Inteliquent, Inc. (IQNT) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Inteliquent, Inc. (NASDAQ:IQNT) from a hold rating to a sell rating in a report published on Tuesday.

According to Zacks, “Inteliquent, Inc. offers tandem interconnection services. It provides voice, Internet protocol transit and Ethernet solutions to carriers, service providers and content management firms. Inteliquent, Inc., formerly known as Neutral Tandem, Inc., is headquartered in Chicago. “

Several other research analysts have also issued reports on IQNT. Raymond James Financial, Inc. reiterated an underperform rating on shares of Inteliquent in a research note on Tuesday, November 8th. Drexel Hamilton initiated coverage on Inteliquent in a research note on Tuesday, October 4th. They issued a buy rating and a $24.00 target price for the company. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $22.67.

Inteliquent (NASDAQ:IQNT) traded down 0.39% during midday trading on Tuesday, hitting $22.93. 237,321 shares of the stock were exchanged. The firm has a market capitalization of $789.34 million, a price-to-earnings ratio of 21.63 and a beta of 1.24. The company has a 50 day moving average price of $22.91 and a 200 day moving average price of $19.12. Inteliquent has a one year low of $14.56 and a one year high of $23.67.

Inteliquent (NASDAQ:IQNT) last released its quarterly earnings data on Monday, November 7th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by $0.04. Inteliquent had a return on equity of 19.22% and a net margin of 10.35%. The company had revenue of $99.40 million for the quarter, compared to analyst estimates of $92.61 million. During the same quarter in the prior year, the company earned $0.24 earnings per share. The business’s revenue was up 56.0% compared to the same quarter last year. Equities analysts anticipate that Inteliquent will post $1.12 EPS for the current year.

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In related news, insider Matthew Carter, Jr. sold 10,200 shares of Inteliquent stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $23.09, for a total value of $235,518.00. Following the completion of the sale, the insider now directly owns 41,453 shares in the company, valued at $957,149.77. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.50% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the company. ClariVest Asset Management LLC raised its stake in shares of Inteliquent by 3.3% in the second quarter. ClariVest Asset Management LLC now owns 277,059 shares of the company’s stock worth $5,510,000 after buying an additional 8,939 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Inteliquent by 7,685.3% in the second quarter. BNP Paribas Arbitrage SA now owns 11,133 shares of the company’s stock worth $221,000 after buying an additional 10,990 shares during the last quarter. Mason Street Advisors LLC purchased a new stake in shares of Inteliquent during the second quarter worth approximately $134,000. Nationwide Fund Advisors raised its stake in shares of Inteliquent by 17.0% in the second quarter. Nationwide Fund Advisors now owns 209,652 shares of the company’s stock worth $4,170,000 after buying an additional 30,416 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Inteliquent by 2.7% in the third quarter. JPMorgan Chase & Co. now owns 1,264,913 shares of the company’s stock worth $20,416,000 after buying an additional 33,331 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

About Inteliquent

Inteliquent, Inc is a provider of voice telecommunications services primarily on a wholesale basis. The Company offers its services using an all-Internet Protocol (IP) network, which enables to deliver connectivity for a range of media, including voice, and data and video. The Company’s solutions enable carriers and other providers to deliver voice traffic or other services where they do not have their own network.

5 Day Chart for NASDAQ:IQNT

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