Zacks Investment Research cut shares of Towerstream Corp. (NASDAQ:TWER) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “Towerstream is a leading fixed wireless service provider in the U.S., delivering high-speed Internet access to businesses. The company has established pre-WiMAX networks in markets such as New York City, Los Angeles, Chicago, San Francisco, Seattle, Miami, the greater Boston area, and Providence and Newport, RI, and continues to expand coverage throughout the United States. The company was the first carrier selected to join the WiMAX Forum to assist leading vendors in establishing industry compliance with international broadband wireless access standards and cross-vendor interoperability. “

Shares of Towerstream Corp. (NASDAQ:TWER) traded down 2.38% during mid-day trading on Wednesday, reaching $1.23. The company’s stock had a trading volume of 428,882 shares. The firm’s 50 day moving average price is $1.72 and its 200-day moving average price is $2.95. Towerstream Corp. has a 1-year low of $1.18 and a 1-year high of $20.20. The company’s market capitalization is $5.60 million.

Towerstream Corp. (NASDAQ:TWER) last announced its earnings results on Tuesday, August 9th. The company reported ($1.38) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.60) by $0.22. Towerstream Corp. had a negative net margin of 122.42% and a negative return on equity of 1,151.39%. On average, analysts predict that Towerstream Corp. will post ($5.77) EPS for the current year.

Towerstream Corp. Company Profile

Towerstream Corporation is a provider of fixed wireless services to businesses in over 10 urban markets across the United States. The Company operates through Fixed Wireless Services (Fixed Wireless) segment. Its fixed wireless service supports bandwidth on demand, wireless redundancy, virtual private networks, disaster recovery, bundled data and video services.

5 Day Chart for NASDAQ:TWER

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