GTT Communications Inc (NYSE:GTT)’s share price was up 6.6% during mid-day trading on Thursday . The stock traded as high as $9.61 and last traded at $9.34, approximately 748,853 shares were traded during mid-day trading. An increase of 25% from the average daily volume of 597,037 shares. The stock had previously closed at $8.76.
Several equities research analysts have recently issued reports on GTT shares. Zacks Investment Research lowered shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. BTIG Research downgraded shares of GTT Communications from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. SunTrust Banks cut their target price on shares of GTT Communications from $42.00 to $9.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Craig Hallum downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Finally, Oppenheimer cut their target price on shares of GTT Communications from $42.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. GTT Communications currently has a consensus rating of “Hold” and an average target price of $29.31.
The firm’s 50-day moving average price is $12.30 and its two-hundred day moving average price is $26.04. The firm has a market capitalization of $498.79 million, a PE ratio of -5.87 and a beta of 1.56. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 9.85.
GTT Communications (NYSE:GTT) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.55). GTT Communications had a negative return on equity of 13.01% and a negative net margin of 7.66%. The company had revenue of $433.80 million for the quarter, compared to the consensus estimate of $447.66 million. During the same quarter in the previous year, the business earned ($2.83) earnings per share. GTT Communications’s revenue was up 32.7% compared to the same quarter last year. Equities research analysts forecast that GTT Communications Inc will post -1.38 EPS for the current year.
In related news, CEO Richard Calder sold 1,160 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $25.87, for a total value of $30,009.20. Following the transaction, the chief executive officer now directly owns 1,332,367 shares of the company’s stock, valued at approximately $34,468,334.29. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Chris Mckee sold 2,922 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $11.29, for a total value of $32,989.38. Following the completion of the transaction, the general counsel now directly owns 481,822 shares in the company, valued at $5,439,770.38. The disclosure for this sale can be found here. Over the last three months, insiders purchased 1,087,840 shares of company stock worth $9,866,424 and sold 18,827 shares worth $265,941. 40.84% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTT. Third Point LLC purchased a new stake in shares of GTT Communications during the 2nd quarter valued at approximately $53,945,000. Goodnow Investment Group LLC lifted its position in shares of GTT Communications by 606.6% during the 2nd quarter. Goodnow Investment Group LLC now owns 739,953 shares of the technology company’s stock worth $13,023,000 after purchasing an additional 635,233 shares during the last quarter. Cadian Capital Management LP lifted its position in shares of GTT Communications by 1,632.7% during the 2nd quarter. Cadian Capital Management LP now owns 350,000 shares of the technology company’s stock worth $6,160,000 after purchasing an additional 329,800 shares during the last quarter. Phoenician Capital LLC lifted its position in shares of GTT Communications by 47.5% during the 1st quarter. Phoenician Capital LLC now owns 582,767 shares of the technology company’s stock worth $20,222,000 after purchasing an additional 187,688 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of GTT Communications during the 4th quarter worth $3,954,000. 84.56% of the stock is currently owned by hedge funds and other institutional investors.
About GTT Communications (NYSE:GTT)
GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.
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