Inteliquent Inc. (IQNT) Upgraded to Hold by Zacks Investment Research
Inteliquent Inc. (NASDAQ:IQNT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Inteliquent, Inc. offers tandem interconnection services. It provides voice, Internet protocol transit and Ethernet solutions to carriers, service providers and content management firms. Inteliquent, Inc., formerly known as Neutral Tandem, Inc., is headquartered in Chicago. “
IQNT has been the subject of several other reports. Morgan Stanley reiterated a “hold” rating on shares of Inteliquent in a research report on Thursday, June 30th. BWS Financial decreased their price objective on Inteliquent from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, August 3rd. Drexel Hamilton assumed coverage on Inteliquent in a research report on Tuesday, October 4th. They issued a “buy” rating and a $24.00 price objective for the company. Finally, Raymond James Financial Inc. lowered Inteliquent from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 20th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Inteliquent has a consensus rating of “Hold” and an average price target of $22.50.
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Shares of Inteliquent (NASDAQ:IQNT) traded up 1.02% during midday trading on Tuesday, reaching $16.89. 156,460 shares of the company traded hands. The company has a 50 day moving average of $16.45 and a 200 day moving average of $17.18. Inteliquent has a 12 month low of $14.56 and a 12 month high of $22.63. The firm has a market capitalization of $578.20 million, a P/E ratio of 16.40 and a beta of 1.05.
Inteliquent (NASDAQ:IQNT) last posted its earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by $0.01. The company had revenue of $90.80 million for the quarter, compared to analyst estimates of $90.28 million. Inteliquent had a return on equity of 19.26% and a net margin of 11.17%. Inteliquent’s quarterly revenue was up 71.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 earnings per share. On average, equities research analysts predict that Inteliquent will post $1.19 earnings per share for the current fiscal year.
In related news, Director Rian J. Wren sold 30,000 shares of the stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $20.58, for a total value of $617,400.00. Following the sale, the director now owns 94,930 shares in the company, valued at approximately $1,953,659.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rian J. Wren sold 15,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $20.71, for a total value of $310,650.00. Following the completion of the sale, the director now owns 94,930 shares in the company, valued at approximately $1,966,000.30. The disclosure for this sale can be found here. Company insiders own 5.50% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Cutler Group LP boosted its position in Inteliquent by 199.3% in the second quarter. Cutler Group LP now owns 5,175 shares of the company’s stock valued at $102,000 after buying an additional 3,446 shares during the last quarter. Advisor Group Inc. purchased a new position in Inteliquent during the second quarter valued at $110,000. Mason Street Advisors LLC purchased a new position in Inteliquent during the second quarter valued at $134,000. Teachers Retirement System of The State of Kentucky purchased a new position in Inteliquent during the second quarter valued at $157,000. Finally, Edge Wealth Management LLC purchased a new position in Inteliquent during the second quarter valued at $197,000. Hedge funds and other institutional investors own 88.98% of the company’s stock.
Inteliquent Company Profile
Inteliquent, Inc is a provider of voice telecommunications services primarily on a wholesale basis. The Company offers its services using an all-Internet Protocol (IP) network, which enables to deliver connectivity for a range of media, including voice, and data and video. The Company’s solutions enable carriers and other providers to deliver voice traffic or other services where they do not have their own network.
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