Insider Buying: GTT Communications Inc (NYSE:GTT) Major Shareholder Buys 187,300 Shares of Stock

GTT Communications Inc (NYSE:GTT) major shareholder Spruce House Partnership Lp bought 187,300 shares of the stock in a transaction dated Monday, December 2nd. The stock was bought at an average price of $8.88 per share, with a total value of $1,663,224.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Spruce House Partnership Lp also recently made the following trade(s):

  • On Wednesday, December 4th, Spruce House Partnership Lp bought 506,700 shares of GTT Communications stock. The stock was bought at an average price of $9.77 per share, with a total value of $4,950,459.00.

GTT stock traded up $0.60 on Wednesday, hitting $9.99. The company’s stock had a trading volume of 2,013,600 shares, compared to its average volume of 673,551. The firm has a 50 day moving average of $7.32 and a two-hundred day moving average of $12.81. GTT Communications Inc has a 1 year low of $4.67 and a 1 year high of $43.35. The stock has a market cap of $552.90 million, a price-to-earnings ratio of -6.28 and a beta of 1.54. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 12.59.

GTT Communications (NYSE:GTT) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.25). GTT Communications had a negative net margin of 7.95% and a negative return on equity of 13.24%. The business had revenue of $420.00 million during the quarter, compared to analysts’ expectations of $425.70 million. During the same quarter last year, the company earned ($0.43) EPS. The firm’s revenue for the quarter was down 6.4% compared to the same quarter last year. As a group, equities analysts forecast that GTT Communications Inc will post -1.75 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in GTT. Macquarie Group Ltd. raised its position in GTT Communications by 68.3% in the 2nd quarter. Macquarie Group Ltd. now owns 10,600 shares of the technology company’s stock valued at $186,000 after purchasing an additional 4,300 shares during the last quarter. Athena Capital Advisors LLC purchased a new stake in GTT Communications in the 2nd quarter valued at $189,000. First Allied Advisory Services Inc. purchased a new stake in GTT Communications in the 3rd quarter valued at $226,000. Balyasny Asset Management LLC purchased a new stake in GTT Communications in the 2nd quarter valued at $277,000. Finally, Jane Street Group LLC purchased a new stake in GTT Communications in the 2nd quarter valued at $296,000. Hedge funds and other institutional investors own 71.82% of the company’s stock.

Several brokerages have recently issued reports on GTT. Zacks Investment Research cut shares of GTT Communications from a “hold” rating to a “sell” rating in a report on Wednesday, October 9th. Oppenheimer lowered their target price on shares of GTT Communications from $42.00 to $12.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Cowen cut shares of GTT Communications from an “outperform” rating to a “market perform” rating and set a $10.00 target price for the company. in a report on Monday, November 25th. SunTrust Banks lowered their target price on shares of GTT Communications from $42.00 to $9.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Raymond James cut shares of GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 target price for the company. in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $27.94.

GTT Communications Company Profile

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.

See Also: Retained Earnings

Insider Buying and Selling by Quarter for GTT Communications (NYSE:GTT)

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