Inteliquent Reaches New 52-Week High After Earnings Beat (IQNT)
Inteliquent (NASDAQ:IQNT) shares reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings, Analyst Ratings Network reports. The company traded as high as $14.86 and last traded at $13.77, with a volume of 1,732,254 shares traded. The stock had previously closed at $11.94.
The company reported $0.27 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.18 by $0.09. The company had revenue of $50.20 million for the quarter, compared to the consensus estimate of $50.11 million. During the same quarter last year, the company posted $0.09 earnings per share. Inteliquent’s revenue was down 13.0% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, March 27th. Investors of record on Thursday, March 13th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.51%.
Several analysts have recently commented on the stock. Analysts at Zacks downgraded shares of Inteliquent from an “outperform” rating to a “neutral” rating in a research note on Thursday, January 30th. They now have a $13.70 price target on the stock. Separately, analysts at Raymond James upgraded shares of Inteliquent from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $8.65.
The stock has a 50-day moving average of $11.40 and a 200-day moving average of $10.56. The company’s market cap is $443.9 million. Inteliquent also was the recipient of a significant increase in short interest during the month of January. As of February 14th, there was short interest totalling 1,126,569 shares, an increase of 50.4% from the January 31st total of 748,888 shares. Based on an average daily volume of 372,177 shares, the days-to-cover ratio is presently 3.0 days. Approximately 3.7% of the shares of the company are short sold.
Inteliquent Inc, formerly Neutral Tandem, Inc, doing business as Inteliquent provides solutions for voice, data, and hosted services globally.