GTT Communications (GTT) Trading 5.9% Higher
Shares of GTT Communications Inc (NYSE:GTT) traded up 5.9% during trading on Wednesday . The company traded as high as $61.83 and last traded at $60.95. 728,920 shares changed hands during mid-day trading, an increase of 119% from the average session volume of 333,429 shares. The stock had previously closed at $57.55.
A number of analysts have recently commented on the stock. Guggenheim assumed coverage on shares of GTT Communications in a research note on Tuesday. They issued a “neutral” rating and a $56.00 price target for the company. William Blair reiterated an “outperform” rating on shares of GTT Communications in a research note on Monday, February 26th. Zacks Investment Research lowered shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. Jefferies Group boosted their target price on shares of GTT Communications to $62.00 and gave the company a “buy” rating in a research report on Friday, March 2nd. Finally, Oppenheimer boosted their target price on shares of GTT Communications from $52.00 to $68.00 in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $56.86.
The company has a debt-to-equity ratio of 5.34, a quick ratio of 1.22 and a current ratio of 1.22. The company has a market cap of $2,650.00, a PE ratio of -47.99, a PEG ratio of 49.14 and a beta of 0.94.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Spruce House Investment Management LLC bought a new position in shares of GTT Communications in the third quarter worth approximately $59,723,000. Bamco Inc. NY boosted its position in shares of GTT Communications by 68.8% in the third quarter. Bamco Inc. NY now owns 2,278,200 shares of the technology company’s stock worth $72,105,000 after purchasing an additional 928,200 shares during the period. Allianz Asset Management GmbH boosted its position in shares of GTT Communications by 103.3% in the fourth quarter. Allianz Asset Management GmbH now owns 390,818 shares of the technology company’s stock worth $18,349,000 after purchasing an additional 198,605 shares during the period. State Street Corp boosted its position in shares of GTT Communications by 19.3% in the second quarter. State Street Corp now owns 556,708 shares of the technology company’s stock worth $17,618,000 after purchasing an additional 90,185 shares during the period. Finally, Boothbay Fund Management LLC bought a new position in shares of GTT Communications in the third quarter worth approximately $2,046,000. Institutional investors own 66.76% of the company’s stock.
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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