Ribbon Communications (NASDAQ:RBBN) Stock Price Up 7% – What’s Next?

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

Wall Street Analyst Weigh In

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

Ribbon Communications Stock Performance

The company has a quick ratio of 1.19, a current ratio of 1.48 and a debt-to-equity ratio of 0.82. The stock has a fifty day moving average price of $3.21 and a two-hundred day moving average price of $3.17. The company has a market capitalization of $630.05 million, a price-to-earnings ratio of -11.44 and a beta of 1.09.

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

Hedge Funds Weigh In On Ribbon Communications

Institutional investors and hedge funds have recently modified their holdings of the company. Paradigm Capital Management Inc. NY raised its holdings in Ribbon Communications by 4.1% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 10,546,400 shares of the communications equipment provider’s stock valued at $34,698,000 after acquiring an additional 420,000 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Ribbon Communications by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 5,779,416 shares of the communications equipment provider’s stock valued at $19,012,000 after purchasing an additional 270,972 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Ribbon Communications by 7.9% during the second quarter. Bank of New York Mellon Corp now owns 434,204 shares of the communications equipment provider’s stock worth $1,429,000 after buying an additional 31,644 shares during the period. BNP Paribas Financial Markets boosted its stake in Ribbon Communications by 79.1% in the 1st quarter. BNP Paribas Financial Markets now owns 43,790 shares of the communications equipment provider’s stock worth $140,000 after buying an additional 19,346 shares during the last quarter. Finally, MQS Management LLC purchased a new stake in Ribbon Communications in the 2nd quarter valued at about $100,000. Hedge funds and other institutional investors own 70.92% of the company’s stock.

Ribbon Communications Company Profile

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.