Sprint (S) Shares Gap Up Following Better-Than-Expected Earnings

Sprint Corp (NYSE:S)’s share price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $6.18, but opened at $6.12. Sprint shares last traded at $6.31, with a volume of 458661 shares.

The cell phone carrier reported $0.05 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. The company had revenue of $8.43 billion for the quarter, compared to the consensus estimate of $7.95 billion. Sprint had a return on equity of 0.51% and a net margin of 22.73%. Sprint’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.01) earnings per share.

S has been the topic of several recent research reports. ValuEngine upgraded Sprint from a “sell” rating to a “hold” rating in a research report on Tuesday, August 7th. Zacks Investment Research downgraded Sprint from a “buy” rating to a “hold” rating in a research report on Monday, October 8th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $5.85.

In other news, insider John Saw sold 260,095 shares of the company’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $6.14, for a total value of $1,596,983.30. Following the sale, the insider now directly owns 1,333,982 shares in the company, valued at $8,190,649.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.39% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Financial Counselors Inc. purchased a new position in Sprint during the second quarter worth about $100,000. Oakbrook Investments LLC purchased a new position in Sprint during the third quarter worth about $102,000. Tower Research Capital LLC TRC lifted its position in Sprint by 1,223.7% during the second quarter. Tower Research Capital LLC TRC now owns 19,855 shares of the cell phone carrier’s stock worth $108,000 after buying an additional 18,355 shares during the period. Levin Capital Strategies L.P. purchased a new position in Sprint during the second quarter worth about $136,000. Finally, Caption Management LLC lifted its position in Sprint by 294.4% during the second quarter. Caption Management LLC now owns 28,000 shares of the cell phone carrier’s stock worth $153,000 after buying an additional 20,900 shares during the period. Hedge funds and other institutional investors own 13.13% of the company’s stock.

The stock has a market capitalization of $22.74 billion, a price-to-earnings ratio of 89.71 and a beta of 0.81. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.15 and a quick ratio of 1.10.

About Sprint (NYSE:S)

Sprint Corporation, together with its subsidiaries, provides various wireless and wireline communications products and services to consumers, businesses, government subscribers, and resellers in the United States, Puerto Rico, and the United States Virgin Islands. It operates in two segments, Wireless and Wireline.

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