GTT Communications Inc. (GTT) Sees Unusually-High Trading Volume
Shares of GTT Communications Inc. (NYSE:GTT) saw unusually-strong trading volume on Monday . Approximately 137,423 shares changed hands during trading, a decline of 13% from the previous session’s volume of 157,468 shares.The stock last traded at $20.70 and had previously closed at $20.57.
Several equities analysts have recently weighed in on GTT shares. Zacks Investment Research cut GTT Communications from a “buy” rating to a “hold” rating in a report on Tuesday, April 26th. Drexel Hamilton reissued a “buy” rating on shares of GTT Communications in a report on Tuesday, May 10th. Finally, Jefferies Group reissued a “buy” rating on shares of GTT Communications in a report on Saturday, August 6th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. GTT Communications presently has a consensus rating of “Buy” and an average target price of $33.00.
The stock has a 50 day moving average price of $20.40 and a 200 day moving average price of $17.32. The firm has a market capitalization of $770.36 million and a price-to-earnings ratio of 25.53.
In other GTT Communications news, insider Richard Calder sold 10,000 shares of GTT Communications stock in a transaction on Monday, August 1st. The shares were sold at an average price of $20.17, for a total value of $201,700.00. Following the transaction, the insider now directly owns 1,349,996 shares of the company’s stock, valued at $27,229,419.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nicola Adamo purchased 5,000 shares of the business’s stock in a transaction on Wednesday, June 1st. The stock was purchased at an average cost of $17.99 per share, for a total transaction of $89,950.00. Following the completion of the acquisition, the director now directly owns 16,308 shares of the company’s stock, valued at approximately $293,380.92. The disclosure for this purchase can be found here.
A hedge fund recently raised its stake in GTT Communications stock. Schwab Charles Investment Management Inc. boosted its stake in GTT Communications Inc. (NYSE:GTT) by 14.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,154 shares of the company’s stock after buying an additional 10,485 shares during the period. Schwab Charles Investment Management Inc. owned about 0.23% of GTT Communications worth $1,419,000 at the end of the most recent reporting period.
GTT Communications, Inc is a provider of cloud networking services. The Company offers a portfolio of global communications services, including EtherCloud wide area network services; Internet services; managed network and security services, and voice and unified communication services. The Company provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) solutions to meet the needs of multinational clients.
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