SBA Communications Co. (NASDAQ:SBAC) Short Interest Update
SBA Communications Co. (NASDAQ:SBAC) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,870,000 shares, a growth of 12.7% from the September 30th total of 1,660,000 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 655,500 shares, the days-to-cover ratio is currently 2.9 days.
Shares of SBAC stock traded up $2.28 on Friday, reaching $237.26. The company had a trading volume of 647,300 shares, compared to its average volume of 624,935. The stock has a market cap of $26.46 billion, a PE ratio of 31.22, a PEG ratio of 3.01 and a beta of 0.65. SBA Communications has a 12 month low of $155.19 and a 12 month high of $270.42. The company has a 50-day moving average of $237.98 and a 200-day moving average of $235.01.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, October 28th. The technology company reported $0.19 EPS for the quarter, missing the consensus estimate of $1.97 by ($1.78). The company had revenue of $486.60 million during the quarter, compared to analyst estimates of $497.48 million. SBA Communications had a net margin of 6.89% and a negative return on equity of 4.16%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.92 EPS. Analysts anticipate that SBA Communications will post 7.81 EPS for the current year.
In other news, SVP Brian D. Lazarus sold 20,676 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $261.00, for a total value of $5,396,436.00. Following the sale, the senior vice president now owns 17,829 shares in the company, valued at approximately $4,653,369. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brendan Thomas Cavanagh sold 54,411 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $268.07, for a total transaction of $14,585,956.77. Following the completion of the sale, the chief financial officer now owns 98,751 shares in the company, valued at approximately $26,472,180.57. The disclosure for this sale can be found here. Insiders sold a total of 80,388 shares of company stock worth $21,370,778 in the last three months. Insiders own 2.50% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in SBA Communications by 5.0% during the 2nd quarter. BlackRock Inc. now owns 10,196,949 shares of the technology company’s stock valued at $2,292,683,000 after purchasing an additional 486,674 shares during the last quarter. Cohen & Steers Inc. increased its position in SBA Communications by 28.0% during the 2nd quarter. Cohen & Steers Inc. now owns 4,522,092 shares of the technology company’s stock worth $1,016,747,000 after buying an additional 990,368 shares during the period. Canada Pension Plan Investment Board increased its position in SBA Communications by 6.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,164,605 shares of the technology company’s stock worth $486,690,000 after buying an additional 132,509 shares during the period. Northern Trust Corp increased its position in SBA Communications by 2.9% during the 2nd quarter. Northern Trust Corp now owns 1,274,909 shares of the technology company’s stock worth $286,650,000 after buying an additional 35,929 shares during the period. Finally, Bank of America Corp DE increased its position in SBA Communications by 9.1% during the 2nd quarter. Bank of America Corp DE now owns 1,176,644 shares of the technology company’s stock worth $264,557,000 after buying an additional 97,807 shares during the period. 93.32% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on SBAC. Bank of America restated a “neutral” rating and issued a $260.00 target price (up previously from $245.00) on shares of SBA Communications in a research note on Wednesday, August 14th. KeyCorp upped their price target on shares of SBA Communications from $259.00 to $292.00 and gave the stock an “overweight” rating in a research report on Monday, August 19th. Zacks Investment Research upgraded shares of SBA Communications from a “sell” rating to a “hold” rating and set a $253.00 target price on the stock in a research report on Saturday, November 2nd. JPMorgan Chase & Co. downgraded shares of SBA Communications from an “overweight” rating to a “neutral” rating and upped their target price for the company from $220.00 to $270.00 in a research report on Thursday, August 1st. Finally, Morgan Stanley downgraded shares of SBA Communications from an “overweight” rating to an “equal” rating and upped their target price for the company from $222.00 to $249.00 in a research report on Thursday, September 19th. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $248.73.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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