Internap Corp (NASDAQ:INAP) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totalling 4,596,400 shares, a drop of 7.9% from the June 30th total of 4,989,500 shares. Approximately 19.0% of the company’s stock are short sold. Based on an average daily volume of 451,300 shares, the short-interest ratio is currently 10.2 days.
Shares of Internap stock traded up $0.24 during trading on Friday, hitting $2.20. 274,500 shares of the company’s stock were exchanged, compared to its average volume of 379,630. The company has a debt-to-equity ratio of 11,888.77, a quick ratio of 0.77 and a current ratio of 0.73. The business has a 50-day simple moving average of $2.89 and a 200-day simple moving average of $3.95. Internap has a 52-week low of $1.84 and a 52-week high of $14.21. The stock has a market capitalization of $53.77 million, a price-to-earnings ratio of -0.73 and a beta of 2.91.
Internap (NASDAQ:INAP) last issued its earnings results on Tuesday, August 6th. The information technology services provider reported ($0.78) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.56) by ($0.22). The company had revenue of $73.13 million for the quarter, compared to analysts’ expectations of $76.75 million. During the same period in the previous year, the business posted ($0.47) earnings per share. Internap’s revenue was down 10.8% compared to the same quarter last year. On average, equities analysts anticipate that Internap will post -2.65 earnings per share for the current fiscal year.
Several brokerages have weighed in on INAP. Zacks Investment Research downgraded shares of Internap from a “buy” rating to a “sell” rating in a research note on Tuesday. Benchmark set a $8.00 price target on shares of Internap and gave the stock a “buy” rating in a report on Wednesday, August 7th. SunTrust Banks reaffirmed a “buy” rating and issued a $6.00 price target on shares of Internap in a report on Friday, May 10th. Finally, ValuEngine raised shares of Internap from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $8.36.
Several institutional investors have recently modified their holdings of INAP. BNP Paribas Arbitrage SA raised its holdings in shares of Internap by 781.8% during the first quarter. BNP Paribas Arbitrage SA now owns 5,123 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 4,542 shares during the last quarter. Keystone Financial Group purchased a new position in shares of Internap during the second quarter worth $49,000. Pacer Advisors Inc. raised its holdings in shares of Internap by 180.8% during the second quarter. Pacer Advisors Inc. now owns 20,874 shares of the information technology services provider’s stock worth $63,000 after purchasing an additional 13,439 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Internap during the second quarter worth $64,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Internap during the fourth quarter worth $72,000. 67.31% of the stock is owned by hedge funds and other institutional investors.
Internap Corp. engages in the provision of information technology infrastructure services. It operates through the following segments: INAP US and INAP INTL. The INAP US segment consists of U. S. Colocation, U. S. Cloud, and U. S. Network services based in the United States. The INAP INTL segment consists of these same services based in countries other than the United States, and Ubersmith.
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