Dot Hill Systems Corp. was a big mover last session with its shares surging nearly 87% on the day. The massive upside came on the official announcement that a wholly-owned subsidiary of Seagate Technology plc – a world leader in storage solutions – will acquire Dot Hill in an all-cash transaction valued at $9.75 per share, or a total of approximately $694 million on a fully-diluted equity value basis. This development led to far more shares changing hands yesterday than in a normal session. The move breaks the recent trend of the company as the stock is now trading way above the past one month’s volatile price range of $5.18 to $6.32.
This developer of software and hardware storage systems for the entry and mid-range storage markets worldwide has seen no estimate revision in the last 7 days. The Zacks Consensus Estimate hasn’t been in trend either. Yesterday’s price action is encouraging though, so make sure to keep a close watch on this firm in the near future.
Dot Hill Systems currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.
Investors interested in the computer-storage devices space may consider Imation Corp. which holds a Zacks Rank #2 (Buy).
Is HILL going up? Or down? Predict to see what others think: Up or Down
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>