SBA Communications Co. (NASDAQ:SBAC) saw a significant decline in short interest in June. As of June 15th, there was short interest totalling 2,015,100 shares, a decline of 19.4% from the May 15th total of 2,499,500 shares. Based on an average daily volume of 653,300 shares, the days-to-cover ratio is currently 3.1 days. Currently, 1.8% of the shares of the stock are sold short.
Shares of NASDAQ:SBAC traded up $0.01 during trading on Friday, reaching $224.84. The stock had a trading volume of 425,286 shares, compared to its average volume of 669,611. SBA Communications has a 52 week low of $146.13 and a 52 week high of $236.56. The firm has a 50-day simple moving average of $217.89. The company has a market cap of $25.46 billion, a PE ratio of 29.58, a PEG ratio of 2.88 and a beta of 0.68.
SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, April 29th. The technology company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($1.66). SBA Communications had a net margin of 2.20% and a negative return on equity of 1.44%. The firm had revenue of $493.29 million during the quarter, compared to the consensus estimate of $481.06 million. During the same quarter last year, the firm posted $1.85 EPS. The business’s revenue was up 7.6% on a year-over-year basis. On average, sell-side analysts anticipate that SBA Communications will post 7.75 EPS for the current year.
In other SBA Communications news, EVP Mark R. Ciarfella sold 6,759 shares of SBA Communications stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $205.50, for a total transaction of $1,388,974.50. Following the sale, the executive vice president now directly owns 72,880 shares of the company’s stock, valued at $14,976,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey Stoops sold 37,847 shares of SBA Communications stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $218.87, for a total value of $8,283,572.89. Following the sale, the chief executive officer now directly owns 255,141 shares in the company, valued at $55,842,710.67. The disclosure for this sale can be found here. Insiders have sold 67,978 shares of company stock worth $14,787,645 over the last ninety days. Company insiders own 2.50% of the company’s stock.
Large investors have recently bought and sold shares of the company. Spectrum Management Group Inc. bought a new position in shares of SBA Communications in the first quarter valued at approximately $27,000. Pinnacle Bank bought a new position in SBA Communications in the 4th quarter worth approximately $25,000. Resources Investment Advisors Inc. bought a new position in SBA Communications in the 4th quarter worth approximately $28,000. CWM LLC raised its position in SBA Communications by 31.4% in the 1st quarter. CWM LLC now owns 243 shares of the technology company’s stock worth $49,000 after purchasing an additional 58 shares during the last quarter. Finally, Parallel Advisors LLC raised its position in SBA Communications by 27.0% in the 1st quarter. Parallel Advisors LLC now owns 268 shares of the technology company’s stock worth $53,000 after purchasing an additional 57 shares during the last quarter. Institutional investors own 94.24% of the company’s stock.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA generates revenue from two primary businesses site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
Recommended Story: Recession
Receive News & Ratings for SBA Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SBA Communications and related companies with MarketBeat.com's FREE daily email newsletter.