MYDA Advisors LLC Acquires 66,000 Shares of Cogent Communications Holdings, Inc. $CCOI

MYDA Advisors LLC grew its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 733.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 75,000 shares of the technology company’s stock after purchasing an additional 66,000 shares during the period. MYDA Advisors LLC owned approximately 0.15% of Cogent Communications worth $1,617,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CCOI. Quarry LP bought a new position in shares of Cogent Communications in the 3rd quarter valued at $27,000. Hantz Financial Services Inc. grew its position in Cogent Communications by 313.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock worth $32,000 after acquiring an additional 1,127 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Cogent Communications during the 4th quarter worth $43,000. Farther Finance Advisors LLC grew its position in Cogent Communications by 56.6% during the 4th quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company’s stock worth $45,000 after acquiring an additional 756 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Cogent Communications by 466.9% during the 4th quarter. GAMMA Investing LLC now owns 2,262 shares of the technology company’s stock worth $49,000 after acquiring an additional 1,863 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CCOI. Williams Trading set a $40.00 price objective on Cogent Communications in a research report on Monday, February 23rd. JPMorgan Chase & Co. restated a “neutral” rating and set a $22.00 price objective on shares of Cogent Communications in a research report on Friday, May 29th. UBS Group reduced their price objective on Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. KeyCorp reduced their price objective on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, February 23rd. Finally, Royal Bank Of Canada reduced their price objective on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cogent Communications has an average rating of “Hold” and an average target price of $24.90.

Cogent Communications Stock Performance

Shares of CCOI opened at $15.86 on Monday. The company has a market capitalization of $794.27 million, a PE ratio of -4.47 and a beta of 0.77. Cogent Communications Holdings, Inc. has a 12 month low of $14.41 and a 12 month high of $54.37. The stock’s 50-day moving average price is $19.31 and its two-hundred day moving average price is $20.96.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.20. The firm had revenue of $239.19 million for the quarter, compared to the consensus estimate of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.09) EPS. Equities research analysts predict that Cogent Communications Holdings, Inc. will post -4.25 EPS for the current fiscal year.

Cogent Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 annualized dividend and a yield of 0.5%. Cogent Communications’s payout ratio is presently -2.25%.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.