GTT Communications (NYSE:GTT) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of GTT Communications (NYSE:GTT) from a hold rating to a sell rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “GTT Communications, Inc. offers cloud networking; high bandwidth IP transit for content delivery and hosting as well as network-to-network carrier interconnects solutions and data connectivity solutions. The company’s network consists of a layer 2 switched Ethernet and IP transit or dedicated internet access. It operates primarily in North America, Europe and Asia. GTT Communications, Inc., formerly known as Global Telecom & Technology, Inc., is headquartered in McLean, Virginia. “

Several other research analysts also recently weighed in on GTT. SunTrust Banks downgraded GTT Communications from a buy rating to a hold rating and reduced their target price for the stock from $10.00 to $7.00 in a research note on Monday, May 11th. Oppenheimer reaffirmed a hold rating on shares of GTT Communications in a research note on Friday, May 8th. Raymond James raised GTT Communications from a market perform rating to an outperform rating and set a $10.00 target price for the company in a research note on Tuesday, May 26th. Finally, ValuEngine raised GTT Communications from a hold rating to a buy rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $11.20.

GTT Communications stock traded down $0.10 during mid-day trading on Wednesday, hitting $6.30. The company had a trading volume of 214,272 shares, compared to its average volume of 320,030. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 17.88. GTT Communications has a 12-month low of $4.67 and a 12-month high of $15.77. The company’s fifty day moving average is $7.60 and its 200-day moving average is $10.03. The company has a market capitalization of $370.57 million, a price-to-earnings ratio of -2.22 and a beta of 1.64.

GTT Communications (NYSE:GTT) last announced its earnings results on Friday, May 8th. The technology company reported ($1.45) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($1.19). The business had revenue of $424.70 million for the quarter, compared to analyst estimates of $427.93 million. GTT Communications had a negative return on equity of 27.24% and a negative net margin of 9.51%. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.49) earnings per share. As a group, sell-side analysts expect that GTT Communications will post -2.01 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of GTT. Morgan Stanley raised its stake in GTT Communications by 57.4% in the 1st quarter. Morgan Stanley now owns 717,957 shares of the technology company’s stock valued at $5,708,000 after purchasing an additional 261,905 shares during the last quarter. Federated Hermes Inc. raised its stake in GTT Communications by 11.6% in the 1st quarter. Federated Hermes Inc. now owns 1,056,293 shares of the technology company’s stock valued at $8,398,000 after purchasing an additional 110,138 shares during the last quarter. Nuveen Asset Management LLC raised its stake in GTT Communications by 367.4% in the 1st quarter. Nuveen Asset Management LLC now owns 112,795 shares of the technology company’s stock valued at $896,000 after purchasing an additional 88,664 shares during the last quarter. Jane Street Group LLC purchased a new stake in GTT Communications in the 1st quarter valued at $435,000. Finally, Alliancebernstein L.P. purchased a new stake in GTT Communications in the 1st quarter valued at $354,000. 72.35% of the stock is owned by hedge funds and other institutional investors.

GTT Communications Company Profile

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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