Switch (SWCH) Hits New 1-Year Low at $9.95

Switch Inc (NYSE:SWCH) shares hit a new 52-week low during trading on Monday . The stock traded as low as $9.95 and last traded at $9.95, with a volume of 27334 shares traded. The stock had previously closed at $10.08.

SWCH has been the topic of several recent research reports. Stifel Nicolaus initiated coverage on shares of Switch in a report on Monday, July 16th. They set a “buy” rating on the stock. Citigroup raised shares of Switch from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Thursday, July 19th. BMO Capital Markets reissued a “buy” rating and issued a $20.00 price objective on shares of Switch in a research note on Monday, August 13th. Raymond James cut shares of Switch from an “outperform” rating to a “market perform” rating and set a $17.00 price objective on the stock. in a research note on Monday, August 13th. Finally, JPMorgan Chase & Co. cut shares of Switch from an “overweight” rating to a “neutral” rating and set a $17.00 price objective on the stock. in a research note on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $17.11.

The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.81.

Switch (NYSE:SWCH) last issued its earnings results on Monday, August 13th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Switch had a negative net margin of 12.35% and a positive return on equity of 0.49%. The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $102.78 million. During the same quarter in the prior year, the business earned $0.07 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, equities research analysts expect that Switch Inc will post 0.11 earnings per share for the current fiscal year.

In other Switch news, major shareholder William Gonsalves Balelo sold 97,704 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $13.50, for a total value of $1,319,004.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Scott Russell Gragson sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 17th. The shares were sold at an average price of $13.15, for a total transaction of $1,315,000.00. The disclosure for this sale can be found here. Insiders sold 2,225,555 shares of company stock worth $1,333,209,166 in the last 90 days. Company insiders own 12.64% of the company’s stock.

A number of institutional investors have recently modified their holdings of SWCH. Nisa Investment Advisors LLC acquired a new stake in Switch in the second quarter valued at approximately $103,000. First Republic Investment Management Inc. acquired a new stake in Switch in the second quarter valued at approximately $157,000. Sustainable Insight Capital Management LLC acquired a new stake in Switch in the second quarter valued at approximately $173,000. Baird Financial Group Inc. acquired a new stake in Switch in the second quarter valued at approximately $193,000. Finally, The Manufacturers Life Insurance Company boosted its position in Switch by 111.5% in the first quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock valued at $224,000 after buying an additional 7,430 shares in the last quarter. Hedge funds and other institutional investors own 18.09% of the company’s stock.

About Switch (NYSE:SWCH)

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services to technology and digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers that conduct critical business on the Internet. The company develops and operates data centers in Nevada, Michigan, and Georgia.

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