Stock Traders Purchase Large Volume of Switch Put Options (SWCH)
Switch Inc (NYSE:SWCH) saw unusually large options trading activity on Tuesday. Stock investors purchased 1,872 put options on the company. This represents an increase of 1,363% compared to the typical daily volume of 128 put options.
SWCH stock opened at $9.31 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.87. Switch has a fifty-two week low of $6.39 and a fifty-two week high of $16.23.
Switch (NYSE:SWCH) last released its earnings results on Tuesday, March 12th. The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.02. Switch had a negative net margin of 16.29% and a negative return on equity of 1.84%. On average, sell-side analysts forecast that Switch will post 0.08 earnings per share for the current year.
A number of brokerages have issued reports on SWCH. BMO Capital Markets reiterated a “buy” rating and set a $10.50 price target on shares of Switch in a research note on Tuesday. Zacks Investment Research upgraded shares of Switch from a “hold” rating to a “buy” rating and set a $9.75 target price on the stock in a research note on Saturday, March 2nd. Raymond James restated a “hold” rating and set a $11.00 target price on shares of Switch in a research note on Sunday, December 2nd. Berenberg Bank began coverage on shares of Switch in a research note on Tuesday, January 8th. They set a “buy” rating and a $11.00 target price on the stock. Finally, Credit Suisse Group set a $14.00 target price on shares of Switch and gave the stock a “buy” rating in a research note on Wednesday, November 14th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Switch has a consensus rating of “Buy” and an average price target of $13.61.
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Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services to technology and digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers that conduct critical business on the Internet. The company develops and operates data centers in Nevada, Michigan, and Georgia.
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