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.
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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