CommScope (NASDAQ:COMM) Shares Down 4.2% – Here’s What Happened

CommScope Holding Company, Inc. (NASDAQ:COMM)’s share price traded down 4.2% during mid-day trading on Wednesday . The company traded as low as $18.62 and last traded at $18.6930. 751,934 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 5,770,357 shares. The stock had previously closed at $19.51.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on COMM shares. Northland Securities set a $25.00 price target on shares of CommScope in a research report on Friday, October 31st. Wall Street Zen upgraded CommScope from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of CommScope in a research report on Wednesday, October 8th. Zacks Research raised CommScope from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Finally, Bank of America raised their target price on CommScope from $20.00 to $23.50 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.17.

CommScope Stock Up 1.2%

The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of 5.80, a P/E/G ratio of 0.91 and a beta of 2.38. The stock has a fifty day moving average of $16.64 and a 200-day moving average of $12.75.

Institutional Trading of CommScope

Large investors have recently bought and sold shares of the business. Allworth Financial LP grew its holdings in shares of CommScope by 411.6% during the third quarter. Allworth Financial LP now owns 1,719 shares of the communications equipment provider’s stock worth $27,000 after buying an additional 1,383 shares during the last quarter. Banque Transatlantique SA purchased a new position in shares of CommScope in the 1st quarter valued at approximately $34,000. AlphaQuest LLC acquired a new position in shares of CommScope in the third quarter valued at approximately $36,000. Bayforest Capital Ltd purchased a new stake in shares of CommScope during the third quarter worth approximately $38,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of CommScope during the third quarter worth $43,000. Institutional investors and hedge funds own 88.04% of the company’s stock.

CommScope Company Profile

CommScope Holding Company, Inc provides infrastructure solutions for communications, data center, and entertainment networks worldwide. The company operates through Connectivity and Cable Solutions (CCS); Outdoor Wireless Networks (OWN); Networking, Intelligent Cellular and Security Solutions (NICS), and Access Network Solutions (ANS) segments.