Sprint Corporation (NYSE:S) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Sprint is on track with its network modernization and integration efforts, to fortify its position in the wireless industry. Sprint’s prepaid subsidiary has extended its unlimited offerings to its existing iPhone owners and has also inked deal with Apple to relaunch itself as an exclusive iPhone carrier. Sprint also offers attractive unlimited data plans to lure customers from rivals. We believe these efforts have driven the huge wireless subscribers. Sprint unveiled its Sprint MultiLine solution which allows businesses to add a company-owned number to their employees' personal phones for better businesses. For full-year 2017, Sprint has raised its outlook. Over the past one month, the stock price underperformed its industry. However, high cash burn from promotional offers and discounts, debt-laden balance sheet and decreasing cash flow have led to losses for Sprint. Further, Sprint operates in a highly competitive wireless market.”

Several other research analysts have also recently weighed in on the stock. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Sprint Corporation in a research report on Wednesday, September 20th. BidaskClub cut shares of Sprint Corporation from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Barclays PLC restated a “neutral” rating and set a $8.00 price objective on shares of Sprint Corporation in a research report on Wednesday, August 9th. Cowen and Company reaffirmed a “market perform” rating and set a $6.50 target price on shares of Sprint Corporation in a research note on Tuesday, August 8th. Finally, Wells Fargo & Company reaffirmed an “outperform” rating on shares of Sprint Corporation in a research note on Wednesday, August 2nd. Six research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $10.16.

Shares of Sprint Corporation (NYSE:S) traded down 2.5962% during mid-day trading on Wednesday, reaching $7.6949. The company had a trading volume of 15,075,333 shares. Sprint Corporation has a 1-year low of $5.83 and a 1-year high of $9.65. The stock’s 50-day moving average price is $8.04 and its 200 day moving average price is $8.27. The company’s market capitalization is $30.76 billion.

Sprint Corporation (NYSE:S) last issued its earnings results on Tuesday, August 1st. The cell phone carrier reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. Sprint Corporation had a negative return on equity of 3.66% and a negative net margin of 2.08%. The company had revenue of $8.16 billion during the quarter, compared to analysts’ expectations of $8.14 billion. During the same period in the prior year, the business earned ($0.08) EPS. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. Equities analysts expect that Sprint Corporation will post ($0.83) EPS for the current year.

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Several institutional investors and hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC increased its position in shares of Sprint Corporation by 1.2% in the 2nd quarter. Advisory Services Network LLC now owns 69,627 shares of the cell phone carrier’s stock valued at $572,000 after purchasing an additional 802 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Sprint Corporation in the 2nd quarter valued at $341,000. Public Employees Retirement System of Ohio raised its holdings in shares of Sprint Corporation by 24.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 432,391 shares of the cell phone carrier’s stock valued at $3,550,000 after purchasing an additional 85,526 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of Sprint Corporation in the 2nd quarter valued at $434,000. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of Sprint Corporation in the 2nd quarter valued at $1,088,000. Institutional investors and hedge funds own 13.95% of the company’s stock.

About Sprint Corporation

Sprint Corporation (Sprint) is a holding company. The Company, along with its subsidiaries, is a communications company offering a range of wireless and wireline communications products and services that are designed to meet the needs of consumers, businesses, government subscribers and resellers. It operates through two segments: Wireless and Wireline.

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