Cogent Communications (NASDAQ:CCOI) Shares Down 6.9% – Here’s Why

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) fell 6.9% during trading on Thursday . The company traded as low as $25.54 and last traded at $25.7550. 998,575 shares were traded during trading, an increase of 12% from the average session volume of 892,089 shares. The stock had previously closed at $27.66.

Analyst Ratings Changes

CCOI has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a research report on Monday, December 22nd. KeyCorp restated an “overweight” rating on shares of Cogent Communications in a research report on Wednesday, December 10th. UBS Group reaffirmed a “neutral” rating and set a $27.00 price objective (down previously from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. The Goldman Sachs Group decreased their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Finally, Zacks Research raised Cogent Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and an average target price of $25.71.

Cogent Communications Trading Down 6.6%

The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 49.06. The business has a 50-day moving average of $23.49 and a two-hundred day moving average of $30.39. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -6.31 and a beta of 0.81.

Insider Buying and Selling

In other Cogent Communications news, Director Lewis H. Ferguson sold 4,000 shares of Cogent Communications stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the sale, the director directly owned 19,267 shares of the company’s stock, valued at approximately $391,890.78. The trade was a 17.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Cogent Communications

Institutional investors have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV raised its stake in Cogent Communications by 60.0% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 18,857 shares of the technology company’s stock worth $407,000 after acquiring an additional 7,071 shares in the last quarter. Twinbeech Capital LP bought a new stake in shares of Cogent Communications in the 4th quarter worth about $398,000. Man Group plc increased its position in shares of Cogent Communications by 2,685.1% during the 4th quarter. Man Group plc now owns 326,168 shares of the technology company’s stock worth $7,032,000 after purchasing an additional 314,457 shares in the last quarter. Inspire Investing LLC bought a new position in Cogent Communications during the 4th quarter valued at about $63,000. Finally, Park West Asset Management LLC acquired a new position in Cogent Communications in the fourth quarter valued at about $30,380,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.