Ribbon Communications (NASDAQ:RBBN) Stock Price Up 7% – Here’s Why

Ribbon Communications Inc. (NASDAQ:RBBN)’s stock price was up 7% during mid-day trading on Thursday . The company traded as high as $3.76 and last traded at $3.67. Approximately 99,956 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 361,162 shares. The stock had previously closed at $3.43.

Analyst Ratings Changes

Separately, Rosenblatt Securities reaffirmed a “buy” rating and set a $5.00 price objective on shares of Ribbon Communications in a report on Wednesday, September 25th.

Ribbon Communications Trading Down 0.3 %

The stock has a market cap of $645.76 million, a P/E ratio of -11.56 and a beta of 1.09. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.19 and a current ratio of 1.48. The stock’s fifty day moving average is $3.23 and its 200 day moving average is $3.17.

Ribbon Communications (NASDAQ:RBBN) last announced its earnings results on Wednesday, October 23rd. The communications equipment provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $210.00 million during the quarter, compared to analysts’ expectations of $212.17 million. Ribbon Communications had a positive return on equity of 5.32% and a negative net margin of 6.68%. Ribbon Communications’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. As a group, equities research analysts predict that Ribbon Communications Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ribbon Communications

Hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its stake in shares of Ribbon Communications by 79.1% during the 1st quarter. BNP Paribas Financial Markets now owns 43,790 shares of the communications equipment provider’s stock worth $140,000 after purchasing an additional 19,346 shares during the period. GSA Capital Partners LLP lifted its stake in Ribbon Communications by 30.1% in the first quarter. GSA Capital Partners LLP now owns 245,543 shares of the communications equipment provider’s stock worth $786,000 after purchasing an additional 56,829 shares during the last quarter. Pacific Ridge Capital Partners LLC boosted its position in shares of Ribbon Communications by 7.1% during the first quarter. Pacific Ridge Capital Partners LLC now owns 148,591 shares of the communications equipment provider’s stock valued at $475,000 after buying an additional 9,822 shares during the period. Innealta Capital LLC purchased a new position in shares of Ribbon Communications during the first quarter valued at approximately $32,000. Finally, Gladius Capital Management LP bought a new position in shares of Ribbon Communications during the second quarter valued at approximately $34,000. Hedge funds and other institutional investors own 70.92% of the company’s stock.

About Ribbon Communications

Ribbon Communications Inc provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. It operates through two segments, Cloud and Edge, and IP Optical Networks. The Cloud and Edge segment provides software and hardware products, solutions, and services for voice over internet protocol communications, voice over long-term evolution, and voice over 5G communications, and unified communications and collaboration.