Technology Sector Update for 02/19/2015: KEYW,GTATQ,IPAS
Top Tech Stocks
Technology stocks were moderately higher today with shares of technology companies in the S&P 500 climbing about 0.3%.
In company news, shares of KEYW Holding Corp ( KEYW ) fell to a nearly three-year low Thursday after the cyber-security company last night reported a wider-than-expected Q4 net loss along with below-consensus revenue, prompting an analyst downgrade and a price-target cut of the stock today.
Net loss during the three months ended Dec. 31 widened to $5.04 million, or $0.13 per share, from a $510,000 loss last year and trailing analyst expectations by $0.07 per share.
Total revenue rose 6.8% year over year to $73.5 million, trailing the Capital IQ consensus by $3.66 million.
Following the sub-par Q4 results, analysts at Chardan Capital dropped its investment rating for KEYW to Neutral from Buy. Also today, the Maxim Group lowered its price target for the stock by $2 to $14 a share while maintaining its Buy recommendation for KEYW.
KEYW shares were down over 10% at $8.87 apiece, rebounding from a decline to its lowest share price since April 2012 at $8.08 a share. Prior to today's fall, the stock already had slipped more than 44% over the past 12 months.
In other sector news,
(+) GTATQ, (+15.2%) Receives new order from existing customer in Asia for equipment used to produce Trichlorosilane as part of the hydrochlorination process.
(-) IPAS, (-28.8%) Concludes strategic review, deciding to remain an independent company. Also names Gary Griffiths to be CEO.
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