Internap Corp (NASDAQ:INAP) saw a significant decline in short interest in July. As of July 31st, there was short interest totalling 4,596,400 shares, a decline of 7.9% from the June 30th total of 4,989,500 shares. Approximately 19.0% of the shares of the stock are short sold. Based on an average trading volume of 451,300 shares, the short-interest ratio is currently 10.2 days.
A number of hedge funds have recently added to or reduced their stakes in INAP. BNP Paribas Arbitrage SA lifted its holdings in shares of Internap by 781.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,123 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 4,542 shares during the last quarter. Keystone Financial Group bought a new stake in shares of Internap in the 2nd quarter worth approximately $49,000. Pacer Advisors Inc. lifted its holdings in shares of Internap by 180.8% in the 2nd quarter. Pacer Advisors Inc. now owns 20,874 shares of the information technology services provider’s stock worth $63,000 after acquiring an additional 13,439 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Internap in the 2nd quarter worth approximately $64,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Internap in the 4th quarter worth approximately $72,000. 67.31% of the stock is owned by institutional investors and hedge funds.
INAP stock traded down $0.09 during midday trading on Thursday, reaching $1.96. The company had a trading volume of 268,885 shares, compared to its average volume of 380,301. The company has a debt-to-equity ratio of 11,888.77, a current ratio of 0.77 and a quick ratio of 0.77. Internap has a 1 year low of $1.84 and a 1 year high of $14.47. The company has a market capitalization of $52.43 million, a P/E ratio of -0.65 and a beta of 2.91. The firm has a 50-day moving average price of $2.91 and a 200-day moving average price of $3.96.
INAP has been the subject of several recent analyst reports. Benchmark set a $8.00 price objective on shares of Internap and gave the company a “buy” rating in a research note on Wednesday, August 7th. SunTrust Banks reaffirmed a “buy” rating and set a $6.00 price objective on shares of Internap in a research note on Friday, May 10th. ValuEngine raised shares of Internap from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research cut shares of Internap from a “buy” rating to a “sell” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $8.36.
Internap Company Profile
Internap Corp. engages in the provision of information technology infrastructure services. It operates through the following segments: INAP US and INAP INTL. The INAP US segment consists of U. S. Colocation, U. S. Cloud, and U. S. Network services based in the United States. The INAP INTL segment consists of these same services based in countries other than the United States, and Ubersmith.
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