The downgrade reflects the continued delays in the company reaching an agreement with its lenders over a long term cure of its reporting requirements which GTT is in breach of due to recently discovered accounting issues which have led to the company being unable to file its Q2 and Q3 financial reports.
What is the stock symbol for GTT Communications?
Is GTT delisted? The New York Stock Exchange is delisting GTT Communications’ shares as, at the same time, doubts are cast on the company’s plan to sell its infrastructure division for more than US$2 billion. … The main reason for the delisting, said the NYSE, was that it has failed to file its quarterly and annual results.
Is GTT Communications efficiently growing its dividend?
Feb 01, 2022 · As a result of the delisting from the New York Stock Exchange, GTT Communications’ share price is being dropped despite company officials’ plans to sell its infrastructure division for over $2 billion when the market reopens today.
What is the upside for GTT Communications'stock?
Aug 11, 2020 · The stock was down about 11.5% at 1:35 p.m. EDT. So what GTT said in a filing with the SEC that it discovered "certain issues related to the recording and reporting of Cost of Telecommunications...
Does GTT Communications boast high insider ownership?
GTT Communications Inc () Stock Market info Recommendations: Buy or sell GTT Communications stock? Wall Street Stock Market & Finance report, prediction for the future: You'll find the GTT Communications share forecasts, stock quote and buy / sell signals below.According to present data GTT Communications's GTT shares and potentially its market environment …
Why did GTT Communications stock drop?
The NYSE suspended GTT after Thursday's close because the cloud networking company failed to file earnings reports on time.Jul 2, 2021
What is happening with GTT Communications?
The New York Stock Exchange suspended GTT Communications' trading and started delisting proceedings. GTT Communications does not expect to file the restated statements and delayed filings before August 17. The stock, which returned around 63 percent in June, was down 34 percent year to date.Jul 2, 2021
Is GTT Communications a good buy?
Considering the 90-day investment horizon and your above-average risk tolerance, our recommendation regarding GTT Communications is 'Not Rated'.
Is GTT delisted?
“The company is no longer suitable for listing because the company is delayed in filing with the Securities and Exchange Commission its quarterly reports on Form 10-Q for the quarters ended June 30, 2020, September 30, 2020 and March 31, 2021 and annual report on Form 10-K for the fiscal year ended December 31, 2020.”Jul 23, 2021
Is GTT Communications publicly traded?
GTT Communications, Inc....GTT Communications.TypePublicTraded asOTCQX: GTTN Russell 2000 ComponentIndustryTelecommunicationsFounded1998HeadquartersTysons, Virginia, United States7 more rows
Why is a stock suspended?
Suspended trading occurs for many different reasons, including: A lack of current, accurate, or adequate information about a company, such as when it's not current in its filing of periodic reports. Questions about the accuracy of publicly available information, including the contents of recent press releases.
Who will buy GTT?
I Squared CapitalPrivate equity firm I Squared Capital has acquired the infrastructure division of GTT Communications for $2.15 billion. The deal, originally announced in October 2020, was completed in September 2021.Sep 22, 2021
What does GTT stand for in stock market?
“Good Till Trigger Feature” or “GTT Feature” or “GTT” is a feature which allows You to set certain Trigger Conditions; such that, as and when such Trigger Conditions are met, a limit order as per the Trigger Conditions set by You would be placed on the Exchanges.
"Should I invest in GTT Communications stock?" "Should I trade "GTT" stock today?"
According to our live Forecast System, GTT Communications Inc stock is a bad long-term (1-year) in...
What is the GTT Communications stock price / share price today?
The GTT Communications stock price is 0.350 USD today.
Will GTT stock price drop / fall?
Yes. The GTT Communications stock price may drop from 0.350 USD to 0.00...
Will GTT stock price grow / rise / go up?
No. See above .
Will GTT stock price crash?
According to our analysis, this can happen.
Will GTT Communications stock price hit 1 USD price in a year?
Not within a year. See above .
Will GTT Communications stock price hit 5 USD price in a year?
Not within a year. See above .
Will GTT Communications stock price hit 10 USD price in a year?
Not within a year. See above .
