., incorporated on August 26, 2013, is a non-diversified closed-end management investment company. The Firm is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. The Company’s services and products consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions. The Firm offers services along with its controlled portfolio companies.
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