Look For Institutional Buying In Cogent Communications Holdings Inc (NASDAQ: CCOI)

Cogent Communications Holdings Inc (CCOI) concluded trading on Thursday at a closing price of $65.33, with 0.46 million shares of worth about $30.21 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 1.54% during that period and on March 28, 2024 the price saw a gain of about 0.80%. Currently the company’s common shares owned by public are about 48.61M shares, out of which, 42.35M shares are available for trading.

Stock saw a price change of 4.19% in past 5 days and over the past one month there was a price change of -19.07%. Year-to-date (YTD), CCOI shares are showing a performance of -14.11% which increased to 7.31% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $57.35 but also hit the highest price of $86.00 during that period. The average intraday trading volume for Cogent Communications Holdings Inc shares is 396.22K. The stock is currently trading -3.13% below its 20-day simple moving average (SMA20), while that difference is down -10.36% for SMA50 and it goes to -4.17% lower than SMA200.

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Cogent Communications Holdings Inc (NASDAQ: CCOI) currently have 48.61M outstanding shares and institutions hold larger chunk of about 92.98% of that.

The stock has a current market capitalization of $3.10B and its 3Y-monthly beta is at 0.38. PE ratio of stock for trailing 12 months is 2.44, while it has posted earnings per share of $26.74 in the same period. It has Quick Ratio of 1.38 while making debt-to-equity ratio of 3.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CCOI, volatility over the week remained 2.00% while standing at 3.80% over the month.

Analysts are in expectations that Cogent Communications Holdings Inc (CCOI) stock would likely to be making an EPS of -$1.17 in the current quarter, while forecast for next quarter EPS is -$1.06 and it is -$3.12 for next year. For the current quarter EPS, analysts have given the company a lowest target -$1.42 which is -$0.8 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.13 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -114.94% while it is estimated to increase by 25.15% in next year. EPS is likely to shrink at an annualized rate of -0.48% for next 5-years, compared to annual growth of 111.69% made by the stock over the past 5-years.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by BofA Securities on March 07, 2024 offering a Neutral rating for the stock and assigned a target price of $75 to it. Coverage by Goldman stated Cogent Communications Holdings Inc (CCOI) stock as a Neutral in their note to investors on August 21, 2023, suggesting a price target of $64 for the stock. On August 11, 2023, TD Cowen Upgrade their recommendations, while on May 08, 2023, JP Morgan Downgrade their ratings for the stock with a price target of $70. Stock get a Buy rating from BofA Securities on May 03, 2023.

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