Freenet (OTCMKTS:FRTAF) Shares Gap Down – Here’s What Happened

Freenet AG (OTCMKTS:FRTAF) shares gapped down before the market opened on Monday . The stock had previously closed at $32.0386, but opened at $29.00. Freenet shares last traded at $29.00, with a volume of 100 shares traded.

Analyst Ratings Changes

A number of brokerages recently weighed in on FRTAF. UBS Group downgraded Freenet from a “buy” rating to a “sell” rating in a research report on Wednesday, February 18th. DZ Bank raised Freenet from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Freenet in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Freenet Stock Down 9.5%

The business has a 50 day simple moving average of $30.09 and a 200 day simple moving average of $31.96. The company has a market capitalization of $3.45 billion, a PE ratio of 11.33 and a beta of -0.03.

Freenet (OTCMKTS:FRTAF) last released its quarterly earnings results on Thursday, March 19th. The company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.09). Freenet had a net margin of 10.04% and a return on equity of 17.88%. The business had revenue of $712.21 million during the quarter, compared to analysts’ expectations of $611.50 million.

About Freenet

Freenet AG is a Germany-based telecommunications and digital services provider offering a broad portfolio of consumer and business solutions. The company specializes in distributing mobile communications services, including contract and prepaid offerings from major network operators, as well as providing broadband internet access, cable and IPTV television, and related hardware such as routers and set-top boxes. Through its digital lifestyle segment, Freenet AG also delivers value-added services and digital content, ranging from music and video streaming to online gaming and e-books.

In its mobile communications division, Freenet AG acts as a sales and service partner for leading German network operators, managing customer acquisition, billing, and technical support.