Short Interest in GTT Communications, Inc. (GTT) Expands By 44.4%
GTT Communications, Inc. (NYSE:GTT) was the recipient of a significant growth in short interest during the month of September. As of September 29th, there was short interest totalling 3,578,803 shares, a growth of 44.4% from the September 15th total of 2,477,928 shares. Based on an average daily volume of 271,642 shares, the short-interest ratio is currently 13.2 days. Currently, 11.6% of the shares of the stock are short sold.
Several brokerages have recently issued reports on GTT. BidaskClub downgraded shares of GTT Communications from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Zacks Investment Research downgraded shares of GTT Communications from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Finally, Cowen and Company set a $43.00 price target on shares of GTT Communications and gave the stock a “buy” rating in a report on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. GTT Communications has a consensus rating of “Hold” and a consensus price target of $36.20.
GTT Communications (NYSE GTT) opened at 32.55 on Tuesday. The stock’s 50 day moving average is $31.66 and its 200 day moving average is $30.23. The firm’s market capitalization is $1.35 billion. GTT Communications has a one year low of $20.80 and a one year high of $34.20.
GTT Communications (NYSE:GTT) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.05. GTT Communications had a negative net margin of 1.88% and a positive return on equity of 4.17%. The company had revenue of $186.20 million during the quarter, compared to the consensus estimate of $186.65 million. The firm’s quarterly revenue was up 44.5% compared to the same quarter last year. On average, equities research analysts predict that GTT Communications will post ($0.43) earnings per share for the current fiscal year.
In other news, Director Howard E. Janzen sold 6,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $30.32, for a total transaction of $181,920.00. Following the completion of the transaction, the director now directly owns 240,728 shares in the company, valued at $7,298,872.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Chris Mckee sold 7,000 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $31.99, for a total transaction of $223,930.00. Following the transaction, the general counsel now owns 397,081 shares of the company’s stock, valued at $12,702,621.19. The disclosure for this sale can be found here. Insiders have sold 57,000 shares of company stock valued at $1,774,990 over the last 90 days. Corporate insiders own 25.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE lifted its holdings in shares of GTT Communications by 2.7% during the 1st quarter. Bank of America Corp DE now owns 295,555 shares of the technology company’s stock worth $7,196,000 after acquiring an additional 7,813 shares during the last quarter. Cadence Capital Management LLC lifted its holdings in shares of GTT Communications by 5.7% during the 2nd quarter. Cadence Capital Management LLC now owns 49,998 shares of the technology company’s stock worth $1,582,000 after acquiring an additional 2,698 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of GTT Communications by 27,059.6% during the 2nd quarter. Bank of Montreal Can now owns 226,511 shares of the technology company’s stock worth $7,169,000 after acquiring an additional 225,677 shares during the last quarter. Mackenzie Financial Corp bought a new stake in shares of GTT Communications during the 1st quarter worth $597,000. Finally, Ameriprise Financial Inc. lifted its holdings in shares of GTT Communications by 37.1% during the 1st quarter. Ameriprise Financial Inc. now owns 41,503 shares of the technology company’s stock worth $1,011,000 after acquiring an additional 11,228 shares during the last quarter. 58.94% of the stock is owned by institutional investors.
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GTT Communications Company Profile
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
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