Cogent Communications Sees Unusually High Options Volume (NASDAQ:CCOI)

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was the recipient of some unusual options trading on Wednesday. Stock investors bought 66,622 call options on the company. This is an increase of approximately 6,288% compared to the typical daily volume of 1,043 call options.

Cogent Communications Stock Down 4.9%

NASDAQ:CCOI opened at $26.31 on Friday. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of -6.45 and a beta of 0.81. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 49.06. Cogent Communications has a 1-year low of $15.96 and a 1-year high of $83.19. The business’s fifty day moving average price is $23.53 and its 200 day moving average price is $30.36.

Insider Buying and Selling at Cogent Communications

In other news, Director Lewis H. Ferguson sold 4,000 shares of Cogent Communications stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total value of $81,360.00. Following the completion of the transaction, the director owned 19,267 shares in the company, valued at $391,890.78. This trade represents a 17.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Quarry LP bought a new position in Cogent Communications during the 3rd quarter worth $27,000. Hantz Financial Services Inc. grew its position in Cogent Communications by 313.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after acquiring an additional 1,127 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of Cogent Communications in the 2nd quarter valued at about $40,000. Kestra Advisory Services LLC purchased a new stake in shares of Cogent Communications during the fourth quarter valued at approximately $43,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Cogent Communications by 56.6% during the fourth quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company’s stock valued at $45,000 after acquiring an additional 756 shares in the last quarter. 92.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wells Fargo & Company reissued an “equal weight” rating and issued a $27.00 price target (down previously from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. UBS Group reiterated a “neutral” rating and issued a $27.00 target price (down from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Cogent Communications in a research report on Monday, December 22nd. KeyCorp reiterated an “overweight” rating on shares of Cogent Communications in a report on Wednesday, December 10th. Finally, Citigroup dropped their target price on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $25.71.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.