GTT Communications Inc ( GTT ) Stock Market info
Recommendations: Buy or sell GTT Communications stock? Wall Street Stock Market & Finance report, prediction for the future: You'll find the GTT Communications share forecasts, stock quote and buy / sell signals below.
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What happened
Shares of GTT Communications (NYSE: GTT) plunged as much as 56.8% lower on Thursday, closing the trading day at a 46.3% loss. The networking and telecommunications company reported terrible second-quarter results and started looking for drastic solutions to its business problems.
So what
GTT's second-quarter sales came in at $434 million, below Wall Street's $448 million consensus estimates. On the bottom line, analysts had been looking for a $0.05 loss per share. The actual losses clocked in at $0.59 per share.
Now what
Reducing the debt load looks like a good move, considering that GTT absorbed a $49 million interest charge in this quarter. That's a significant chunk of the incoming revenue and far above the company's $31 million in operating income.
What stocks does MarketBeat like better than GTT Communications?
Wall Street analysts have given GTT Communications a "N/A" rating, but there may be better buying opportunities in the stock market. Some of MarketBeat's past winning trading ideas have resulted in 5-15% weekly gains. MarketBeat just released five new stock ideas, but GTT Communications wasn't one of them.
How were GTT Communications' earnings last quarter?
GTT Communications, Inc. (NYSE:GTT) posted its quarterly earnings data on Friday, May, 8th. The technology company reported ($1.45) earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of ($0.26) by $1.19.
Who are some of GTT Communications' key competitors?
Some companies that are related to GTT Communications include LICT (LICT), Atento (ATTO), Mahanagar Telephone Nigam (MTENY), Nuvera Communications (NUVR), Crexendo (CXDO), OI (OIBRQ), Orbsat (OSAT), The Liberty Braves Group (BATRB), FT Cboe Vest Gold Target Income ETF (IGLD), GTT Communications (GTTN), Pervasip (PVSP), Maxcom Telecomunicaciones (MXMTY), Orbital Tracking (TRKK), Spectrum Global Solutions (SGSI) and Frontier Communications (FTRCQ).#N#View all of GTT's competitors..
What other stocks do shareholders of GTT Communications own?
Based on aggregate information from My MarketBeat watchlists, some companies that other GTT Communications investors own include Coty (COTY), (CGC), Cloudera (CLDR), Designer Brands (DBI), Energy Transfer (ET), Marvell Technology (MRVL), Tapestry (TPR), Carnival Co. & (CCL), Ford Motor (F) and Macy's (M).
What is GTT Communications' stock symbol?
GTT Communications trades on the New York Stock Exchange (NYSE) under the ticker symbol "GTT."
Who are GTT Communications' major shareholders?
GTT Communications' stock is owned by a variety of retail and institutional investors. Top institutional investors include Citadel Advisors LLC (0.00%), Susquehanna International Group LLP (0.00%), Group One Trading L.P. (0.00%), Cutler Group LP (0.00%), Simplex Trading LLC (0.00%) and HAP Trading LLC (0.00%).
Which major investors are buying GTT Communications stock?
GTT stock was acquired by a variety of institutional investors in the last quarter, including Citadel Advisors LLC, Group One Trading L.P., Susquehanna International Group LLP, Simplex Trading LLC, Cutler Group LP, HAP Trading LLC, and Murchinson Ltd..
Investors are happy the company is selling some of its assets
Chris has covered Tech and Telecom companies for The Motley Fool since 2012. Follow him on Twitter for the latest tech stock coverage. Follow @tmfnewsie
What happened
GTT Communications ( NYSE:GTT) stock spiked today after the company said it had reached a deal to sell its infrastructure division to I Squared Capital. Shares of the technology company jumped by as much as 31% on the news this morning but were up by 8.5% as of 11:38 a.m. EDT.
So what
GTT Communications said in a press release that the company is selling its infrastructure division, which consists of its "Pan-European, North American, sub-sea and trans-Atlantic fiber network and data center infrastructure services" for $2.15 billion.
Now what
Investors were clearly happy to see that GTT is moving away from its infrastructure business to focus more on cloud networking, but it doesn't mean that the company's share price will stabilize any time soon.
