Edgio (NASDAQ:EGIO) Price Target Cut to $10.00 by Analysts at Craig Hallum

Edgio (NASDAQ:EGIO) had its price target cut by Craig Hallum from $30.00 to $10.00 in a research note released on Friday, Benzinga reports. They currently have a hold rating on the stock.

Edgio Price Performance

Shares of NASDAQ:EGIO opened at $10.91 on Friday. The company has a market cap of $63.61 million, a P/E ratio of -0.43 and a beta of 0.40. The business has a fifty day simple moving average of $10.27 and a 200-day simple moving average of $16.23. Edgio has a 52 week low of $6.67 and a 52 week high of $44.00. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.89.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Edgio in the 3rd quarter valued at $40,000. Cedar Brook Financial Partners LLC lifted its stake in shares of Edgio by 25.0% during the third quarter. Cedar Brook Financial Partners LLC now owns 75,000 shares of the company’s stock worth $64,000 after purchasing an additional 15,000 shares in the last quarter. Raymond James & Associates boosted its holdings in Edgio by 633.7% in the 3rd quarter. Raymond James & Associates now owns 159,603 shares of the company’s stock worth $136,000 after acquiring an additional 137,850 shares during the period. Finally, Pinnacle Associates Ltd. boosted its stake in shares of Edgio by 2.6% in the third quarter. Pinnacle Associates Ltd. now owns 5,761,826 shares of the company’s stock valued at $4,910,000 after purchasing an additional 148,264 shares during the period. Institutional investors and hedge funds own 23.16% of the company’s stock.

About Edgio

Edgio, Inc provides edge-enabled software solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates private global networks with distributed computing resources and extensive connectivity to last-mile broadband network providers; offers live and on-demand video delivery services; and provides platform, media, and application solutions.