GTT Communications, Inc. (GTT) Sees Strong Trading Volume
GTT Communications, Inc. (NYSE:GTT) shares saw strong trading volume on Friday . 1,971,051 shares were traded during mid-day trading, an increase of 725% from the previous session’s volume of 238,786 shares.The stock last traded at $30.85 and had previously closed at $30.60.
Several equities research analysts have recently commented on the stock. BidaskClub downgraded shares of GTT Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Cowen and Company boosted their target price on shares of GTT Communications from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, June 28th. Finally, Zacks Investment Research downgraded shares of GTT Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating and six have given a buy rating to the stock. GTT Communications currently has an average rating of “Buy” and an average target price of $35.14.
The stock’s 50-day moving average price is $30.15 and its 200-day moving average price is $29.09. The firm’s market capitalization is $1.28 billion.
GTT Communications (NYSE:GTT) last released its earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.05. The company had revenue of $186.20 million for the quarter, compared to analyst estimates of $186.65 million. GTT Communications had a positive return on equity of 4.17% and a negative net margin of 1.88%. GTT Communications’s revenue for the quarter was up 44.5% on a year-over-year basis. Equities analysts predict that GTT Communications, Inc. will post ($0.42) EPS for the current fiscal year.
In related news, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $30.96, for a total value of $309,600.00. Following the sale, the insider now directly owns 1,153,478 shares of the company’s stock, valued at $35,711,678.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Howard E. Janzen sold 6,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $30.97, for a total value of $185,820.00. Following the completion of the sale, the director now directly owns 240,692 shares in the company, valued at $7,454,231.24. The disclosure for this sale can be found here. Insiders sold 63,000 shares of company stock worth $1,943,370 over the last ninety days. 25.70% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its stake in GTT Communications by 2,153.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock valued at $109,000 after buying an additional 3,295 shares in the last quarter. Invictus RG acquired a new stake in GTT Communications in the first quarter valued at about $117,000. ClariVest Asset Management LLC acquired a new stake in GTT Communications in the first quarter valued at about $117,000. Nordea Investment Management AB acquired a new stake in GTT Communications in the first quarter valued at about $117,000. Finally, Fifth Third Bancorp boosted its stake in GTT Communications by 11.9% in the first quarter. Fifth Third Bancorp now owns 5,034 shares of the technology company’s stock valued at $123,000 after buying an additional 536 shares in the last quarter. 59.77% of the stock is currently owned by institutional investors and hedge funds.
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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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