Megaport (OTCMKTS:MGPPF) Trading Down 21.3% – Here’s Why

Shares of Megaport Limited (OTCMKTS:MGPPF) were down 21.3% during trading on Monday . The company traded as low as $6.69 and last traded at $6.69. Approximately 465 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 903 shares. The stock had previously closed at $8.50.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada upgraded shares of Megaport from a “sector perform” rating to an “outperform” rating in a research report on Monday, September 22nd. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy”.

Megaport Price Performance

The firm has a 50-day simple moving average of $9.05 and a 200-day simple moving average of $8.98.

Megaport Company Profile

Megaport (OTCMKTS: MGPPF) is a global provider of Network as a Service (NaaS) solutions, enabling enterprises, cloud providers and network service providers to establish on-demand, scalable connectivity across data centers and cloud platforms. Through its software-defined elastic interconnection platform, Megaport offers customers the ability to provision private connections to leading cloud services such as Amazon Web Services, Microsoft Azure, Google Cloud and other major providers without the need for traditional long-term contracts or physical infrastructure deployments.

Founded in 2013 and headquartered in Brisbane, Australia, Megaport launched its services in 2014 and has since expanded through organic growth and strategic partnerships.