Published On: Wed, Sep 7th, 2016

GTT Communications Inc. (GTT) Sees Unusually-High Trading Volume

GTT Communications Inc. (NYSE:GTT) saw strong trading volume on Tuesday . 350,343 shares changed hands during trading, an increase of 93% from the previous session’s volume of 181,760 shares.The stock last traded at $21.99 and had previously closed at $21.38.
Several equities research analysts recently weighed in on the stock. Jefferies Group reaffirmed a “buy” rating on shares of GTT Communications in a research note on Saturday, May 14th. Drexel Hamilton reaffirmed a “buy” rating on shares of GTT Communications in a research note on Tuesday, May 10th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $33.00.

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The company’s 50 day moving average price is $20.80 and its 200 day moving average price is $17.82. The stock has a market cap of $815.21 million and a P/E ratio of 27.01.
In related news, insider Richard Calder sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $21.23, for a total value of $212,300.00. Following the sale, the insider now directly owns 1,323,890 shares of the company’s stock, valued at $28,106,184.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Chris Mckee sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $20.05, for a total transaction of $1,122,800.00. Following the completion of the sale, the executive vice president now directly owns 517,213 shares in the company, valued at $10,370,120.65. The disclosure for this sale can be found here.
GTT Communications, Inc is a provider of cloud networking services. The Company offers a portfolio of global communications services, including EtherCloud wide area network services; Internet services; managed network and security services, and voice and unified communication services. The Company provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) solutions to meet the needs of multinational clients.

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