GTT Communications (GTT) Shares Down 1.1%

Shares of GTT Communications Inc (NYSE:GTT) were down 1.1% on Tuesday . The company traded as low as $43.45 and last traded at $46.95. Approximately 431,000 shares traded hands during trading, an increase of 59% from the average daily volume of 271,681 shares. The stock had previously closed at $46.45.

A number of analysts have recently weighed in on GTT shares. Zacks Investment Research upgraded GTT Communications from a “sell” rating to a “hold” rating in a research report on Wednesday. Oppenheimer upped their price objective on GTT Communications from $39.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $40.20.

The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 4.08. The firm has a market cap of $1,903.33, a PE ratio of -67.38, a price-to-earnings-growth ratio of 20.02 and a beta of 1.48.

In related news, Director S Joseph Bruno sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $40.50, for a total transaction of $40,500.00. Following the completion of the sale, the director now directly owns 108,467 shares in the company, valued at approximately $4,392,913.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $36.34, for a total value of $254,380.00. Following the sale, the general counsel now owns 391,517 shares of the company’s stock, valued at $14,227,727.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 81,000 shares of company stock valued at $63,250 and have sold 50,000 shares valued at $1,341,960. 25.70% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA lifted its position in shares of GTT Communications by 2,153.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock worth $109,000 after buying an additional 3,295 shares during the last quarter. Airain ltd acquired a new position in GTT Communications in the 2nd quarter worth about $216,000. Legal & General Group Plc increased its holdings in GTT Communications by 14.1% in the 2nd quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock worth $234,000 after purchasing an additional 907 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in GTT Communications by 52.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,950 shares of the technology company’s stock worth $250,000 after purchasing an additional 2,726 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new position in GTT Communications in the 2nd quarter worth about $266,000. Institutional investors and hedge funds own 65.41% of the company’s stock.

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About GTT Communications

GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.

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