Telecom Argentina Stet - France Telecom (NYSE:TEO) Trading Down 5.5% - Here's Why

Key Points

• Shares of Telecom Argentina Stet - France Telecom fell by 5.5%, trading at $7.02 after hitting a low of $7.05, with a decline in trading volume of 16% compared to the average.
• Scotiabank upgraded the company's rating from "sector underperform" to "sector perform" and raised the target price from $4.50 to $8.20, indicating positive market sentiment.
• Institutional investors have significantly increased their stakes, with GAMMA Investing LLC boosting its holdings by 900.3% in the first quarter, showcasing growing confidence in the company.

Shares of Telecom Argentina Stet - France Telecom S.A. (NYSE:TEO - Get Free Report) dropped 5.5% on Friday . The company traded as low as $7.05 and last traded at $7.02. Approximately 178,025 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 210,826 shares. The stock had previously closed at $7.42.

Analyst Ratings Changes

Separately, Scotiabank raised Telecom Argentina Stet - France Telecom from a "sector underperform" rating to a "sector perform" rating and raised their target price for the stock from $4.50 to $8.20 in a research report on Monday, September 8th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $10.23.

Telecom Argentina Stet - France Telecom Price Performance

The firm's 50-day moving average is $8.89 and its 200-day moving average is $9.69. The company has a market capitalization of $3.07 billion, a PE ratio of -237.42 and a beta of 1.34. The company has a quick ratio of 0.39, a current ratio of 0.43 and a debt-to-equity ratio of 0.48.

Institutional Investors Weigh In On Telecom Argentina Stet - France Telecom

Institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Telecom Argentina Stet - France Telecom by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,479,872 shares of the utilities provider's stock worth $25,270,000 after purchasing an additional 152,837 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Telecom Argentina Stet - France Telecom by 34.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 149,672 shares of the utilities provider's stock valued at $1,322,000 after buying an additional 38,107 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Telecom Argentina Stet - France Telecom by 321.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 104,726 shares of the utilities provider's stock worth $925,000 after purchasing an additional 79,893 shares during the period. Jump Financial LLC purchased a new stake in shares of Telecom Argentina Stet - France Telecom in the 2nd quarter worth approximately $596,000. Finally, Jane Street Group LLC bought a new position in shares of Telecom Argentina Stet - France Telecom during the 2nd quarter worth approximately $578,000.

Telecom Argentina Stet - France Telecom Company Profile

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.