FTE Networks Inc (FTNW) Sees Large Growth in Short Interest

FTE Networks Inc (NYSEAMERICAN:FTNW) saw a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 373,170 shares, an increase of 40.4% from the January 15th total of 265,830 shares. Approximately 5.3% of the company’s stock are sold short. Based on an average daily volume of 266,628 shares, the days-to-cover ratio is currently 1.4 days.

Shares of NYSEAMERICAN FTNW traded down $0.12 during trading hours on Monday, hitting $1.59. 138,800 shares of the stock were exchanged, compared to its average volume of 257,793. FTE Networks has a one year low of $1.50 and a one year high of $26.25.

FTE Networks (NYSEAMERICAN:FTNW) last posted its quarterly earnings data on Tuesday, November 20th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.26) by $0.10. The firm had revenue of $92.22 million for the quarter, compared to the consensus estimate of $89.00 million.

Several analysts recently issued reports on FTNW shares. Dawson James reaffirmed a “buy” rating on shares of FTE Networks in a report on Tuesday, December 11th. Zacks Investment Research raised shares of FTE Networks from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th.

In other FTE Networks news, CFO David Lethem purchased 21,000 shares of the company’s stock in a transaction dated Tuesday, November 27th. The shares were bought at an average price of $4.47 per share, for a total transaction of $93,870.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Palleschi purchased 35,000 shares of the company’s stock in a transaction dated Tuesday, November 27th. The shares were acquired at an average price of $4.24 per share, for a total transaction of $148,400.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 80,248 shares of company stock worth $357,212.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in FTE Networks in the 2nd quarter valued at $127,000. Bank of New York Mellon Corp bought a new stake in FTE Networks in the 4th quarter valued at $26,000. Vanguard Group Inc. boosted its holdings in FTE Networks by 31.9% in the 3rd quarter. Vanguard Group Inc. now owns 113,487 shares of the company’s stock valued at $1,325,000 after purchasing an additional 27,425 shares during the period. Finally, Vanguard Group Inc boosted its holdings in FTE Networks by 31.9% in the 3rd quarter. Vanguard Group Inc now owns 113,487 shares of the company’s stock valued at $1,325,000 after purchasing an additional 27,425 shares during the period.

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FTE Networks Company Profile

FTE Networks, Inc, together with its subsidiaries, offers technology-oriented solutions for smart platforms, network infrastructure, and buildings in the United States. The company operates through three segments: Infrastructure, Technology, and Staffing. It also provides telecommunications solutions, including design, engineering, installation, upgrade, repair, and maintenance of infrastructures, antennas, switching systems, and backhaul links, as well as fiber optic, copper, and coaxial cable networks used for video, data, and voice transmission.

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