Investors Buy High Volume of GTT Communications Call Options (NYSE:GTT)

GTT Communications Inc (NYSE:GTT) was the target of unusually large options trading on Thursday. Stock investors purchased 8,277 call options on the stock. This is an increase of 4,630% compared to the typical daily volume of 175 call options.

NYSE:GTT traded down $0.57 during midday trading on Friday, hitting $12.85. 12,477 shares of the company traded hands, compared to its average volume of 509,913. The firm’s fifty day moving average is $12.40 and its 200-day moving average is $9.71. GTT Communications has a 12-month low of $4.67 and a 12-month high of $43.35. The firm has a market capitalization of $727.97 million, a P/E ratio of -5.14 and a beta of 1.55. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 12.59.

GTT Communications (NYSE:GTT) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.46) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.25). GTT Communications had a negative net margin of 7.95% and a negative return on equity of 13.24%. The company had revenue of $420.00 million for the quarter, compared to analysts’ expectations of $425.70 million. During the same quarter in the previous year, the company posted ($0.43) EPS. The business’s quarterly revenue was down 6.4% on a year-over-year basis. On average, research analysts expect that GTT Communications will post -1.75 EPS for the current fiscal year.

Several analysts have recently issued reports on GTT shares. ValuEngine upgraded GTT Communications from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 4th. Cowen lowered GTT Communications from an “outperform” rating to a “market perform” rating and set a $10.00 price target on the stock. in a report on Monday, November 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. GTT Communications presently has an average rating of “Hold” and an average target price of $27.94.

In other news, Director H Brian Thompson acquired 25,000 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were acquired at an average cost of $6.32 per share, with a total value of $158,000.00. Following the acquisition, the director now directly owns 617,621 shares of the company’s stock, valued at $3,903,364.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Spruce House Partnership Lp acquired 17,800 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $10.95 per share, for a total transaction of $194,910.00. The disclosure for this purchase can be found here. Insiders have bought a total of 1,536,800 shares of company stock worth $16,400,520 over the last ninety days. Insiders own 40.84% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Gilder Gagnon Howe & Co. LLC raised its holdings in GTT Communications by 1.4% during the 3rd quarter. Gilder Gagnon Howe & Co. LLC now owns 1,473,555 shares of the technology company’s stock valued at $13,881,000 after buying an additional 19,992 shares during the period. MFN Partners Management LP raised its holdings in GTT Communications by 17.2% during the 4th quarter. MFN Partners Management LP now owns 1,149,596 shares of the technology company’s stock valued at $13,048,000 after buying an additional 168,453 shares during the period. Athena Capital Advisors LLC raised its holdings in GTT Communications by 7,966.7% during the 4th quarter. Athena Capital Advisors LLC now owns 867,168 shares of the technology company’s stock valued at $9,842,000 after buying an additional 856,418 shares during the period. State Street Corp raised its holdings in GTT Communications by 11.3% during the 4th quarter. State Street Corp now owns 866,906 shares of the technology company’s stock valued at $9,839,000 after buying an additional 88,062 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in GTT Communications by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 193,720 shares of the technology company’s stock valued at $2,199,000 after buying an additional 4,289 shares during the period. Institutional investors own 70.78% of the company’s stock.

GTT Communications Company Profile

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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