Shenandoah Telecommunications (NASDAQ:SHEN) Shares Up 9.7% on Strong Earnings

Shares of Shenandoah Telecommunications Co (NASDAQ:SHEN) traded up 9.7% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $13.00 and last traded at $12.9870. Approximately 387,329 shares were traded during trading, an increase of 14% from the average daily volume of 339,989 shares. The stock had previously closed at $11.84.

The utilities provider reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.11. Shenandoah Telecommunications had a negative return on equity of 4.64% and a negative net margin of 11.35%.The firm had revenue of $93.46 million for the quarter, compared to analyst estimates of $92.83 million.

Analyst Upgrades and Downgrades

SHEN has been the subject of several recent research reports. Wall Street Zen cut shares of Shenandoah Telecommunications from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. BWS Financial reissued a “buy” rating and set a $26.00 price objective on shares of Shenandoah Telecommunications in a report on Monday, May 4th. Weiss Ratings downgraded shares of Shenandoah Telecommunications from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. Finally, Craig Hallum initiated coverage on shares of Shenandoah Telecommunications in a research note on Thursday, April 9th. They set a “buy” rating and a $29.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $27.50.

Institutional Trading of Shenandoah Telecommunications

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHEN. Millennium Management LLC lifted its position in Shenandoah Telecommunications by 1,116.6% during the 4th quarter. Millennium Management LLC now owns 1,087,246 shares of the utilities provider’s stock worth $12,569,000 after acquiring an additional 997,882 shares during the period. Invesco Ltd. raised its stake in shares of Shenandoah Telecommunications by 103.7% during the second quarter. Invesco Ltd. now owns 447,553 shares of the utilities provider’s stock worth $6,114,000 after purchasing an additional 227,789 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of Shenandoah Telecommunications by 187.2% during the third quarter. Bridgeway Capital Management LLC now owns 330,890 shares of the utilities provider’s stock worth $4,441,000 after purchasing an additional 215,668 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Shenandoah Telecommunications by 27.8% during the first quarter. Goldman Sachs Group Inc. now owns 532,984 shares of the utilities provider’s stock worth $6,700,000 after purchasing an additional 116,040 shares during the period. Finally, HRT Financial LP lifted its holdings in shares of Shenandoah Telecommunications by 214.2% during the fourth quarter. HRT Financial LP now owns 166,189 shares of the utilities provider’s stock worth $1,921,000 after purchasing an additional 113,296 shares during the period. 61.96% of the stock is owned by hedge funds and other institutional investors.

Shenandoah Telecommunications Trading Up 10.4%

The business’s 50-day moving average is $14.31 and its two-hundred day moving average is $14.18. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $723.11 million, a PE ratio of -16.34 and a beta of 0.67.

Shenandoah Telecommunications Company Profile

Shenandoah Telecommunications Company operates as a diversified communications provider offering both wireless and wireline services across rural markets in the Mid-Atlantic region. Headquartered in Edinburg, Virginia, the company designs, builds and maintains network infrastructure to deliver mobile connectivity, high-speed broadband access and related telecommunications solutions to residential, business and wholesale customers.

In its wireless segment, the company owns and operates a portfolio of cellular towers and associated spectrum under a long-term partnership with a national carrier.