GTT Communications (NYSE:GTT) Trading 6.6% Higher

GTT Communications Inc (NYSE:GTT) traded up 6.6% on Thursday . The company traded as high as $9.61 and last traded at $9.34, 748,853 shares were traded during mid-day trading. An increase of 25% from the average session volume of 597,037 shares. The stock had previously closed at $8.76.

A number of equities research analysts have recently weighed in on the company. Raymond James cut GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 price objective for the company. in a research note on Monday, August 12th. Oppenheimer dropped their price objective on GTT Communications from $42.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Craig Hallum cut GTT Communications from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. ValuEngine raised GTT Communications from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Cowen dropped their price objective on GTT Communications from $37.00 to $21.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. GTT Communications currently has an average rating of “Hold” and an average target price of $29.31.

The stock has a market capitalization of $493.73 million, a PE ratio of -5.40 and a beta of 1.56. The stock has a fifty day moving average of $12.11 and a 200-day moving average of $25.95. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 9.85.

GTT Communications (NYSE:GTT) last released its earnings results on Thursday, August 8th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.55). The company had revenue of $433.80 million during the quarter, compared to analysts’ expectations of $447.66 million. GTT Communications had a negative net margin of 7.66% and a negative return on equity of 13.01%. The company’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same quarter last year, the business posted ($2.83) earnings per share. Equities research analysts expect that GTT Communications Inc will post -1.38 EPS for the current year.

In related news, major shareholder Spruce House Partnership Lp bought 1,050,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was purchased at an average cost of $9.14 per share, for a total transaction of $9,597,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Calder sold 1,160 shares of GTT Communications stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $25.87, for a total value of $30,009.20. Following the completion of the transaction, the chief executive officer now owns 1,332,367 shares of the company’s stock, valued at $34,468,334.29. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 1,087,840 shares of company stock valued at $9,866,424 and sold 20,597 shares valued at $280,508. Company insiders own 40.84% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in GTT. Cheyne Capital Management UK LLP acquired a new stake in shares of GTT Communications in the 1st quarter worth approximately $2,763,000. Phoenician Capital LLC grew its holdings in shares of GTT Communications by 47.5% in the 1st 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 during the period. Bessemer Group Inc. grew its holdings in shares of GTT Communications by 42.6% in the 2nd quarter. Bessemer Group Inc. now owns 16,735 shares of the technology company’s stock worth $295,000 after acquiring an additional 5,000 shares during the period. Boston Financial Mangement LLC grew its holdings in shares of GTT Communications by 51.2% in the 1st quarter. Boston Financial Mangement LLC now owns 177,249 shares of the technology company’s stock worth $6,151,000 after acquiring an additional 60,014 shares during the period. Finally, Williams Jones & Associates LLC grew its holdings in shares of GTT Communications by 7.4% in the 1st quarter. Williams Jones & Associates LLC now owns 657,810 shares of the technology company’s stock worth $22,826,000 after acquiring an additional 45,101 shares during the period. 84.56% of the stock is owned by institutional investors.

About GTT Communications (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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