GTT Communications Inc (NYSE:GTT) major shareholder Spruce House Partnership Lp bought 506,700 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was bought at an average cost of $9.77 per share, with a total value of $4,950,459.00. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Spruce House Partnership Lp also recently made the following trade(s):

  • On Monday, December 2nd, Spruce House Partnership Lp bought 187,300 shares of GTT Communications stock. The shares were bought at an average price of $8.88 per share, for a total transaction of $1,663,224.00.

Shares of NYSE GTT opened at $10.52 on Friday. GTT Communications Inc has a 1 year low of $4.67 and a 1 year high of $43.35. The firm has a market cap of $565.94 million, a price-to-earnings ratio of -6.62 and a beta of 1.54. The company has a debt-to-equity ratio of 12.59, a quick ratio of 0.54 and a current ratio of 0.54. The stock’s 50-day simple moving average is $7.44 and its 200-day simple moving average is $12.66.

GTT Communications (NYSE:GTT) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.46) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.25). The business had revenue of $420.00 million during the quarter, compared to analyst estimates of $425.70 million. GTT Communications had a negative return on equity of 13.24% and a negative net margin of 7.95%. The company’s revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.43) EPS. As a group, research analysts predict that GTT Communications Inc will post -1.75 EPS for the current year.

Several research firms recently commented on GTT. Raymond James lowered GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 price target on the stock. in a research report on Monday, August 12th. Oppenheimer lowered their price objective on shares of GTT Communications from $42.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Craig Hallum lowered shares of GTT Communications from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. SunTrust Banks reduced their target price on shares of GTT Communications from $42.00 to $9.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Cowen downgraded shares of GTT Communications from an “outperform” rating to a “market perform” rating and set a $10.00 target price for the company. in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $27.94.

A number of hedge funds have recently bought and sold shares of GTT. Macquarie Group Ltd. raised its position in shares of GTT Communications by 68.3% in the 2nd quarter. Macquarie Group Ltd. now owns 10,600 shares of the technology company’s stock valued at $186,000 after purchasing an additional 4,300 shares in the last quarter. Athena Capital Advisors LLC purchased a new position in shares of GTT Communications during the 2nd quarter valued at approximately $189,000. Balyasny Asset Management LLC purchased a new position in shares of GTT Communications during the 2nd quarter valued at approximately $277,000. Jane Street Group LLC acquired a new stake in shares of GTT Communications during the second quarter worth approximately $296,000. Finally, JPMorgan Chase & Co. grew its position in shares of GTT Communications by 111.1% during the second quarter. JPMorgan Chase & Co. now owns 18,405 shares of the technology company’s stock worth $358,000 after buying an additional 9,686 shares in the last quarter. Institutional investors own 71.82% of the company’s stock.

About GTT Communications

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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Insider Buying and Selling by Quarter for GTT Communications (NYSE:GTT)

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