Short Interest in SBA Communications Co. (NASDAQ:SBAC) Decreases By 19.4%

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.

A number of research firms have weighed in on SBAC. New Street Research downgraded SBA Communications from a “buy” rating to a “neutral” rating and set a $236.00 price objective on the stock. in a report on Thursday, June 13th. UBS Group downgraded SBA Communications from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $209.00 to $240.00 in a report on Friday, June 7th. Morgan Stanley lifted their price objective on SBA Communications from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Monday, May 20th. BidaskClub raised SBA Communications from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 9th. Finally, ValuEngine raised SBA Communications from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $204.91.

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.

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