Ribbon Communications (NASDAQ:RBBN) Trading Down 10.9% - Here's What Happened

Shares of Ribbon Communications Inc. (NASDAQ:RBBN - Get Free Report) traded down 10.9% on Thursday . The stock traded as low as $3.60 and last traded at $3.79. 754,282 shares traded hands during trading, an increase of 36% from the average session volume of 554,725 shares. The stock had previously closed at $4.25.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RBBN shares. Wall Street Zen upgraded Ribbon Communications from a "hold" rating to a "buy" rating in a research note on Saturday. Rosenblatt Securities lifted their target price on Ribbon Communications from $5.50 to $6.00 and gave the company a "buy" rating in a research note on Thursday. Finally, B. Riley reduced their price objective on Ribbon Communications from $7.50 to $6.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $6.00.

Ribbon Communications Price Performance

The company has a quick ratio of 1.13, a current ratio of 1.38 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $676.15 million, a price-to-earnings ratio of -15.32 and a beta of 1.36. The business has a 50-day simple moving average of $3.87 and a two-hundred day simple moving average of $3.92.

Ribbon Communications (NASDAQ:RBBN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The communications equipment provider reported $0.05 EPS for the quarter, meeting analysts' consensus estimates of $0.05. The company had revenue of $220.58 million during the quarter, compared to analyst estimates of $213.31 million. Ribbon Communications had a negative net margin of 5.14% and a positive return on equity of 7.08%. The business's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 earnings per share. As a group, research analysts predict that Ribbon Communications Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Walleye Capital LLC bought a new stake in shares of Ribbon Communications during the fourth quarter valued at approximately $43,000. Ballentine Partners LLC bought a new stake in Ribbon Communications during the 2nd quarter worth about $44,000. Polymer Capital Management US LLC bought a new position in Ribbon Communications during the 4th quarter worth approximately $55,000. Penn Capital Management Company LLC bought a new position in Ribbon Communications during the 4th quarter worth approximately $56,000. Finally, Renaissance Technologies LLC bought a new position in shares of Ribbon Communications during the fourth quarter worth $59,000. 70.92% of the stock is owned by institutional investors.

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.