Investors Purchase Large Volume of SBA Communications Put Options (SBAC)

SBA Communications Co. (NASDAQ:SBAC) was the target of some unusual options trading activity on Thursday. Traders purchased 5,103 put options on the stock. This represents an increase of 2,342% compared to the average daily volume of 209 put options.

SBAC has been the subject of several analyst reports. KeyCorp upgraded shares of SBA Communications from a “sector weight” rating to an “overweight” rating and set a $170.00 price target for the company in a research report on Wednesday, September 27th. Zacks Investment Research lowered shares of SBA Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Cowen restated a “buy” rating and set a $147.00 price target on shares of SBA Communications in a research report on Tuesday, October 17th. UBS Group initiated coverage on shares of SBA Communications in a report on Wednesday, October 18th. They set a “buy” rating and a $176.00 target price for the company. Finally, Morgan Stanley increased their target price on shares of SBA Communications from $169.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. SBA Communications presently has a consensus rating of “Buy” and an average price target of $165.07.

In other SBA Communications news, Director George R. Krouse, Jr. sold 1,999 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $169.51, for a total transaction of $338,850.49. Following the completion of the sale, the director now directly owns 11,999 shares in the company, valued at $2,033,950.49. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.10% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in SBAC. Prudential Financial Inc. raised its stake in SBA Communications by 319.0% in the second quarter. Prudential Financial Inc. now owns 33,600 shares of the technology company’s stock worth $4,533,000 after buying an additional 25,580 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in SBA Communications in the second quarter worth about $220,000. Alliancebernstein L.P. raised its stake in SBA Communications by 99.2% in the second quarter. Alliancebernstein L.P. now owns 214,991 shares of the technology company’s stock worth $29,002,000 after buying an additional 107,074 shares in the last quarter. Nationwide Fund Advisors bought a new position in SBA Communications in the second quarter worth about $10,457,000. Finally, Amalgamated Bank raised its stake in SBA Communications by 72.1% in the second quarter. Amalgamated Bank now owns 12,392 shares of the technology company’s stock worth $1,672,000 after buying an additional 5,193 shares in the last quarter. 96.02% of the stock is owned by institutional investors.

Shares of SBA Communications (SBAC) opened at $165.79 on Friday. The company has a debt-to-equity ratio of -3.63, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a market cap of $19,000.00, a PE ratio of 197.37 and a beta of 0.77. SBA Communications has a 1-year low of $102.29 and a 1-year high of $173.97.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, October 30th. The technology company reported $1.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $1.50. The company had revenue of $433.90 million during the quarter, compared to analyst estimates of $431.42 million. SBA Communications had a net margin of 5.95% and a negative return on equity of 4.71%. SBA Communications’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.12) earnings per share. research analysts predict that SBA Communications will post 0.97 EPS for the current year.

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About SBA Communications

SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.

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