GTT Communications (NYSE:GTT) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of GTT Communications (NYSE:GTT) from a hold rating to a sell rating in a research report report published on Wednesday morning, Zacks.com reports.

According to Zacks, “GTT Communications, Inc. offers cloud networking; high bandwidth IP transit for content delivery and hosting as well as network-to-network carrier interconnects solutions and data connectivity solutions. The company’s network consists of a layer 2 switched Ethernet and IP transit or dedicated internet access. It operates primarily in North America, Europe and Asia. GTT Communications, Inc., formerly known as Global Telecom & Technology, Inc., is headquartered in McLean, Virginia. “

Several other research analysts have also recently issued reports on GTT. SunTrust Banks cut shares of GTT Communications from a buy rating to a hold rating and cut their target price for the stock from $10.00 to $7.00 in a report on Monday, May 11th. Raymond James raised GTT Communications from a market perform rating to an outperform rating and set a $10.00 price target for the company in a research note on Tuesday, May 26th. ValuEngine raised GTT Communications from a hold rating to a buy rating in a research note on Friday, May 1st. Finally, Oppenheimer reaffirmed a hold rating on shares of GTT Communications in a research note on Friday, May 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $11.20.

Shares of GTT Communications stock opened at $6.30 on Wednesday. The company has a debt-to-equity ratio of 17.88, a quick ratio of 0.60 and a current ratio of 0.60. GTT Communications has a 52-week low of $4.67 and a 52-week high of $15.77. The stock has a market capitalization of $370.57 million, a price-to-earnings ratio of -2.22 and a beta of 1.64. The company’s 50 day moving average price is $7.60 and its 200-day moving average price is $10.03.

GTT Communications (NYSE:GTT) last issued its earnings results on Friday, May 8th. The technology company reported ($1.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($1.19). GTT Communications had a negative return on equity of 27.24% and a negative net margin of 9.51%. The firm had revenue of $424.70 million during the quarter, compared to the consensus estimate of $427.93 million. During the same quarter in the prior year, the business posted ($0.49) EPS. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, equities research analysts forecast that GTT Communications will post -2.01 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the business. Public Employees Retirement Association of Colorado lifted its position in GTT Communications by 21.0% during the first quarter. Public Employees Retirement Association of Colorado now owns 5,916 shares of the technology company’s stock valued at $47,000 after buying an additional 1,025 shares during the period. SG Americas Securities LLC purchased a new position in GTT Communications during the second quarter valued at $104,000. Parametric Portfolio Associates LLC lifted its position in GTT Communications by 12.0% during the first quarter. Parametric Portfolio Associates LLC now owns 14,639 shares of the technology company’s stock valued at $116,000 after buying an additional 1,565 shares during the period. Cubist Systematic Strategies LLC purchased a new position in GTT Communications during the fourth quarter valued at $118,000. Finally, Lincoln National Corp purchased a new position in GTT Communications during the first quarter valued at $125,000. 72.35% of the stock is owned by institutional investors and hedge funds.

About GTT Communications

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.

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