Telefonica SA (NYSE:TEF)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $9.69, but opened at $9.76. Telefonica SA shares last traded at $9.91, with a volume of 1,431,715 shares.

A number of brokerages recently commented on TEF. Zacks Investment Research downgraded shares of Telefonica SA from a “buy” rating to a “hold” rating in a research note on Tuesday, April 26th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Telefonica SA in a research note on Wednesday, May 11th. Credit Suisse Group AG downgraded shares of Telefonica SA to a “hold” rating in a research note on Thursday, May 26th. Finally, Goldman Sachs Group Inc. downgraded shares of Telefonica SA from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 28th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of €11.00 ($12.22).

The firm has a market cap of $58.02 billion and a price-to-earnings ratio of 28.21. The stock has a 50-day moving average price of $9.57 and a 200 day moving average price of $10.27.

A hedge fund recently raised its stake in Telefonica SA stock. Morgan Stanley increased its position in Telefonica SA (NYSE:TEF) by 33.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,323,952 shares of the company’s stock after buying an additional 329,986 shares during the period. Morgan Stanley’s holdings in Telefonica SA were worth $14,643,000 as of its most recent filing with the SEC.

Telefonica, SA is an integrated and diversified telecommunications group operating in Europe and Latin America. The Company’s services and products include Mobile business, Fixed-line telephony business and Digital services. The Company’s segments include Telefonica Spain, Telefonica Brazil, Telefonica Germany, Telefonica UK and Telefonica Hispanoamerica.