Internap Corporation (INAP) Shares Scheduled to Reverse Split on Monday, November 20th
Shares of Internap Corporation (NASDAQ:INAP) are going to reverse split on the morning of Monday, November 20th. The 1-4 reverse split was announced on Thursday, November 2nd. The number of shares owned by shareholders will be adjusted after the market closes on Friday, November 17th.
Internap Corporation (NASDAQ INAP) opened at $3.63 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 107.36. Internap Corporation has a 1-year low of $0.80 and a 1-year high of $5.59.
Internap Corporation (NASDAQ:INAP) last posted its quarterly earnings data on Thursday, November 2nd. The information technology services provider reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). The business had revenue of $68.91 million during the quarter, compared to the consensus estimate of $69.10 million. Internap Corporation had a negative return on equity of 282.42% and a negative net margin of 18.09%. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.75) earnings per share.
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A number of equities analysts have recently commented on INAP shares. Zacks Investment Research upgraded Internap Corporation from a “hold” rating to a “buy” rating and set a $4.75 price objective on the stock in a research note on Wednesday, October 4th. BidaskClub upgraded Internap Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 19th. UBS AG upgraded Internap Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Friday, August 4th. Benchmark Co. reiterated a “buy” rating and issued a $6.00 price objective (up from $5.00) on shares of Internap Corporation in a research note on Monday, September 25th. Finally, Raymond James Financial, Inc. upgraded Internap Corporation from an “outperform” rating to a “strong-buy” rating and set a $7.00 price objective on the stock in a research note on Friday, August 4th. Four equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Internap Corporation currently has a consensus rating of “Buy” and a consensus price target of $5.81.
A number of hedge funds have recently added to or reduced their stakes in INAP. KCG Holdings Inc. grew its position in Internap Corporation by 85.5% during the first quarter. KCG Holdings Inc. now owns 27,373 shares of the information technology services provider’s stock worth $102,000 after buying an additional 12,620 shares in the last quarter. Gotham Asset Management LLC grew its position in Internap Corporation by 173.1% during the second quarter. Gotham Asset Management LLC now owns 27,952 shares of the information technology services provider’s stock worth $103,000 after buying an additional 17,717 shares in the last quarter. Voya Investment Management LLC acquired a new stake in Internap Corporation during the second quarter worth about $133,000. Cornerstone Capital Management Holdings LLC. acquired a new stake in Internap Corporation during the second quarter worth about $158,000. Finally, Symphony Asset Management LLC acquired a new stake in Internap Corporation during the second quarter worth about $159,000. 86.86% of the stock is currently owned by institutional investors and hedge funds.
About Internap Corporation
Internap Corporation is a technology provider of Internet infrastructure. The Company provides Internet infrastructure through both Colocation Business and Enterprise Services and Cloud Services. The Company operates through two segments: Data Center and Network Services, and Cloud and Hosting Services.
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