GTT Communications, Inc. (GTT) Short Interest Update
GTT Communications, Inc. (NYSE:GTT) was the target of a large growth in short interest in November. As of November 15th, there was short interest totalling 4,694,585 shares, a growth of 68.3% from the October 31st total of 2,789,530 shares. Based on an average daily trading volume, of 629,988 shares, the short-interest ratio is currently 7.5 days. Currently, 15.4% of the shares of the stock are short sold.
Separately, Zacks Investment Research raised shares of GTT Communications from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $36.20.
In related news, General Counsel Chris Mckee sold 7,000 shares of GTT Communications stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.99, for a total transaction of $223,930.00. Following the completion of the transaction, the general counsel now directly owns 397,081 shares of the company’s stock, valued at approximately $12,702,621.19. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mcmullen Family Trust purchased 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The shares were purchased at an average cost of $0.65 per share, with a total value of $39,000.00. Over the last three months, insiders acquired 94,100 shares of company stock valued at $89,319 and sold 145,900 shares valued at $1,389,386. Company insiders own 25.70% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in GTT. Parametric Portfolio Associates LLC boosted its stake in shares of GTT Communications by 53.3% during the 1st quarter. Parametric Portfolio Associates LLC now owns 14,208 shares of the technology company’s stock worth $346,000 after purchasing an additional 4,938 shares during the period. Alliancebernstein L.P. boosted its stake in shares of GTT Communications by 3.1% during the 1st quarter. Alliancebernstein L.P. now owns 29,600 shares of the technology company’s stock worth $721,000 after purchasing an additional 900 shares during the period. FMR LLC purchased a new position in shares of GTT Communications during the 1st quarter worth about $1,230,000. Teachers Advisors LLC lifted its holdings in GTT Communications by 2.1% during the 1st quarter. Teachers Advisors LLC now owns 43,757 shares of the technology company’s stock valued at $1,065,000 after buying an additional 906 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in GTT Communications by 7.0% during the 1st quarter. Vanguard Group Inc. now owns 1,102,275 shares of the technology company’s stock valued at $26,840,000 after buying an additional 71,718 shares in the last quarter. 65.52% of the stock is owned by hedge funds and other institutional investors.
GTT Communications (NYSE:GTT) opened at $39.55 on Friday. GTT Communications has a 52 week low of $22.95 and a 52 week high of $40.95. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 4.08. The company has a market cap of $1,718.65, a PE ratio of 439.44 and a beta of 1.48.
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About GTT Communications
GTT Communications, Inc provides cloud networking services to a range of clients. The Company offers a portfolio of global communications services, wide area network (WAN) services; Internet services; managed network and security services, and voice and unified communication services. It provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) WAN solutions for multinational clients.
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