Shares of Towerstream Corp. (NASDAQ:TWER) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $0.80, but opened at $0.90. Towerstream Corp. shares last traded at $0.74, with a volume of 1,259,584 shares.

The company reported ($1.00) earnings per share for the quarter, beating the consensus estimate of ($1.19) by $0.19. Towerstream Corp. had a negative return on equity of 1,151.39% and a negative net margin of 115.28%.

Separately, Zacks Investment Research upgraded Towerstream Corp. from a “hold” rating to a “buy” rating and set a $2.75 target price for the company in a research note on Saturday, August 13th.

The company’s 50-day moving average is $1.17 and its 200-day moving average is $2.56. The stock’s market capitalization is $3.18 million.

About Towerstream Corp.

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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