GTT Communications (NYSE:GTT) Stock Price Down 4.6%

GTT Communications Inc (NYSE:GTT)’s share price traded down 4.6% on Wednesday . The stock traded as low as $8.47 and last traded at $8.68, 1,961,188 shares changed hands during mid-day trading. An increase of 232% from the average session volume of 590,359 shares. The stock had previously closed at $9.10.

Several research analysts have recently weighed in on the stock. Zacks Investment Research cut shares of GTT Communications from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. BTIG Research cut shares of GTT Communications from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Raymond James cut shares of GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 price target for the company. in a report on Monday. Craig Hallum cut shares of GTT Communications from a “buy” rating to a “hold” rating in a report on Friday, August 9th. Finally, Cowen reduced their price target on shares of GTT Communications from $37.00 to $21.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. GTT Communications currently has a consensus rating of “Hold” and a consensus target price of $29.31.

The company has a market cap of $508.24 million, a P/E ratio of -5.46 and a beta of 1.56. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 9.77. The company’s fifty day moving average is $13.86.

GTT Communications (NYSE:GTT) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.59) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.55). The business had revenue of $433.80 million during the quarter, compared to the consensus estimate of $447.66 million. GTT Communications had a negative return on equity of 12.53% and a negative net margin of 7.66%. The business’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.83) EPS. Equities analysts predict that GTT Communications Inc will post -0.39 EPS for the current year.

In other news, Director Theodore B. Smith III purchased 5,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were purchased at an average cost of $7.60 per share, with a total value of $38,000.00. Following the completion of the transaction, the director now owns 49,854 shares of the company’s stock, valued at approximately $378,890.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Chris Mckee sold 954 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $26.75, for a total transaction of $25,519.50. Following the sale, the general counsel now directly owns 484,545 shares in the company, valued at $12,961,578.75. The disclosure for this sale can be found here. In the last three months, insiders bought 37,840 shares of company stock worth $269,424 and sold 23,789 shares worth $424,266. Insiders own 40.84% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of GTT. Third Point LLC bought a new stake in GTT Communications during the second quarter worth $53,945,000. Goodnow Investment Group LLC raised its position in GTT Communications by 606.6% during the second quarter. Goodnow Investment Group LLC now owns 739,953 shares of the technology company’s stock worth $13,023,000 after acquiring an additional 635,233 shares in the last quarter. Cadian Capital Management LP raised its position in GTT Communications by 1,632.7% during the second quarter. Cadian Capital Management LP now owns 350,000 shares of the technology company’s stock worth $6,160,000 after acquiring an additional 329,800 shares in the last quarter. Phoenician Capital LLC raised its position in GTT Communications by 47.5% during the first quarter. Phoenician Capital LLC now owns 582,767 shares of the technology company’s stock worth $20,222,000 after acquiring an additional 187,688 shares in the last quarter. Finally, Norges Bank bought a new stake in GTT Communications during the fourth quarter worth $3,954,000. 86.62% of the stock is currently owned by hedge funds and other institutional investors.

GTT Communications Company Profile (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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