Limelight Networks, Inc. (NASDAQ:LLNW) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 10,970,000 shares, a drop of 23.6% from the March 15th total of 14,350,000 shares. Based on an average daily volume of 4,990,000 shares, the short-interest ratio is currently 2.2 days.
Several equities research analysts recently issued reports on the stock. TheStreet downgraded shares of Limelight Networks from a “c-” rating to a “d+” rating in a research note on Friday, February 26th. Lake Street Capital lowered their price target on shares of Limelight Networks from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, February 12th. DA Davidson lowered their price target on shares of Limelight Networks from $3.00 to $2.75 and set an “underperform” rating on the stock in a report on Friday, March 19th. Cowen cut shares of Limelight Networks from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $9.00 to $4.75 in a report on Tuesday, February 2nd. Finally, Raymond James cut shares of Limelight Networks from an “outperform” rating to a “market perform” rating in a report on Friday, February 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $6.32.
In related news, Director Scott Genereux sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, January 27th. The shares were sold at an average price of $5.00, for a total value of $75,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 10.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC grew its stake in shares of Limelight Networks by 133.6% in the first quarter. Global Retirement Partners LLC now owns 8,175 shares of the information services provider’s stock worth $29,000 after acquiring an additional 4,675 shares during the period. Advisory Services Network LLC bought a new stake in shares of Limelight Networks in the fourth quarter worth approximately $34,000. Cardan Capital Partners LLC bought a new stake in shares of Limelight Networks in the first quarter worth approximately $36,000. Teacher Retirement System of Texas bought a new stake in shares of Limelight Networks in the fourth quarter worth approximately $44,000. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Limelight Networks in the fourth quarter worth approximately $63,000. Hedge funds and other institutional investors own 78.19% of the company’s stock.
Shares of LLNW traded down $0.02 during mid-day trading on Friday, hitting $3.54. 1,256,976 shares of the company’s stock were exchanged, compared to its average volume of 4,839,094. The firm has a market cap of $439.44 million, a price-to-earnings ratio of -59.00 and a beta of 0.72. The company has a quick ratio of 5.34, a current ratio of 5.34 and a debt-to-equity ratio of 0.56. Limelight Networks has a 52 week low of $2.76 and a 52 week high of $8.19. The stock’s 50-day simple moving average is $3.47 and its 200-day simple moving average is $4.20.
Limelight Networks (NASDAQ:LLNW) last announced its quarterly earnings results on Thursday, February 11th. The information services provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05). Limelight Networks had a negative return on equity of 4.51% and a negative net margin of 3.62%. The company had revenue of $55.39 million during the quarter, compared to the consensus estimate of $61.58 million. Analysts forecast that Limelight Networks will post -0.1 earnings per share for the current fiscal year.
Limelight Networks Company Profile
Limelight Networks, Inc provides content delivery and related services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates private networks that deliver Websites, mobile applications, videos, music, software, games, and APIs; offers live and on-demand video delivery services; and provides online video platforms that help organizations manage, publish, syndicate, analyze, and monetize video contents.
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