Switch, Inc. (NYSE:SWCH)’s share price was up 2.7% during trading on Monday following a better than expected earnings announcement. The company traded as high as $20.18 and last traded at $18.95. Approximately 1,069,600 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 1,661,632 shares. The stock had previously closed at $18.46.
The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $97.70 million for the quarter, compared to the consensus estimate of $95.81 million. Switch’s revenue for the quarter was up 19.6% on a year-over-year basis.
Several brokerages have recently weighed in on SWCH. BTIG Research began coverage on shares of Switch in a research note on Tuesday, October 31st. They set a “buy” rating and a $22.00 price target for the company. Jefferies Group LLC began coverage on shares of Switch in a research note on Tuesday, October 31st. They set a “hold” rating for the company. Credit Suisse Group began coverage on shares of Switch in a research note on Tuesday, October 31st. They set an “outperform” rating and a $22.00 price target for the company. Raymond James Financial, Inc. began coverage on shares of Switch in a research note on Tuesday, October 31st. They set a “market perform” rating for the company. Finally, BMO Capital Markets began coverage on shares of Switch in a research note on Tuesday, October 31st. They set an “outperform” rating and a $23.00 price target for the company. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Switch has an average rating of “Buy” and an average target price of $22.20.
In other news, insider Erin Thomas Morton bought 300,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 11th. The stock was acquired at an average cost of $17.00 per share, with a total value of $5,100,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
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Switch, Inc is a technology infrastructure company. The Company is developer and operator of the SUPERNAP, data center facilities, and provides colocation, telecommunications, cloud services, and content ecosystems. The Company designs, constructs and operates hyperscale data centers that address the growing challenges facing the data center industry.
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