Frontier Communications (NASDAQ:FTR) Shares Down 7.8%
Shares of Frontier Communications Corp (NASDAQ:FTR) dropped 7.8% on Friday . The stock traded as low as $0.62 and last traded at $0.64, approximately 3,626,696 shares traded hands during trading. An increase of 122% from the average daily volume of 1,635,631 shares. The stock had previously closed at $0.69.
Separately, Zacks Investment Research downgraded Frontier Communications from a “buy” rating to a “hold” rating and set a $0.85 price target for the company. in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. Frontier Communications currently has an average rating of “Hold” and an average target price of $1.48.
The firm has a 50 day simple moving average of $0.70 and a 200 day simple moving average of $0.95. The firm has a market cap of $69.97 million, a P/E ratio of -0.48 and a beta of 1.57.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in Frontier Communications by 4.2% in the 2nd quarter. BlackRock Inc. now owns 16,705,266 shares of the utilities provider’s stock worth $29,234,000 after purchasing an additional 673,480 shares during the period. Morgan Stanley raised its holdings in shares of Frontier Communications by 147.0% in the 2nd quarter. Morgan Stanley now owns 4,273,345 shares of the utilities provider’s stock valued at $7,479,000 after acquiring an additional 2,543,420 shares in the last quarter. State Street Corp raised its holdings in shares of Frontier Communications by 4.6% in the 3rd quarter. State Street Corp now owns 3,766,723 shares of the utilities provider’s stock valued at $3,266,000 after acquiring an additional 166,644 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Frontier Communications by 288.4% in the 2nd quarter. Invesco Ltd. now owns 3,623,984 shares of the utilities provider’s stock valued at $6,342,000 after acquiring an additional 2,690,886 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Frontier Communications by 33.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,933,234 shares of the utilities provider’s stock valued at $5,134,000 after acquiring an additional 741,960 shares in the last quarter. Institutional investors and hedge funds own 69.01% of the company’s stock.
Frontier Communications Company Profile (NASDAQ:FTR)
Frontier Communications Corporation provides communications services to consumer, commercial, and wholesale customers in the United States. It offers broadband, video, voice, and other services and products through a combination of fiber and copper-based networks to consumer customers. The company also provides Ethernet and traditional circuit-based services; software defined wide area network, managed Wi-Fi and cloud IT solutions, voice and Unified Communications as a Service (UCaaS), and Voice over Internet Protocol (VoIP) services, as well as hardware and network solutions and services to small and medium business, and large enterprises.
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