Ribbon Communications Inc (NASDAQ:RBBN) Short Interest Update

Ribbon Communications Inc (NASDAQ:RBBN) saw a large increase in short interest in June. As of June 30th, there was short interest totalling 1,557,200 shares, an increase of 16.5% from the May 30th total of 1,336,400 shares. Based on an average daily trading volume, of 329,100 shares, the days-to-cover ratio is presently 4.7 days. Currently, 1.5% of the company’s stock are short sold.

Shares of RBBN traded up $0.11 during mid-day trading on Friday, hitting $5.02. 247,697 shares of the company’s stock were exchanged, compared to its average volume of 285,341. Ribbon Communications has a twelve month low of $4.23 and a twelve month high of $7.89. The firm’s fifty day simple moving average is $4.66. The company has a current ratio of 0.82, a quick ratio of 0.75 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $523.01 million, a PE ratio of 10.46 and a beta of 1.46.

Ribbon Communications (NASDAQ:RBBN) last posted its earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.06). Ribbon Communications had a negative net margin of 10.90% and a positive return on equity of 8.08%. The firm had revenue of $121.73 million during the quarter, compared to analyst estimates of $129.43 million. During the same quarter in the previous year, the business posted ($0.04) earnings per share. The business’s quarterly revenue was down 10.0% compared to the same quarter last year. As a group, equities research analysts forecast that Ribbon Communications will post 0.53 EPS for the current year.

A number of research firms have issued reports on RBBN. BidaskClub upgraded shares of DENTSPLY SIRONA from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 13th. Zacks Investment Research lowered shares of GENEL ENERGY PL/ADR from a “hold” rating to a “sell” rating in a research note on Thursday, July 4th. Northland Securities restated a “buy” rating on shares of Ribbon Communications in a research note on Wednesday, June 12th. Finally, ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $7.75.

In related news, Director Kent Mathy bought 20,500 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was bought at an average price of $4.72 per share, for a total transaction of $96,760.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Franklin W. Iv Hobbs bought 100,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $4.84 per share, with a total value of $484,000.00. The disclosure for this purchase can be found here. 1.66% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Prudential Financial Inc. grew its stake in Ribbon Communications by 23.3% in the 4th quarter. Prudential Financial Inc. now owns 15,666 shares of the communications equipment provider’s stock valued at $76,000 after buying an additional 2,963 shares during the last quarter. Alambic Investment Management L.P. acquired a new position in Ribbon Communications in the 1st quarter valued at $570,000. Citigroup Inc. grew its stake in Ribbon Communications by 17.5% in the 4th quarter. Citigroup Inc. now owns 17,753 shares of the communications equipment provider’s stock valued at $86,000 after buying an additional 2,642 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Ribbon Communications by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 584,309 shares of the communications equipment provider’s stock valued at $2,816,000 after purchasing an additional 36,464 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Ribbon Communications by 24.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,087 shares of the communications equipment provider’s stock valued at $179,000 after purchasing an additional 7,335 shares during the period. Institutional investors and hedge funds own 81.75% of the company’s stock.

Ribbon Communications Company Profile

Ribbon Communications Inc provides networked solutions in the United States, Europe, the Middle East, Africa, Japan, other Asia Pacific, and internationally. The company offers service provider solutions, such as fixed network transformation, mobile network evolution, secure network interconnects, network functions virtualization, cloud communications, and communications security solutions that enables secure and innovative business and consumer communications services.

Recommended Story: Why do companies pay special dividends?

Receive News & Ratings for Ribbon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ribbon Communications and related companies with MarketBeat.com's FREE daily email newsletter.