GTT Communications, Inc. (GTT) Sets New 12-Month High at $36.00
GTT Communications, Inc. (NYSE:GTT) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $36.00 and last traded at $35.95, with a volume of 115,193 shares traded. The stock had previously closed at $35.35.
Several equities research analysts have recently issued reports on the stock. BidaskClub cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Finally, Cowen and Company set a $43.00 price objective on shares of GTT Communications and gave the stock a “buy” rating in a research report on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $36.20.
The company’s market capitalization is $1.49 billion. The firm’s 50 day moving average price is $32.61 and its 200 day moving average price is $30.96.
GTT Communications (NYSE:GTT) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.05. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The company had revenue of $186.20 million for the quarter, compared to the consensus estimate of $186.65 million. GTT Communications’s revenue was up 44.5% on a year-over-year basis. Equities analysts predict that GTT Communications, Inc. will post ($0.48) EPS for the current year.
In related news, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.99, for a total value of $223,930.00. Following the sale, the general counsel now directly owns 397,081 shares in the company, valued at approximately $12,702,621.19. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Richard Calder sold 10,000 shares of GTT Communications stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.99, for a total transaction of $319,900.00. Following the completion of the sale, the insider now owns 1,121,006 shares in the company, valued at $35,860,981.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,000 shares of company stock worth $1,076,680. Insiders own 25.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in GTT. BNP Paribas Arbitrage SA increased its stake in GTT Communications by 2,153.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,448 shares of the technology company’s stock valued at $109,000 after buying an additional 3,295 shares during the period. Airain ltd acquired a new position in GTT Communications during the 2nd quarter valued at about $216,000. Legal & General Group Plc increased its stake in GTT Communications by 14.1% during the 2nd quarter. Legal & General Group Plc now owns 7,353 shares of the technology company’s stock valued at $234,000 after buying an additional 907 shares during the period. Laurion Capital Management LP acquired a new position in GTT Communications during the 2nd quarter valued at about $266,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in GTT Communications during the 2nd quarter valued at about $270,000. 59.56% of the stock is currently owned by hedge funds and other institutional investors.
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GTT Communications Company Profile
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
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