Telecom Argentina (NYSE:TEO) Shares Down 5.5% - Here's Why

Telecom Argentina S.A. (NYSE:TEO - Get Free Report)'s stock price dropped 5.5% during mid-day trading on Wednesday . The company traded as low as $9.58 and last traded at $9.54. Approximately 105,540 shares traded hands during trading, a decline of 49% from the average daily volume of 208,350 shares. The stock had previously closed at $10.10.

Wall Street Analysts Forecast Growth

TEO has been the topic of a number of analyst reports. The Goldman Sachs Group increased their target price on shares of Telecom Argentina from $8.30 to $9.50 and gave the stock a "sell" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. upgraded shares of Telecom Argentina from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $10.00 to $13.00 in a research report on Tuesday, February 25th. Finally, Scotiabank reaffirmed an "underperform" rating on shares of Telecom Argentina in a report on Thursday, May 15th.

Telecom Argentina Stock Performance

The stock's fifty day moving average price is $10.21 and its two-hundred day moving average price is $11.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.37 and a current ratio of 0.40. The company has a market cap of $4.07 billion, a P/E ratio of -52.44 and a beta of 1.21.

Telecom Argentina (NYSE:TEO - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The utilities provider reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.44. Telecom Argentina had a negative net margin of 1.91% and a negative return on equity of 1.26%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.08 billion. As a group, equities analysts predict that Telecom Argentina S.A. will post 1.28 earnings per share for the current year.

Institutional Trading of Telecom Argentina

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Atlas Capital Advisors Inc. bought a new position in Telecom Argentina in the 4th quarter valued at approximately $106,000. OLD Mission Capital LLC bought a new position in Telecom Argentina in the 4th quarter valued at approximately $133,000. Hsbc Holdings PLC bought a new position in Telecom Argentina in the 1st quarter valued at approximately $119,000. NewEdge Advisors LLC bought a new position in Telecom Argentina in the 4th quarter valued at approximately $202,000. Finally, XTX Topco Ltd lifted its stake in Telecom Argentina by 64.7% in the 4th quarter. XTX Topco Ltd now owns 17,510 shares of the utilities provider's stock valued at $220,000 after purchasing an additional 6,878 shares during the last quarter.

About Telecom Argentina

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.