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Could QualTek Services Inc. (NASDAQ: QTEK) Deliver Exceptional Returns?

In today’s recent session, 1.21 million shares of the QualTek Services Inc. (NASDAQ:QTEK) were traded. Most recently the company’s share price was $0.11, and it changed around -$0.06 or -38.06% from the last close, which brings the market valuation of the company to $8.80M. QTEK at last check was trading at a discount to its 52-week high of $2.68, offering almost -2336.36% off that amount. The share price’s 52-week low was $0.17, which indicates that the recent value has fallen by an impressive -54.55% since then. We note from QualTek Services Inc.’s average daily trading volume that its 10-day average is 0.12 million shares, with the 3-month average coming to 302.69K.

QualTek Services Inc. stock received a consensus recommendation rating of a Hold, based on a mean score of 3.00. If we narrow it down even further, the data shows that 0 out of 1 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 1 recommended QTEK as a Hold, whereas 0 deemed it a Buy, and 0 rated it as Underweight. QualTek Services Inc. is expected to report earnings per share of -$0.18 for the current quarter.

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QualTek Services Inc. (NASDAQ:QTEK) trade information

Instantly QTEK has been showing red trend so far today with a performance of -38.06% on intraday trading today. The performance over the last five days has remained in the red territory. The rise to weekly highs of 0.2000 on Tuesday, 05/23/23 increased the stock’s daily price by 45.0%. The company’s shares are currently down -75.93% year-to-date, but still down -47.48% over the last five days. On the other hand, QualTek Services Inc. (NASDAQ:QTEK) is -55.79% down in the 30-day period. We can see from the shorts that 0.58 million shares have been sold at a short interest cover period of 4.01 day(s).

The consensus price target as assigned by Wall Street analysts is $3.75, which translates to bulls needing to increase their stock price by 97.07% from its current value. Analyst projections state that QTEK is forecast to be at a low of $3.50 and a high of $4.00. In order for the stock price to hit the forecast high, the stock would need to plunge -3536.36% from its current level, while the stock would need to crash -3081.82% from its current level to reach the projected low.

QualTek Services Inc. (QTEK) estimates and forecasts

The year-over-year growth rate is expected to be 23.10%, up from the previous year.

Consensus estimates provided by 1 financial analysts predict the company will bring in an average of $205.35 million in revenue for the current quarter. 1 analysts expect QualTek Services Inc. to make $172.09 million in revenue for the quarter ending Mar 2023. The company’s sales for the same quarters a year ago were $147.06 million and $148.16 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 39.60%. Forecasts for the next quarter put sales growth at 16.20%.

QualTek Services Inc. earnings are expected to increase by -397.30% in 2023, but the outlook is positive 20.00% per year for the next five years.

QTEK Dividends

QualTek Services Inc.’s next quarterly earnings report is expected to be released on November 15.

QualTek Services Inc. (NASDAQ:QTEK)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.46% of QualTek Services Inc. shares, and 67.47% of them are in the hands of institutional investors. The stock currently has a share float of 67.78%. QualTek Services Inc. stock is held by 27 institutions, with Legacy Advisors, LLC being the largest institutional investor. By Mar 30, 2023, it held 1.16% of the shares, which is about 0.32 million shares worth $0.13 million.

HighTower Advisors, LLC, with 0.58% or 0.16 million shares worth $63927.0 as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Wasatch Microcap Fund and Fidelity Extended Market Index Fund were the top two Mutual Funds as of Dec 30, 2022. The former held 1.07 million shares worth $0.47 million, making up 3.83% of all outstanding shares. On the other hand, Fidelity Extended Market Index Fund held roughly 78127.0 shares worth around $32407.0, which represents about 0.28% of the total shares outstanding.

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