Telecom Argentina (NYSE:TEO) Shares Gap Up – Here’s Why

Telecom Argentina S.A. (NYSE:TEO)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $10.18, but opened at $11.24. Telecom Argentina shares last traded at $11.24, with a volume of 42,604 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TEO shares. Scotiabank downgraded Telecom Argentina from a “sector perform” rating to a “sector underperform” rating and increased their price objective for the stock from $5.70 to $6.10 in a research note on Friday, September 20th. The Goldman Sachs Group assumed coverage on shares of Telecom Argentina in a report on Wednesday, October 23rd. They issued a “sell” rating on the stock.

Telecom Argentina Stock Performance

The firm has a market cap of $5.09 billion, a PE ratio of 124.89 and a beta of 0.82. The company has a 50 day simple moving average of $8.17 and a 200-day simple moving average of $7.72. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.49 and a quick ratio of 0.46.

Telecom Argentina (NYSE:TEO) last issued its earnings results on Thursday, August 15th. The utilities provider reported $0.15 EPS for the quarter. The company had revenue of $967.38 million for the quarter. Telecom Argentina had a net margin of 1.01% and a return on equity of 0.69%. As a group, equities research analysts anticipate that Telecom Argentina S.A. will post 1.71 EPS for the current year.

Institutional Investors Weigh In On Telecom Argentina

Several institutional investors and hedge funds have recently modified their holdings of the stock. PFG Investments LLC bought a new position in Telecom Argentina in the second quarter worth about $104,000. B. Riley Wealth Advisors Inc. purchased a new position in Telecom Argentina in the second quarter worth about $174,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Telecom Argentina in the 2nd quarter worth approximately $334,000.

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.