Zacks Investment Research Upgrades GT Gold Corp (GTT) to Hold
GT Gold Corp (NYSE:GTT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “GTT Communications, Inc. offers cloud networking; high bandwidth IP transit for content delivery and hosting as well as network-to-network carrier interconnects solutions and data connectivity solutions. The company’s network consists of a layer 2 switched Ethernet and IP transit or dedicated internet access. It operates primarily in North America, Europe and Asia. GTT Communications, Inc., formerly known as Global Telecom & Technology, Inc., is headquartered in McLean, Virginia. “
A number of other brokerages have also commented on GTT. Cowen and Company set a $43.00 price target on GT Gold Corp and gave the company a “buy” rating in a report on Friday, August 4th. BidaskClub lowered GT Gold Corp from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. GT Gold Corp currently has a consensus rating of “Buy” and an average price target of C$36.20.
Shares of GT Gold Corp (GTT) traded up C$0.50 on Friday, hitting C$37.40. The stock had a trading volume of 277,522 shares, compared to its average volume of 404,719. GT Gold Corp has a 52 week low of C$22.70 and a 52 week high of C$37.50.
In related news, insider Richard Calder sold 10,000 shares of GT Gold Corp stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of C$36.33, for a total transaction of C$363,300.00. Following the transaction, the insider now directly owns 1,113,679 shares of the company’s stock, valued at C$40,459,958.07. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Chris Mckee sold 7,000 shares of GT Gold Corp stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of C$36.34, for a total value of C$254,380.00. Following the transaction, the general counsel now directly owns 391,517 shares in the company, valued at C$14,227,727.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 33,100 shares of company stock worth $49,569 and have sold 255,800 shares worth $2,103,479.
A number of large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its holdings in GT Gold Corp by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,632,321 shares of the company’s stock worth $51,664,000 after acquiring an additional 26,129 shares during the period. Bamco Inc. NY acquired a new position in GT Gold Corp during the second quarter worth about $42,727,000. Vanguard Group Inc. grew its holdings in GT Gold Corp by 11.4% during the second quarter. Vanguard Group Inc. now owns 1,228,307 shares of the company’s stock worth $38,876,000 after acquiring an additional 126,032 shares during the period. Emerald Advisers Inc. PA grew its holdings in GT Gold Corp by 19.9% during the second quarter. Emerald Advisers Inc. PA now owns 1,169,966 shares of the company’s stock worth $37,029,000 after acquiring an additional 194,407 shares during the period. Finally, Pembroke Management LTD boosted its position in shares of GT Gold Corp by 9.4% in the 2nd quarter. Pembroke Management LTD now owns 992,876 shares of the company’s stock valued at $31,424,000 after purchasing an additional 85,000 shares during the period.
GT Gold Corp Company Profile
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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