Telecom Argentina (NYSE:TEO) Stock Price Down 6.7% – Here’s What Happened

Telecom Argentina S.A. (NYSE:TEO)’s share price dropped 6.7% during mid-day trading on Wednesday . The company traded as low as $8.78 and last traded at $8.85. Approximately 48,262 shares were traded during trading, a decline of 78% from the average daily volume of 214,650 shares. The stock had previously closed at $9.49.

Analysts Set New Price Targets

TEO has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised Telecom Argentina from a “neutral” rating to an “overweight” rating and upped their price target for the company from $10.00 to $13.00 in a research report on Tuesday, February 25th. Scotiabank increased their target price on shares of Telecom Argentina from $6.10 to $6.20 and gave the stock a “sector underperform” rating in a research report on Thursday, March 13th.

Telecom Argentina Trading Up 7.1 %

The company has a debt-to-equity ratio of 0.31, a current ratio of 0.40 and a quick ratio of 0.37. The business’s 50-day moving average is $11.09 and its two-hundred day moving average is $11.24. The firm has a market cap of $4.38 billion, a P/E ratio of -56.46 and a beta of 0.94.

Telecom Argentina (NYSE:TEO) last announced its earnings results on Friday, February 28th. The utilities provider reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.64. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.19 billion. Telecom Argentina had a negative net margin of 1.91% and a negative return on equity of 1.26%. As a group, analysts predict that Telecom Argentina S.A. will post 1.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Telecom Argentina

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in Telecom Argentina by 113.3% in the 4th quarter. GAMMA Investing LLC now owns 3,917 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 2,081 shares during the last quarter. Advisors Preferred LLC purchased a new stake in shares of Telecom Argentina in the 4th quarter worth about $75,000. XTX Topco Ltd bought a new stake in shares of Telecom Argentina during the 3rd quarter valued at $80,000. Stifel Financial Corp bought a new position in Telecom Argentina in the 3rd quarter worth about $91,000. Finally, Atlas Capital Advisors Inc. bought a new stake in Telecom Argentina in the 4th quarter worth about $106,000.

Telecom Argentina Company Profile

Telecom Argentina SA, together with its subsidiaries, provides telecommunications services. The company offers mobile telecommunications services, including voice communications, high-speed mobile Internet content and applications download, online streaming, and other services; and sells mobile communication devices, such as handsets, Modems MiFi and wingles, and smart watches.