MYDA Advisors LLC Has $1.62 Million Position in Cogent Communications Holdings, Inc. $CCOI

MYDA Advisors LLC lifted its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 733.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,000 shares of the technology company’s stock after purchasing an additional 66,000 shares during the period. MYDA Advisors LLC’s holdings in Cogent Communications were worth $1,617,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Global Endowment Management LP increased its holdings in Cogent Communications by 17.5% in the fourth quarter. Global Endowment Management LP now owns 12,297 shares of the technology company’s stock worth $265,000 after purchasing an additional 1,832 shares in the last quarter. Harspring Capital Management LLC increased its holdings in Cogent Communications by 60.3% in the fourth quarter. Harspring Capital Management LLC now owns 1,402,500 shares of the technology company’s stock worth $30,238,000 after purchasing an additional 527,500 shares in the last quarter. Landscape Capital Management L.L.C. increased its holdings in Cogent Communications by 185.5% in the fourth quarter. Landscape Capital Management L.L.C. now owns 24,594 shares of the technology company’s stock worth $530,000 after purchasing an additional 15,981 shares in the last quarter. Barclays PLC increased its holdings in Cogent Communications by 34.7% in the fourth quarter. Barclays PLC now owns 88,314 shares of the technology company’s stock worth $1,904,000 after purchasing an additional 22,741 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in Cogent Communications in the fourth quarter worth approximately $43,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Stock Performance

Shares of CCOI opened at $15.86 on Monday. The stock has a 50 day moving average price of $19.31 and a two-hundred day moving average price of $20.96. The firm has a market capitalization of $794.27 million, a P/E ratio of -4.47 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 52 week low of $14.41 and a 52 week high of $54.37.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.20. The firm had revenue of $239.19 million during the quarter, compared to analyst estimates of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted ($1.09) EPS. On average, equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.25 earnings per share for the current year.

Cogent Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s payout ratio is currently -2.25%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Sunday, April 26th. Citigroup lowered their target price on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Tuesday, May 19th. Weiss Ratings downgraded Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $22.00 target price on shares of Cogent Communications in a report on Friday, May 29th. Finally, UBS Group lowered their target price on Cogent Communications from $21.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, May 5th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and a consensus price target of $24.90.

Cogent Communications Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.