Investors Purchase High Volume of Call Options on Switch (SWCH)

Switch Inc (NYSE:SWCH) was the recipient of some unusual options trading activity on Monday. Traders acquired 1,005 call options on the stock. This is an increase of 1,126% compared to the average daily volume of 82 call options.

Several research firms have recently weighed in on SWCH. BMO Capital Markets reaffirmed a “buy” rating and set a $20.00 target price on shares of Switch in a report on Monday, August 13th. William Blair reaffirmed an “outperform” rating on shares of Switch in a report on Tuesday, August 14th. BTIG Research lowered shares of Switch from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a report on Tuesday, August 14th. JPMorgan Chase & Co. lowered shares of Switch from an “overweight” rating to a “neutral” rating and set a $17.00 target price for the company. in a report on Tuesday, August 14th. Finally, Stifel Nicolaus cut their target price on shares of Switch from $15.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, August 14th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $16.35.

Shares of NYSE SWCH opened at $8.71 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.78 and a current ratio of 2.78. Switch has a one year low of $8.41 and a one year high of $20.18.

Switch (NYSE:SWCH) last issued its quarterly earnings results on Monday, August 13th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $102.78 million. Switch had a positive return on equity of 0.49% and a negative net margin of 12.35%. Switch’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 EPS. On average, equities research analysts predict that Switch will post 0.11 EPS for the current fiscal year.

In other news, Director Thomas A. Thomas bought 22,000 shares of the business’s stock in a transaction dated Thursday, August 30th. The stock was purchased at an average cost of $11.52 per share, with a total value of $253,440.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder William Gonsalves Balelo sold 93,142 shares of Switch stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $13.73, for a total transaction of $1,278,839.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,918,401 shares of company stock valued at $21,566,398. Insiders own 12.64% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of SWCH. Nisa Investment Advisors LLC purchased a new stake in Switch in the 2nd quarter worth $103,000. First Republic Investment Management Inc. acquired a new stake in Switch during the 2nd quarter worth $157,000. Sustainable Insight Capital Management LLC acquired a new stake in Switch during the 2nd quarter worth $173,000. Baird Financial Group Inc. acquired a new stake in Switch during the 2nd quarter worth $193,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Switch by 111.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock worth $224,000 after purchasing an additional 7,430 shares during the last quarter. 18.42% of the stock is owned by institutional investors.

Switch Company Profile

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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