Ribbon Communications (NASDAQ:RBBN) Stock Price Down 25.9%

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Ribbon Communications Inc (NASDAQ:RBBN) shares dropped 25.9% during trading on Thursday . The company traded as low as $2.94 and last traded at $3.00, approximately 2,342,800 shares changed hands during mid-day trading. An increase of 644% from the average daily volume of 314,902 shares. The stock had previously closed at $4.05.

RBBN has been the topic of a number of recent research reports. National Securities downgraded Ribbon Communications from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $8.00 to $3.50 in a research note on Thursday. Zacks Investment Research downgraded Ribbon Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Northland Securities downgraded Ribbon Communications from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $9.00 to $6.00 in a research note on Thursday, October 31st. TheStreet upgraded Ribbon Communications from a “d+” rating to a “c-” rating in a research note on Wednesday, August 21st. Finally, BidaskClub downgraded Ribbon Communications from a “hold” rating to a “sell” rating in a research note on Saturday, October 26th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $5.08.

The company has a market cap of $450.61 million, a PE ratio of 6.25 and a beta of 1.37. The business has a 50-day simple moving average of $5.16 and a 200-day simple moving average of $5.05. The company has a quick ratio of 1.14, a current ratio of 1.21 and a debt-to-equity ratio of 0.13.

Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings results on Wednesday, October 30th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.08). The business had revenue of $137.65 million for the quarter, compared to analysts’ expectations of $156.66 million. Ribbon Communications had a return on equity of 5.02% and a net margin of 3.25%. The business’s revenue for the quarter was down 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 EPS. On average, research analysts forecast that Ribbon Communications Inc will post -0.24 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of RBBN. Nuveen Asset Management LLC purchased a new position in Ribbon Communications during the second quarter worth approximately $3,278,000. Paradigm Capital Management Inc. NY boosted its position in Ribbon Communications by 16.5% during the second quarter. Paradigm Capital Management Inc. NY now owns 3,264,000 shares of the communications equipment provider’s stock worth $15,961,000 after purchasing an additional 463,300 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Ribbon Communications by 802.0% during the third quarter. Assenagon Asset Management S.A. now owns 205,869 shares of the communications equipment provider’s stock worth $1,202,000 after purchasing an additional 183,045 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its position in Ribbon Communications by 13.0% during the second quarter. D. E. Shaw & Co. Inc. now owns 1,141,743 shares of the communications equipment provider’s stock worth $5,583,000 after purchasing an additional 131,472 shares in the last quarter. Finally, Horrell Capital Management Inc. boosted its position in Ribbon Communications by 16.4% during the second quarter. Horrell Capital Management Inc. now owns 815,000 shares of the communications equipment provider’s stock worth $3,985,000 after purchasing an additional 115,000 shares in the last quarter. Institutional investors own 79.88% of the company’s stock.

Ribbon Communications Company Profile (NASDAQ:RBBN)

Ribbon Communications Inc provides networked solutions in the United States, Europe, the Middle East, Africa, Japan, other Asia Pacific, and internationally. The company offers service provider solutions, such as fixed network transformation, mobile network evolution, secure network interconnects, network functions virtualization, cloud communications, and communications security solutions that enables secure and innovative business and consumer communications services.

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