Short Interest in Internap Corp (NASDAQ:INAP) Decreases By 7.9%

Internap Corp (NASDAQ:INAP) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 4,596,400 shares, a decrease of 7.9% from the June 30th total of 4,989,500 shares. Based on an average daily trading volume, of 451,300 shares, the days-to-cover ratio is presently 10.2 days. Approximately 19.0% of the company’s stock are short sold.

A number of analysts have recently weighed in on the stock. ValuEngine raised shares of Internap from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Benchmark set a $8.00 target price on shares of Internap and gave the stock a “buy” rating in a research report on Wednesday, August 7th. SunTrust Banks reaffirmed a “buy” rating and issued a $6.00 target price on shares of Internap in a research report on Friday, May 10th. Finally, Zacks Investment Research downgraded shares of Internap from a “buy” rating to a “sell” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $8.36.

A number of hedge funds have recently made changes to their positions in the stock. Gamco Investors INC. ET AL grew its position in Internap by 13.8% during the 1st quarter. Gamco Investors INC. ET AL now owns 3,401,579 shares of the information technology services provider’s stock valued at $16,872,000 after purchasing an additional 412,683 shares during the last quarter. Gabelli Funds LLC grew its position in Internap by 7.0% during the 1st quarter. Gabelli Funds LLC now owns 3,119,564 shares of the information technology services provider’s stock valued at $15,473,000 after purchasing an additional 204,151 shares during the last quarter. BlackRock Inc. grew its position in Internap by 16.0% during the 4th quarter. BlackRock Inc. now owns 1,461,314 shares of the information technology services provider’s stock valued at $6,064,000 after purchasing an additional 201,086 shares during the last quarter. Teton Advisors Inc. grew its position in Internap by 1.6% during the 2nd quarter. Teton Advisors Inc. now owns 578,000 shares of the information technology services provider’s stock valued at $1,740,000 after purchasing an additional 9,000 shares during the last quarter. Finally, Millennium Management LLC grew its position in Internap by 14.0% during the 4th quarter. Millennium Management LLC now owns 441,138 shares of the information technology services provider’s stock valued at $1,831,000 after purchasing an additional 54,008 shares during the last quarter. 67.31% of the stock is currently owned by institutional investors.

Shares of NASDAQ:INAP traded down $0.09 during midday trading on Thursday, reaching $1.96. The company’s stock had a trading volume of 268,885 shares, compared to its average volume of 380,301. The firm has a 50 day moving average of $2.91 and a 200-day moving average of $3.96. The firm has a market capitalization of $52.43 million, a P/E ratio of -0.65 and a beta of 2.91. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 11,888.77. Internap has a 12-month low of $1.84 and a 12-month high of $14.47.

Internap (NASDAQ:INAP) last released its earnings results on Tuesday, August 6th. The information technology services provider reported ($0.78) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by ($0.22). The firm had revenue of $73.13 million for the quarter, compared to analysts’ expectations of $76.75 million. During the same quarter in the previous year, the company earned ($0.47) earnings per share. Internap’s revenue for the quarter was down 10.8% on a year-over-year basis. On average, research analysts predict that Internap will post -2.65 EPS for the current year.

About Internap

Internap Corp. engages in the provision of information technology infrastructure services. It operates through the following segments: INAP US and INAP INTL. The INAP US segment consists of U. S. Colocation, U. S. Cloud, and U. S. Network services based in the United States. The INAP INTL segment consists of these same services based in countries other than the United States, and Ubersmith.

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