GTT Communications (GTT) Shares Up 7.1%
GTT Communications, Inc. (NYSE:GTT) shares shot up 7.1% on Monday . The stock traded as high as $47.75 and last traded at $46.00. 778,145 shares were traded during mid-day trading, an increase of 186% from the average session volume of 271,848 shares. The stock had previously closed at $42.95.
Separately, Zacks Investment Research upgraded shares of GTT Communications from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. GTT Communications presently has a consensus rating of “Hold” and an average price target of $37.25.
The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 4.08. The stock has a market capitalization of $1,998.94, a PE ratio of 511.11 and a beta of 1.48.
Hedge funds and other institutional investors have recently modified their holdings of the business. Bamco Inc. NY boosted its stake in shares of GTT Communications by 68.8% during the third quarter. Bamco Inc. NY now owns 2,278,200 shares of the technology company’s stock valued at $72,105,000 after purchasing an additional 928,200 shares during the period. Spruce House Investment Management LLC purchased a new stake in shares of GTT Communications during the third quarter valued at approximately $59,723,000. Dimensional Fund Advisors LP boosted its stake in shares of GTT Communications by 1.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,656,706 shares of the technology company’s stock valued at $52,435,000 after purchasing an additional 24,385 shares during the period. Vanguard Group Inc. boosted its stake in shares of GTT Communications by 11.4% during the second quarter. Vanguard Group Inc. now owns 1,228,307 shares of the technology company’s stock valued at $38,876,000 after purchasing an additional 126,032 shares during the period. Finally, Royal Bank of Canada boosted its stake in shares of GTT Communications by 2.9% during the second quarter. Royal Bank of Canada now owns 859,355 shares of the technology company’s stock valued at $27,198,000 after purchasing an additional 24,273 shares during the period. Institutional investors and hedge funds own 65.41% of the company’s stock.
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GTT Communications Company Profile
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
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