Switch Sees Unusually Large Options Volume (NYSE:SWCH)

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Switch, Inc. (NYSE:SWCH) was the target of some unusual options trading activity on Monday. Stock investors bought 2,053 put options on the company. This represents an increase of 1,625% compared to the average daily volume of 119 put options.

SWCH stock traded up $0.04 during mid-day trading on Tuesday, hitting $15.96. 5,958 shares of the company were exchanged, compared to its average volume of 1,477,075. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $3.84 billion, a P/E ratio of 159.22 and a beta of 0.62. The business has a fifty day simple moving average of $15.99 and a 200-day simple moving average of $16.37. Switch has a 12-month low of $10.30 and a 12-month high of $19.99.

Switch (NYSE:SWCH) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Switch had a net margin of 2.03% and a return on equity of 2.72%. The business had revenue of $128.79 million during the quarter, compared to analyst estimates of $129.14 million. During the same quarter last year, the firm posted $0.04 earnings per share. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. Research analysts predict that Switch will post 0.19 EPS for the current year.

Several equities research analysts recently issued reports on the stock. TheStreet upgraded shares of Switch from a “d” rating to a “c” rating in a research report on Friday, November 6th. BidaskClub cut shares of Switch from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 7th. Credit Suisse Group cut their price objective on shares of Switch from $23.00 to $21.00 and set an “outperform” rating for the company in a research report on Friday, October 16th. Finally, Zacks Investment Research cut shares of Switch from a “hold” rating to a “sell” rating in a research report on Wednesday, September 23rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $20.83.

In related news, Director Thomas A. Thomas sold 9,400 shares of the firm’s stock in a transaction dated Tuesday, December 29th. The shares were sold at an average price of $16.50, for a total transaction of $155,100.00. Following the completion of the sale, the director now directly owns 2,175,319 shares in the company, valued at $35,892,763.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Teresa A. Borden sold 50,000 shares of the firm’s stock in a transaction dated Thursday, November 19th. The stock was sold at an average price of $15.20, for a total transaction of $760,000.00. Following the sale, the insider now owns 682,471 shares of the company’s stock, valued at $10,373,559.20. The disclosure for this sale can be found here. Insiders sold 148,539 shares of company stock valued at $2,319,585 over the last quarter. Company insiders own 30.52% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of SWCH. Bank of New York Mellon Corp lifted its stake in Switch by 49.1% in the second quarter. Bank of New York Mellon Corp now owns 506,854 shares of the company’s stock worth $9,032,000 after acquiring an additional 167,020 shares during the last quarter. American International Group Inc. raised its holdings in Switch by 81.0% during the second quarter. American International Group Inc. now owns 2,415 shares of the company’s stock worth $43,000 after purchasing an additional 1,081 shares in the last quarter. Stifel Financial Corp raised its holdings in Switch by 60.7% during the second quarter. Stifel Financial Corp now owns 17,517 shares of the company’s stock worth $312,000 after purchasing an additional 6,616 shares in the last quarter. Bank of America Corp DE raised its holdings in Switch by 20.2% during the second quarter. Bank of America Corp DE now owns 67,655 shares of the company’s stock worth $1,205,000 after purchasing an additional 11,358 shares in the last quarter. Finally, Glenmede Trust Co. NA acquired a new stake in Switch during the second quarter worth approximately $582,000. 34.40% of the stock is owned by institutional investors and hedge funds.

Switch Company Profile

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services primarily to technology and digital media companies in the United States. It develops and operates data centers in Nevada and Michigan. The company also serves cloud and managed service providers, financial institutions, IT and software providers, government agencies, network and telecommunications providers, and others that conduct critical business on the internet.

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