Towerstream Corp. (NASDAQ:TWER) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Towerstream is a leading fixed wireless service provider in the U.S., delivering high-speed Internet access to businesses. The company has established pre-WiMAX networks in markets such as New York City, Los Angeles, Chicago, San Francisco, Seattle, Miami, the greater Boston area, and Providence and Newport, RI, and continues to expand coverage throughout the United States. The company was the first carrier selected to join the WiMAX Forum to assist leading vendors in establishing industry compliance with international broadband wireless access standards and cross-vendor interoperability. “

Towerstream Corp. (NASDAQ:TWER) opened at 1.27 on Wednesday. Towerstream Corp. has a 1-year low of $1.18 and a 1-year high of $20.60. The firm has a 50-day moving average price of $1.74 and a 200 day moving average price of $2.96. The company’s market capitalization is $5.78 million.

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Towerstream Corp. (NASDAQ:TWER) last issued its quarterly earnings results on Tuesday, August 9th. The company reported ($1.38) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.60) by $0.22. Towerstream Corp. had a negative return on equity of 1,151.39% and a negative net margin of 122.42%. On average, equities analysts predict that Towerstream Corp. will post ($5.77) EPS for the current year.

About Towerstream Corp.

Towerstream Corporation is a provider of fixed wireless services to businesses in over 10 urban markets across the United States. The Company operates through Fixed Wireless Services (Fixed Wireless) segment. Its fixed wireless service supports bandwidth on demand, wireless redundancy, virtual private networks, disaster recovery, bundled data and video services.

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