Traders Buy Large Volume of Put Options on GTT Communications (GTT)

GTT Communications (NYSE:GTT) saw unusually large options trading on Wednesday. Investors purchased 1,029 put options on the company. This represents an increase of approximately 1,644% compared to the average volume of 59 put options.

GTT Communications opened at $47.25 on Thursday, Marketbeat Ratings reports. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 5.96. The company has a market cap of $2.14 billion, a P/E ratio of 196.88 and a beta of 1.13. GTT Communications has a 1-year low of $28.30 and a 1-year high of $62.32.

GTT Communications (NYSE:GTT) last posted its earnings results on Thursday, May 3rd. The technology company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.67). The business had revenue of $260.70 million for the quarter, compared to analyst estimates of $253.61 million. GTT Communications had a negative return on equity of 0.40% and a negative net margin of 9.96%. The firm’s revenue was up 40.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.42) earnings per share. equities analysts forecast that GTT Communications will post -1.3 EPS for the current year.

GTT has been the topic of a number of analyst reports. Guggenheim initiated coverage on GTT Communications in a research note on Tuesday, March 13th. They set a “neutral” rating and a $56.00 price objective on the stock. Craig Hallum reissued a “buy” rating and set a $60.00 target price (up from $50.00) on shares of GTT Communications in a report on Monday, February 26th. William Blair reissued a “buy” rating on shares of GTT Communications in a report on Wednesday, March 28th. Raymond James assumed coverage on GTT Communications in a report on Monday, April 30th. They set an “outperform” rating and a $60.00 target price on the stock. Finally, SunTrust Banks boosted their target price on GTT Communications to $60.00 and gave the stock a “buy” rating in a report on Friday, March 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. GTT Communications presently has an average rating of “Buy” and an average price target of $57.22.

In related news, Director H Brian Thompson acquired 3,200 shares of the company’s stock in a transaction dated Tuesday, May 8th. The shares were bought at an average price of $52.63 per share, for a total transaction of $168,416.00. Following the purchase, the director now directly owns 24,234 shares in the company, valued at approximately $1,275,435.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Richard Calder sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $60.01, for a total value of $360,060.00. Following the sale, the insider now owns 1,215,263 shares in the company, valued at approximately $72,927,932.63. The disclosure for this sale can be found here. In the last quarter, insiders have bought 11,200 shares of company stock worth $575,976 and have sold 39,000 shares worth $2,079,720. Corporate insiders own 25.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of GTT. Wells Fargo & Company MN grew its holdings in GTT Communications by 53.2% in the 3rd quarter. Wells Fargo & Company MN now owns 34,504 shares of the technology company’s stock valued at $1,093,000 after buying an additional 11,979 shares in the last quarter. Bank of Montreal Can grew its holdings in GTT Communications by 4.6% in the 4th quarter. Bank of Montreal Can now owns 378,352 shares of the technology company’s stock valued at $17,763,000 after buying an additional 16,669 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in GTT Communications by 5.2% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 152,666 shares of the technology company’s stock valued at $7,168,000 after buying an additional 7,566 shares in the last quarter. Rosenblum Silverman Sutton S F Inc. CA grew its holdings in GTT Communications by 147.0% in the 4th quarter. Rosenblum Silverman Sutton S F Inc. CA now owns 78,115 shares of the technology company’s stock valued at $3,667,000 after buying an additional 46,485 shares in the last quarter. Finally, Boston Financial Mangement LLC grew its holdings in GTT Communications by 89.3% in the 4th quarter. Boston Financial Mangement LLC now owns 129,754 shares of the technology company’s stock valued at $6,092,000 after buying an additional 61,219 shares in the last quarter. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

GTT Communications Company Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.

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