Telecom Argentina (NYSE:TEO) Trading Down 7.2% – Here’s What Happened

Telecom Argentina S.A. (NYSE:TEO)’s stock price dropped 7.2% on Tuesday . The stock traded as low as $10.38 and last traded at $10.31. Approximately 70,171 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 214,745 shares. The stock had previously closed at $11.11.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on TEO shares. Scotiabank boosted their target price on shares of Telecom Argentina from $6.10 to $6.20 and gave the stock a “sector underperform” rating in a report on Thursday, March 13th. The Goldman Sachs Group upped their target price on shares of Telecom Argentina from $7.30 to $8.30 and gave the company a “sell” rating in a report on Wednesday, November 20th. StockNews.com upgraded shares of Telecom Argentina from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. raised Telecom Argentina from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $10.00 to $13.00 in a research report on Tuesday, February 25th.

Telecom Argentina Stock Performance

The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of -60.77 and a beta of 0.99. The company’s fifty day simple moving average is $11.81 and its 200 day simple moving average is $10.98. The company has a quick ratio of 0.37, a current ratio of 0.40 and a debt-to-equity ratio of 0.31.

Telecom Argentina (NYSE:TEO) last announced its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.64. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.19 billion. Telecom Argentina had a negative net margin of 1.91% and a negative return on equity of 1.26%. On average, equities research analysts expect that Telecom Argentina S.A. will post 1.28 earnings per share for the current year.

Institutional Investors Weigh In On Telecom Argentina

Large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Telecom Argentina by 111.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,327,035 shares of the utilities provider’s stock valued at $29,297,000 after buying an additional 1,224,369 shares in the last quarter. Bosun Asset Management LLC acquired a new stake in shares of Telecom Argentina in the 4th quarter valued at approximately $1,031,000. Bank of America Corp DE grew its holdings in shares of Telecom Argentina by 87.0% during the 4th quarter. Bank of America Corp DE now owns 20,684 shares of the utilities provider’s stock valued at $260,000 after purchasing an additional 9,621 shares during the last quarter. Freedom Investment Management Inc. bought a new stake in shares of Telecom Argentina during the 4th quarter valued at approximately $577,000. Finally, NewEdge Advisors LLC acquired a new position in Telecom Argentina during the 4th quarter worth approximately $202,000.

About Telecom Argentina

Telecom Argentina SA, together with its subsidiaries, provides telecommunications services. The company offers mobile telecommunications services, including voice communications, high-speed mobile Internet content and applications download, online streaming, and other services; and sells mobile communication devices, such as handsets, Modems MiFi and wingles, and smart watches.