Freenet (OTCMKTS:FRTAF) Shares Gap Down – Here’s What Happened

Freenet AG (OTCMKTS:FRTAF)’s share price gapped down prior to trading on Monday . The stock had previously closed at $32.0386, but opened at $29.00. Freenet shares last traded at $29.00, with a volume of 100 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have commented on FRTAF shares. UBS Group cut Freenet from a “buy” rating to a “sell” rating in a research note on Wednesday, February 18th. Citigroup restated a “neutral” rating on shares of Freenet in a research note on Tuesday, April 21st. Finally, DZ Bank upgraded Freenet from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Freenet Stock Down 9.5%

The firm has a 50-day moving average of $30.09 and a two-hundred day moving average of $31.96. The company has a market capitalization of $3.45 billion, a PE ratio of 11.33 and a beta of -0.03.

Freenet (OTCMKTS:FRTAF) last announced its quarterly earnings results on Thursday, March 19th. The company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.09). The company had revenue of $712.21 million for the quarter, compared to analysts’ expectations of $611.50 million. Freenet had a net margin of 10.04% and a return on equity of 17.88%.

About Freenet

Freenet AG is a Germany-based telecommunications and digital services provider offering a broad portfolio of consumer and business solutions. The company specializes in distributing mobile communications services, including contract and prepaid offerings from major network operators, as well as providing broadband internet access, cable and IPTV television, and related hardware such as routers and set-top boxes. Through its digital lifestyle segment, Freenet AG also delivers value-added services and digital content, ranging from music and video streaming to online gaming and e-books.

In its mobile communications division, Freenet AG acts as a sales and service partner for leading German network operators, managing customer acquisition, billing, and technical support.