GTT Communications Inc (NYSE:GTT)’s stock price shot up 7.4% on Friday following insider buying activity. The company traded as high as $8.64 and last traded at $8.55, 876,749 shares changed hands during mid-day trading. An increase of 47% from the average session volume of 595,714 shares. The stock had previously closed at $7.96.
Specifically, Director Theodore B. Smith III bought 5,000 shares of GTT Communications stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $7.60 per share, for a total transaction of $38,000.00. Following the completion of the acquisition, the director now owns 49,854 shares of the company’s stock, valued at approximately $378,890.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard Calder bought 20,000 shares of GTT Communications stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $6.57 per share, with a total value of $131,400.00. Following the acquisition, the chief executive officer now directly owns 1,347,850 shares of the company’s stock, valued at approximately $8,855,374.50. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 1,087,840 shares of company stock valued at $9,866,424 and have sold 23,789 shares valued at $424,266. Corporate insiders own 40.84% of the company’s stock.
Several brokerages recently commented on GTT. Cowen reduced their target price on shares of GTT Communications from $37.00 to $21.00 and set an “outperform” rating for the company in a report on Friday, August 9th. BTIG Research lowered shares of GTT Communications from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Raymond James lowered shares of 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. Zacks Investment Research lowered shares of GTT Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Finally, Oppenheimer dropped their price target on shares of GTT Communications from $42.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $29.31.
GTT Communications (NYSE:GTT) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.55). GTT Communications had a negative return on equity of 13.01% and a negative net margin of 7.66%. The firm had revenue of $433.80 million for the quarter, compared to the consensus estimate of $447.66 million. During the same period last year, the company posted ($2.83) earnings per share. The business’s revenue was up 32.7% compared to the same quarter last year. On average, analysts forecast that GTT Communications Inc will post -1.38 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its holdings in shares of GTT Communications by 4.0% during the 4th quarter. Bank of New York Mellon Corp now owns 163,080 shares of the technology company’s stock worth $3,859,000 after buying an additional 6,265 shares during the last quarter. Bank of America Corp DE boosted its position in GTT Communications by 8.4% during the 4th quarter. Bank of America Corp DE now owns 162,899 shares of the technology company’s stock worth $3,854,000 after purchasing an additional 12,684 shares during the period. Legal & General Group Plc boosted its position in GTT Communications by 1.2% during the 4th quarter. Legal & General Group Plc now owns 60,407 shares of the technology company’s stock worth $1,430,000 after purchasing an additional 708 shares during the period. Millennium Management LLC purchased a new stake in GTT Communications during the 4th quarter worth $1,221,000. Finally, Norges Bank purchased a new stake in GTT Communications during the 4th quarter worth $3,954,000. 86.62% of the stock is currently owned by hedge funds and other institutional investors.
GTT Communications Company Profile (NYSE:GTT)
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.
Recommended Story: How Do Front-End Loads Impact an Investment?
Receive News & Ratings for GTT Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GTT Communications and related companies with MarketBeat.com's FREE daily email newsletter.