Internap Corporation (INAP) Stock Price Down 12.7% Following Weak Earnings

Internap Corporation (NASDAQ:INAP) shares traded down 12.7% during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $3.83 and last traded at $3.97. 1,953,461 shares changed hands during trading, an increase of 125% from the average session volume of 867,553 shares. The stock had previously closed at $4.55.

The information technology services provider reported ($0.14) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.04). The firm had revenue of $68.91 million during the quarter, compared to analyst estimates of $69.10 million. Internap Corporation had a negative return on equity of 238.88% and a negative net margin of 18.09%. The firm’s revenue was down 6.8% on a year-over-year basis. During the same period last year, the business earned ($1.75) EPS.

INAP has been the topic of several recent research reports. Zacks Investment Research raised shares of Internap Corporation from a “hold” rating to a “buy” rating and set a $4.75 price objective on the stock in a research note on Wednesday, October 4th. BidaskClub cut shares of Internap Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Raymond James Financial, Inc. raised shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 price objective on the stock in a research note on Friday, August 4th. UBS Group AG (USA) raised shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Friday, August 4th. Finally, Benchmark Co. reaffirmed a “buy” rating and issued a $6.00 price objective (up previously from $5.00) on shares of Internap Corporation in a research note on Monday, September 25th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $5.81.

Hedge funds have recently bought and sold shares of the stock. Morgan Stanley boosted its holdings in shares of Internap Corporation by 91.3% during the first quarter. Morgan Stanley now owns 370,816 shares of the information technology services provider’s stock worth $1,380,000 after purchasing an additional 176,932 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Internap Corporation by 162.2% during the first quarter. Vanguard Group Inc. now owns 2,715,665 shares of the information technology services provider’s stock worth $10,102,000 after purchasing an additional 1,680,128 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Internap Corporation by 314.0% during the second quarter. Bank of New York Mellon Corp now owns 213,186 shares of the information technology services provider’s stock worth $783,000 after purchasing an additional 161,694 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Internap Corporation by 18.6% during the first quarter. Renaissance Technologies LLC now owns 1,854,219 shares of the information technology services provider’s stock worth $6,898,000 after purchasing an additional 290,799 shares during the period. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Internap Corporation during the first quarter worth approximately $155,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 45.19.

Internap Corporation shares are going to reverse split before the market opens on Monday, November 20th. The 1-4 reverse split was announced on Thursday, November 2nd. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, November 17th.

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Internap Corporation Company Profile

Internap Corporation is a technology provider of Internet infrastructure. The Company provides Internet infrastructure through both Colocation Business and Enterprise Services and Cloud Services. The Company operates through two segments: Data Center and Network Services, and Cloud and Hosting Services.

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