Internap Corporation (INAP) Shares to Reverse Split on Monday, November 20th
Internap Corporation (NASDAQ:INAP) shares are set to reverse split before the market opens on Monday, November 20th. The 1-4 reverse split was announced on Thursday, November 2nd. The number of shares owned by shareholders will be adjusted after the market closes on Friday, November 17th.
Internap Corporation (NASDAQ INAP) opened at $3.97 on Friday. The company has a debt-to-equity ratio of 45.19, a quick ratio of 0.75 and a current ratio of 0.75.
Internap Corporation (NASDAQ:INAP) last announced its quarterly earnings results on Thursday, November 2nd. The information technology services provider reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.04). The company had revenue of $68.91 million for the quarter, compared to the consensus estimate of $69.10 million. Internap Corporation had a negative net margin of 18.09% and a negative return on equity of 238.88%. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period last year, the firm posted ($1.75) earnings per share. research analysts expect that Internap Corporation will post -0.6 earnings per share for the current year.
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Several equities research analysts recently issued reports on INAP shares. Zacks Investment Research raised shares of Internap Corporation from a “hold” rating to a “buy” rating and set a $4.75 price target on the stock in a report on Wednesday, October 4th. BidaskClub lowered shares of Internap Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Raymond James Financial, Inc. raised shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 price target on the stock in a report on Friday, August 4th. UBS Group AG (USA) raised shares of Internap Corporation from an “outperform” rating to a “strong-buy” rating in a report on Friday, August 4th. Finally, Benchmark Co. reiterated a “buy” rating and set a $6.00 target price (up from $5.00) on shares of Internap Corporation in a research report on Monday, September 25th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $5.81.
Large investors have recently bought and sold shares of the stock. KCG Holdings Inc. boosted its position in Internap Corporation by 85.5% during the 1st quarter. KCG Holdings Inc. now owns 27,373 shares of the information technology services provider’s stock worth $102,000 after buying an additional 12,620 shares during the period. Gotham Asset Management LLC boosted its position in Internap Corporation by 173.1% during the 2nd quarter. Gotham Asset Management LLC now owns 27,952 shares of the information technology services provider’s stock worth $103,000 after buying an additional 17,717 shares during the period. Voya Investment Management LLC acquired a new stake in Internap Corporation during the 2nd quarter worth approximately $133,000. Highbridge Capital Management LLC acquired a new stake in Internap Corporation during the 1st quarter worth approximately $155,000. Finally, Cornerstone Capital Management Holdings LLC. acquired a new stake in Internap Corporation during the 2nd quarter worth approximately $158,000. Institutional investors and hedge funds own 83.13% of the company’s stock.
About Internap Corporation
Internap Corporation is a technology provider of Internet infrastructure. The Company provides Internet infrastructure through both Colocation Business and Enterprise Services and Cloud Services. The Company operates through two segments: Data Center and Network Services, and Cloud and Hosting Services.
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