GTT Communications Inc (NYSE:GTT) Major Shareholder Spruce House Partnership Lp Acquires 1,050,000 Shares

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GTT Communications Inc (NYSE:GTT) major shareholder Spruce House Partnership Lp acquired 1,050,000 shares of the stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average cost of $9.14 per share, with a total value of $9,597,000.00. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

GTT Communications stock traded down $0.56 during trading on Thursday, reaching $7.96. The stock had a trading volume of 1,150,107 shares, compared to its average volume of 593,924. GTT Communications Inc has a 52-week low of $4.90 and a 52-week high of $47.20. The firm has a 50 day moving average of $13.86. The company has a debt-to-equity ratio of 9.77, a quick ratio of 0.60 and a current ratio of 0.60. The stock has a market capitalization of $457.09 million, a PE ratio of -5.01 and a beta of 1.56.

GTT Communications (NYSE:GTT) last issued its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.55). GTT Communications had a negative return on equity of 12.53% and a negative net margin of 7.66%. The firm had revenue of $433.80 million during the quarter, compared to analysts’ expectations of $447.66 million. During the same quarter in the prior year, the firm earned ($2.83) EPS. The firm’s revenue was up 32.7% compared to the same quarter last year. As a group, sell-side analysts expect that GTT Communications Inc will post -1.19 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its stake in GTT Communications by 3.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 4,201,620 shares of the technology company’s stock worth $73,949,000 after acquiring an additional 134,739 shares during the last quarter. Vanguard Group Inc. lifted its stake in GTT Communications by 1.7% in the second quarter. Vanguard Group Inc. now owns 3,942,841 shares of the technology company’s stock worth $69,393,000 after acquiring an additional 66,855 shares during the last quarter. Third Point LLC purchased a new position in GTT Communications in the second quarter worth approximately $53,945,000. Neuberger Berman Group LLC raised its holdings in GTT Communications by 0.8% during the first quarter. Neuberger Berman Group LLC now owns 1,188,597 shares of the technology company’s stock worth $41,244,000 after purchasing an additional 9,659 shares in the last quarter. Finally, Goodnow Investment Group LLC raised its holdings in GTT Communications by 606.6% during the second quarter. Goodnow Investment Group LLC now owns 739,953 shares of the technology company’s stock worth $13,023,000 after purchasing an additional 635,233 shares in the last quarter. Institutional investors own 86.62% of the company’s stock.

Several research analysts have recently commented on the stock. BTIG Research lowered shares of GTT Communications from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. Zacks Investment Research lowered shares of GTT Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Raymond James downgraded shares of GTT Communications from an “outperform” rating to a “market perform” rating and set a $11.50 price target for the company. in a research note on Monday. Oppenheimer decreased their price target on shares of GTT Communications from $42.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Finally, ValuEngine upgraded shares of GTT Communications from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. GTT Communications has a consensus rating of “Hold” and an average price target of $29.31.

About GTT Communications

GTT Communications, Inc provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally. The company offers private, public, and hybrid cloud network solutions; high bandwidth-Internet connectivity and IP transit, as well as broadband and wireless Internet access services; managed equipment, security, and hosting services; and voice services consisting of session initiation protocol trunking and hosted private branch exchange services.

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