Sonus Networks Sees Unusually-High Trading Volume on Strong Earnings (SONS)
Sonus Networks (NASDAQ:SONS) shares saw an uptick in trading volume on Wednesday following a stronger than expected earnings report, Stock Ratings News reports. 7,713,645 shares changed hands during trading, an increase of 125% from the previous session’s volume of 3,427,981 shares.The stock last traded at $3.77 and had previously closed at $4.00.
The company reported $0.02 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.01 by $0.01. The company had revenue of $75.60 million for the quarter, compared to the consensus estimate of $73.70 million. During the same quarter last year, the company posted $0.01 earnings per share. Sonus Networks’s revenue was up 9.2% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at Northland Securities reiterated an “outperform” rating on shares of Sonus Networks in a research note on Monday. Separately, analysts at Pacific Crest initiated coverage on shares of Sonus Networks in a research note on Monday, July 7th. They set an “outperform” rating and a $6.00 price target on the stock. Finally, analysts at Barrington Research initiated coverage on shares of Sonus Networks in a research note on Friday, June 27th. They set a “market perform” rating on the stock. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $4.52.
The stock’s 50-day moving average is $3.8 and its 200-day moving average is $3.46. The company’s market cap is $909.4 million.
Sonus Networks, Inc (NASDAQ:SONS) is a provider of networked solutions for communications service providers e.
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