Short Interest in Sonus Networks, Inc. (SONS) Increases By 45.1%
Sonus Networks, Inc. (NASDAQ:SONS) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 844,745 shares, a growth of 45.1% from the May 31st total of 582,288 shares. Approximately 1.7% of the company’s shares are short sold. Based on an average daily volume of 383,233 shares, the short-interest ratio is presently 2.2 days.
Shares of Sonus Networks (NASDAQ:SONS) opened at 7.56 on Friday. The firm’s 50-day moving average price is $7.52 and its 200 day moving average price is $6.82. The stock’s market capitalization is $374.39 million. Sonus Networks has a 12-month low of $5.51 and a 12-month high of $10.00.
Sonus Networks (NASDAQ:SONS) last posted its quarterly earnings results on Wednesday, April 26th. The communications equipment provider reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.04. The firm had revenue of $53.37 million during the quarter, compared to analysts’ expectations of $52.11 million. Sonus Networks had a negative return on equity of 3.80% and a negative net margin of 8.07%. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 EPS. Analysts predict that Sonus Networks will post $0.23 EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. PEAK6 Investments L.P. boosted its position in Sonus Networks by 69.1% in the first quarter. PEAK6 Investments L.P. now owns 18,265 shares of the communications equipment provider’s stock valued at $120,000 after buying an additional 7,465 shares during the period. Tudor Investment Corp Et Al purchased a new position in Sonus Networks during the fourth quarter valued at approximately $154,000. Trexquant Investment LP purchased a new position in Sonus Networks during the first quarter valued at approximately $161,000. American International Group Inc. boosted its position in Sonus Networks by 7.0% in the first quarter. American International Group Inc. now owns 29,368 shares of the communications equipment provider’s stock valued at $194,000 after buying an additional 1,930 shares during the period. Finally, Royce & Associates LP purchased a new position in Sonus Networks during the first quarter valued at approximately $198,000. 65.31% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on SONS shares. Zacks Investment Research raised Sonus Networks from a “hold” rating to a “buy” rating and set a $8.75 price objective on the stock in a research note on Saturday, April 29th. Benchmark Co. started coverage on Sonus Networks in a research note on Wednesday, April 26th. They issued a “buy” rating and a $4.00 price objective on the stock. William Blair reaffirmed a “hold” rating on shares of Sonus Networks in a research note on Monday, May 1st. B. Riley reaffirmed a “neutral” rating and issued a $6.75 price objective on shares of Sonus Networks in a research note on Wednesday, April 26th. Finally, ValuEngine lowered Sonus Networks from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Sonus Networks has a consensus rating of “Hold” and a consensus target price of $8.00.
WARNING: “Short Interest in Sonus Networks, Inc. (SONS) Increases By 45.1%” was posted by American Banking News and is the property of of American Banking News. If you are accessing this article on another site, it was stolen and republished in violation of US & international copyright legislation. The correct version of this article can be viewed at https://www.americanbankingnews.com/2017/06/30/short-interest-in-sonus-networks-inc-sons-increases-by-45-1.html.
Sonus Networks Company Profile
Sonus Networks, Inc (Sonus) is a provider of networked solutions for communications service providers and enterprises to help them secure and unify their real-time communications infrastructures. The Company helps communications service providers and enterprises hold the session initiation protocol (SIP) and fourth generation (4G)/long term evolution (LTE)-based solutions, including voice over Internet protocol (VoIP), voice over wireless fidelity (VoWiFi), video and unified communications (UC) by securing and enabling Internet Protocol (IP) networks.
Receive News & Ratings for Sonus Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonus Networks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.