Telecom Argentina (NYSE:TEO) Shares Down 3.4% – Here’s What Happened

Telecom Argentina S.A. (NYSE:TEO) shares dropped 3.4% during trading on Monday . The stock traded as low as $10.99 and last traded at $10.93. Approximately 79,232 shares changed hands during trading, a decline of 63% from the average daily volume of 212,173 shares. The stock had previously closed at $11.31.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Telecom Argentina from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $10.00 to $13.00 in a research note on Tuesday, February 25th. Scotiabank upped their target price on Telecom Argentina from $6.10 to $6.20 and gave the stock a “sector underperform” rating in a report on Thursday, March 13th.

Telecom Argentina Trading Down 3.4 %

The business has a 50 day moving average of $11.71 and a two-hundred day moving average of $11.06. The firm has a market cap of $4.70 billion, a P/E ratio of -60.66 and a beta of 0.99. The company has a current ratio of 0.40, a quick ratio of 0.37 and a debt-to-equity ratio of 0.31.

Telecom Argentina (NYSE:TEO) last issued its quarterly earnings data on Friday, February 28th. The utilities provider reported $0.17 earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.64. The company 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%. Analysts predict that Telecom Argentina S.A. will post 1.28 earnings per share for the current year.

Hedge Funds Weigh In On Telecom Argentina

Hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Telecom Argentina by 111.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,327,035 shares of the utilities provider’s stock valued at $29,297,000 after purchasing an additional 1,224,369 shares during the period. Bosun Asset Management LLC bought a new stake in Telecom Argentina during the fourth quarter worth $1,031,000. JGP Global Gestao de Recursos Ltda. acquired a new stake in Telecom Argentina in the fourth quarter valued at about $853,000. Freedom Investment Management Inc. bought a new stake in shares of Telecom Argentina during the 4th quarter valued at approximately $577,000. Finally, Centiva Capital LP bought a new stake in shares of Telecom Argentina during the third quarter worth $123,000.

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.