Shares of Switch (NYSE:SWCH) dropped 1.4% during trading on Wednesday . The stock traded as low as $13.02 and last traded at $13.01. Approximately 42,489 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 873,424 shares. The stock had previously closed at $13.20.
SWCH has been the topic of several research analyst reports. Cowen initiated coverage on Switch in a report on Friday, January 19th. They issued an “underweight” rating on the stock. Credit Suisse Group set a $22.00 price objective on Switch and gave the company a “buy” rating in a report on Wednesday, February 7th. UBS raised Switch from a “market perform” rating to an “outperform” rating in a report on Monday, March 12th. Raymond James raised Switch from a “market perform” rating to an “outperform” rating in a report on Monday, March 12th. Finally, William Blair reissued an “outperform” rating on shares of Switch in a report on Thursday, April 5th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Switch currently has a consensus rating of “Buy” and a consensus target price of $20.83.
The company has a debt-to-equity ratio of 0.82, a current ratio of 4.41 and a quick ratio of 4.41.
Switch (NYSE:SWCH) last released its earnings results on Monday, May 14th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.03). The firm had revenue of $97.70 million during the quarter, compared to analyst estimates of $99.79 million. Switch’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. equities research analysts forecast that Switch will post 0.19 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 8th. Stockholders of record on Tuesday, May 29th will be given a $0.0147 dividend. The ex-dividend date of this dividend is Friday, May 25th. This represents a $0.06 annualized dividend and a dividend yield of 0.45%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new position in shares of Switch in the fourth quarter valued at approximately $121,000. FNY Managed Accounts LLC purchased a new position in shares of Switch in the fourth quarter valued at approximately $181,000. Jane Street Group LLC purchased a new position in shares of Switch in the fourth quarter valued at approximately $195,000. Two Sigma Advisers LP purchased a new position in shares of Switch in the fourth quarter valued at approximately $206,000. Finally, Wolverine Trading LLC purchased a new position in shares of Switch in the fourth quarter valued at approximately $218,000. Institutional investors and hedge funds own 14.13% of the company’s stock.
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services to technology and digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers that conduct critical business on the Internet. The company develops and operates data centers in Nevada, Michigan, and Georgia.
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