Switch (SWCH) Sees Large Volume Increase

Switch Inc (NYSE:SWCH) shares saw an uptick in trading volume on Monday . 2,354,993 shares traded hands during mid-day trading, an increase of 125% from the previous session’s volume of 1,046,018 shares.The stock last traded at $8.50 and had previously closed at $8.38.

Several brokerages have weighed in on SWCH. Jefferies Financial Group reaffirmed a “hold” rating and issued a $10.00 target price (down from $12.00) on shares of Switch in a research report on Tuesday, October 23rd. Wells Fargo & Co raised Switch from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $13.50 to $11.50 in a research report on Thursday, October 25th. Zacks Investment Research raised Switch from a “sell” rating to a “hold” rating in a report on Wednesday, October 17th. BMO Capital Markets lowered their price objective on Switch from $14.00 to $10.50 and set an “outperform” rating on the stock in a report on Wednesday, November 14th. Finally, Raymond James reissued a “hold” rating and set a $11.00 price objective on shares of Switch in a report on Sunday, December 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. Switch currently has a consensus rating of “Buy” and an average target price of $14.00.

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.50 and a current ratio of 1.50.

Switch (NYSE:SWCH) last issued its quarterly earnings data on Tuesday, November 13th. The company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). The company had revenue of $102.80 million for the quarter, compared to analyst estimates of $102.84 million. Switch had a negative net margin of 16.29% and a negative return on equity of 1.84%. The business’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.08 EPS. On average, analysts forecast that Switch Inc will post 0.08 EPS for the current year.

In related news, Director Donald D. Snyder sold 50,000 shares of the stock in a transaction that occurred on Tuesday, December 4th. The stock was sold at an average price of $7.25, for a total transaction of $362,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.64% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Raymond James & Associates bought a new stake in shares of Switch in the 4th quarter worth approximately $108,000. Teton Advisors Inc. bought a new stake in shares of Switch in the 4th quarter worth approximately $266,000. Baird Financial Group Inc. lifted its position in shares of Switch by 82.1% in the 3rd quarter. Baird Financial Group Inc. now owns 28,950 shares of the company’s stock worth $308,000 after acquiring an additional 13,055 shares during the period. American Assets Investment Management LLC bought a new stake in shares of Switch in the 4th quarter worth approximately $350,000. Finally, Jane Street Group LLC lifted its position in shares of Switch by 134.9% in the 2nd quarter. Jane Street Group LLC now owns 29,210 shares of the company’s stock worth $355,000 after acquiring an additional 16,776 shares during the period. Hedge funds and other institutional investors own 19.23% of the company’s stock.

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About Switch (NYSE:SWCH)

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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