GTT Communications Sees Unusually High Options Volume (GTT)

GTT Communications Inc (NYSE:GTT) saw some unusual options trading activity on Monday. Stock traders acquired 407 put options on the stock. This represents an increase of approximately 436% compared to the typical volume of 76 put options.

GTT has been the subject of several research analyst reports. William Blair reiterated a “buy” rating on shares of GTT Communications in a research note on Wednesday, March 28th. KeyCorp upgraded shares of GTT Communications from a “sector weight” rating to an “overweight” rating and set a $57.00 price objective for the company in a research note on Friday, May 4th. Guggenheim initiated coverage on shares of GTT Communications in a research note on Tuesday, March 13th. They issued a “neutral” rating and a $56.00 price objective for the company. Zacks Investment Research lowered shares of GTT Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Finally, Raymond James began coverage on shares of GTT Communications in a research note on Monday, April 30th. They issued an “outperform” rating and a $60.00 price objective for the company. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. GTT Communications presently has an average rating of “Buy” and an average target price of $57.22.

Shares of GTT stock opened at $44.30 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 5.96. GTT Communications has a 12 month low of $28.30 and a 12 month high of $62.32.

GTT Communications (NYSE:GTT) last announced its quarterly earnings results on Thursday, May 3rd. The technology company reported ($0.69) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.67). The business had revenue of $260.70 million for the quarter, compared to the consensus estimate of $253.61 million. GTT Communications had a negative net margin of 9.96% and a negative return on equity of 0.40%. The business’s revenue for the quarter was up 40.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.42) EPS. analysts forecast that GTT Communications will post -1.3 EPS for the current year.

In other news, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction on Monday, April 16th. The shares were sold at an average price of $49.81, for a total value of $348,670.00. Following the completion of the sale, the general counsel now owns 431,965 shares in the company, valued at approximately $21,516,176.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director S Joseph Bruno sold 1,000 shares of GTT Communications stock in a transaction on Monday, June 11th. The shares were sold at an average price of $49.85, for a total transaction of $49,850.00. Following the completion of the sale, the director now owns 106,847 shares of the company’s stock, valued at approximately $5,326,322.95. The disclosure for this sale can be found here. Insiders sold a total of 40,000 shares of company stock valued at $2,003,740 in the last quarter. 23.01% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC bought a new stake in shares of GTT Communications in the 1st quarter worth $123,000. FCG Advisors LLC bought a new stake in shares of GTT Communications in the 1st quarter worth $220,000. Amalgamated Bank bought a new stake in shares of GTT Communications in the 1st quarter worth $235,000. Wealthsource Partners LLC bought a new stake in shares of GTT Communications in the 4th quarter worth $203,000. Finally, California Public Employees Retirement System bought a new stake in shares of GTT Communications in the 4th quarter worth $214,000. Institutional investors and hedge funds own 65.90% of the company’s stock.

About GTT Communications

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers worldwide. The company provides private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless access services; managed equipment and security services; and voice and unified communications services consisting of SIP trunking and enterprise PBX services.

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