FTE Networks Inc (NYSEAMERICAN:FTNW) was the target of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 250,463 shares, a growth of 34.1% from the December 14th total of 186,808 shares. Based on an average daily volume of 194,331 shares, the days-to-cover ratio is currently 1.3 days. Currently, 3.6% of the company’s shares are sold short.
FTNW has been the topic of several recent research reports. Zacks Investment Research raised FTE Networks from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. Dawson James reissued a “buy” rating on shares of FTE Networks in a research report on Tuesday, December 11th.
In related news, CEO Michael Palleschi purchased 10,000 shares of FTE Networks stock in a transaction that occurred on Thursday, November 29th. The shares were purchased at an average cost of $5.51 per share, with a total value of $55,100.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO David Lethem purchased 21,000 shares of FTE Networks stock in a transaction that occurred on Tuesday, November 27th. The shares were bought at an average cost of $4.47 per share, for a total transaction of $93,870.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 80,248 shares of company stock worth $357,212 over the last three months.
Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of FTE Networks in the 2nd quarter valued at approximately $127,000. Vanguard Group Inc. raised its position in shares of FTE Networks by 31.9% in the 3rd quarter. Vanguard Group Inc. now owns 113,487 shares of the company’s stock valued at $1,325,000 after purchasing an additional 27,425 shares in the last quarter. Finally, Vanguard Group Inc raised its position in shares of FTE Networks by 31.9% in the 3rd quarter. Vanguard Group Inc now owns 113,487 shares of the company’s stock valued at $1,325,000 after purchasing an additional 27,425 shares in the last quarter.
Shares of FTNW opened at $2.48 on Friday. FTE Networks has a 52-week low of $1.91 and a 52-week high of $26.25.
FTE Networks (NYSEAMERICAN:FTNW) last announced its earnings results on Tuesday, November 20th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.26) by $0.10. The business had revenue of $92.22 million during the quarter, compared to analyst estimates of $89.00 million.
About FTE Networks
FTE Networks, Inc, together with its subsidiaries, offers technology-oriented solutions for smart platforms, network infrastructure, and buildings in the United States. The company operates through three segments: Infrastructure, Technology, and Staffing. It also provides telecommunications solutions, including design, engineering, installation, upgrade, repair, and maintenance of infrastructures, antennas, switching systems, and backhaul links, as well as fiber optic, copper, and coaxial cable networks used for video, data, and voice transmission.
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