Telecom Argentina Stet - France Telecom (NYSE:TEO) Shares Down 5.5% - Here's What Happened

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.

Telecom Argentina Stet - France Telecom S.A. (NYSE:TEO - Get Free Report) was down 5.5% during trading on Friday . The stock 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.

Wall Street Analyst Weigh In

Separately, Scotiabank raised Telecom Argentina Stet - France Telecom from a "sector underperform" rating to a "sector perform" rating and lifted their target price for the company from $4.50 to $8.20 in a research note on Monday. One 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's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $10.23.

Telecom Argentina Stet - France Telecom Trading Down 3.7%

The company has a fifty day simple moving average of $9.03 and a two-hundred day simple moving average of $9.81. The company has a quick ratio of 0.39, a current ratio of 0.43 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $3.08 billion, a P/E ratio of -237.19 and a beta of 1.34.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in Telecom Argentina Stet - France Telecom by 900.3% during the first quarter. GAMMA Investing LLC now owns 39,181 shares of the utilities provider's stock worth $3,845,000 after acquiring an additional 35,264 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Telecom Argentina Stet - France Telecom by 6.6% during 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 acquiring an additional 152,837 shares in the last quarter. Bank of America Corp DE lifted its holdings in Telecom Argentina Stet - France Telecom by 87.0% during the fourth quarter. Bank of America Corp DE now owns 20,684 shares of the utilities provider's stock worth $260,000 after acquiring an additional 9,621 shares in the last quarter. Cetera Investment Advisers bought a new position in Telecom Argentina Stet - France Telecom during the first quarter worth about $271,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Telecom Argentina Stet - France Telecom in the first quarter valued at about $119,000.

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.

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