ValuEngine upgraded shares of GTT Communications (NYSE:GTT) from a sell rating to a hold rating in a research note published on Thursday morning, ValuEngine reports.
GTT has been the topic of several other research reports. Oppenheimer cut their price objective on GTT Communications from $50.00 to $42.00 and set an outperform rating on the stock in a research report on Thursday, May 9th. Craig Hallum reissued a buy rating and issued a $40.00 price objective (down previously from $45.00) on shares of GTT Communications in a research report on Monday, June 24th. BTIG Research cut GTT Communications from a buy rating to a neutral rating in a research report on Wednesday, May 8th. Finally, Zacks Investment Research lowered GTT Communications from a buy rating to a hold rating in a research note on Tuesday, May 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $40.25.
GTT stock traded down $0.56 during midday trading on Thursday, hitting $11.20. The company’s stock had a trading volume of 308,335 shares, compared to its average volume of 686,318. The company’s 50-day moving average is $17.05. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 9.77. GTT Communications has a 1 year low of $11.28 and a 1 year high of $47.20. The stock has a market cap of $656.80 million, a PE ratio of -7.04 and a beta of 1.57.
GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Wednesday, May 8th. The technology company reported ($0.49) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.20). GTT Communications had a negative return on equity of 16.23% and a negative net margin of 14.28%. The business had revenue of $450.20 million during the quarter, compared to analysts’ expectations of $456.93 million. During the same period in the prior year, the firm posted ($0.69) EPS. The firm’s revenue for the quarter was up 72.7% on a year-over-year basis. Research analysts expect that GTT Communications will post -0.39 earnings per share for the current year.
In other GTT Communications news, insider Richard Calder sold 1,757 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $25.43, for a total value of $44,680.51. Following the sale, the insider now directly owns 1,336,060 shares in the company, valued at $33,976,005.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Chris Mckee sold 954 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $26.75, for a total value of $25,519.50. Following the completion of the sale, the general counsel now owns 484,545 shares in the company, valued at $12,961,578.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,737 shares of company stock worth $299,489. Corporate insiders own 40.84% of the company’s stock.
Several large investors have recently added to or reduced their stakes in GTT. AlphaOne Investment Services LLC raised its stake in shares of GTT Communications by 67.6% during the 1st quarter. AlphaOne Investment Services LLC now owns 2,900 shares of the technology company’s stock valued at $101,000 after purchasing an additional 1,170 shares during the period. Citigroup Inc. raised its stake in shares of GTT Communications by 1,180.1% during the 4th quarter. Citigroup Inc. now owns 5,159 shares of the technology company’s stock valued at $122,000 after purchasing an additional 4,756 shares during the period. First Business Financial Services Inc. bought a new stake in shares of GTT Communications during the 2nd quarter valued at $222,000. Bessemer Group Inc. raised its stake in shares of GTT Communications by 42.6% during the 2nd quarter. Bessemer Group Inc. now owns 16,735 shares of the technology company’s stock valued at $295,000 after purchasing an additional 5,000 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its stake in GTT Communications by 356.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 13,587 shares of the technology company’s stock worth $321,000 after acquiring an additional 10,611 shares during the last quarter. Institutional investors own 86.51% of the company’s stock.
About GTT Communications
GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.
Recommended Story: What is a Reverse Stock Split?
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for GTT Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GTT Communications and related companies with MarketBeat.com's FREE daily email newsletter.