Ribbon Communications Inc (NASDAQ:RBBN) Sees Significant Decrease in Short Interest

Ribbon Communications Inc (NASDAQ:RBBN) was the recipient of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 1,253,600 shares, a decline of 19.3% from the June 30th total of 1,552,900 shares. Approximately 1.2% of the shares of the company are sold short. Based on an average daily volume of 329,600 shares, the days-to-cover ratio is currently 3.8 days.

RBBN has been the subject of several analyst reports. Northland Securities restated a “buy” rating on shares of Ribbon Communications in a report on Wednesday, June 12th. ValuEngine upgraded Ribbon Communications from a “sell” rating to a “hold” rating in a report on Tuesday, July 2nd. BidaskClub upgraded Ribbon Communications from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. Finally, Zacks Investment Research upgraded Ribbon Communications from a “sell” rating to a “hold” rating in a report on Thursday, July 4th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $7.75.

Several institutional investors and hedge funds have recently added to or reduced their stakes in RBBN. Panagora Asset Management Inc. grew its position in Ribbon Communications by 33.1% in the second quarter. Panagora Asset Management Inc. now owns 12,380 shares of the communications equipment provider’s stock valued at $61,000 after acquiring an additional 3,079 shares during the period. Legal & General Group Plc grew its position in Ribbon Communications by 37.8% in the fourth quarter. Legal & General Group Plc now owns 11,350 shares of the communications equipment provider’s stock valued at $55,000 after acquiring an additional 3,112 shares during the period. Morgan Stanley grew its position in Ribbon Communications by 11.7% in the second quarter. Morgan Stanley now owns 37,332 shares of the communications equipment provider’s stock valued at $182,000 after acquiring an additional 3,915 shares during the period. Bank of New York Mellon Corp grew its position in Ribbon Communications by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 379,994 shares of the communications equipment provider’s stock valued at $1,858,000 after acquiring an additional 4,253 shares during the period. Finally, Bank of Montreal Can grew its position in Ribbon Communications by 252,850.0% in the second quarter. Bank of Montreal Can now owns 5,059 shares of the communications equipment provider’s stock valued at $25,000 after acquiring an additional 5,057 shares during the period. Institutional investors and hedge funds own 79.37% of the company’s stock.

Shares of RBBN stock traded down $0.04 during trading hours on Thursday, reaching $5.22. 269,900 shares of the company’s stock were exchanged, compared to its average volume of 321,919. Ribbon Communications has a fifty-two week low of $4.23 and a fifty-two week high of $7.89. The stock has a market capitalization of $587.45 million, a P/E ratio of 10.88 and a beta of 1.47. The business has a fifty day moving average price of $5.04 and a 200-day moving average price of $5.05. The company has a quick ratio of 1.02, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings results on Wednesday, July 31st. The communications equipment provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. Ribbon Communications had a return on equity of 8.28% and a net margin of 1.14%. The company had revenue of $145.00 million during the quarter, compared to analyst estimates of $144.43 million. During the same period in the previous year, the company earned $0.14 earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, research analysts expect that Ribbon Communications will post -0.2 EPS for the current fiscal year.

About Ribbon Communications

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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