CommScope (NASDAQ:COMM) Shares Gap Up – Here’s Why

CommScope Holding Company, Inc. (NASDAQ:COMM) shares gapped up prior to trading on Wednesday . The stock had previously closed at $4.89, but opened at $5.85. CommScope shares last traded at $5.89, with a volume of 6,178,991 shares changing hands.

Analysts Set New Price Targets

COMM has been the subject of several research analyst reports. Raymond James downgraded CommScope from a “market perform” rating to an “underperform” rating in a research note on Monday, January 6th. Morgan Stanley lowered CommScope from an “equal weight” rating to an “underweight” rating and set a $5.00 price objective for the company. in a research note on Tuesday, December 17th. Finally, JPMorgan Chase & Co. upgraded CommScope from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a report on Tuesday, January 14th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, CommScope has a consensus rating of “Hold” and an average price target of $3.00.

CommScope Stock Performance

The firm has a 50-day moving average price of $5.26 and a two-hundred day moving average price of $5.26. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -1.33, a price-to-earnings-growth ratio of 0.41 and a beta of 1.90.

CommScope (NASDAQ:COMM) last issued its quarterly earnings data on Wednesday, February 26th. The communications equipment provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). CommScope had a negative net margin of 18.10% and a negative return on equity of 1.01%. Research analysts anticipate that CommScope Holding Company, Inc. will post -0.24 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of COMM. BNP Paribas Financial Markets boosted its holdings in shares of CommScope by 415.0% in the third quarter. BNP Paribas Financial Markets now owns 188,182 shares of the communications equipment provider’s stock valued at $1,150,000 after acquiring an additional 151,640 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in CommScope by 151.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 900,089 shares of the communications equipment provider’s stock valued at $5,500,000 after purchasing an additional 542,794 shares in the last quarter. Monarch Alternative Capital LP purchased a new position in shares of CommScope during the 3rd quarter worth approximately $16,623,000. Point72 Asset Management L.P. acquired a new stake in shares of CommScope in the 3rd quarter valued at approximately $894,000. Finally, State Street Corp boosted its stake in shares of CommScope by 9.2% in the third quarter. State Street Corp now owns 4,588,286 shares of the communications equipment provider’s stock valued at $28,034,000 after buying an additional 387,466 shares in the last quarter. 88.04% of the stock is currently owned by hedge funds and other institutional investors.

About CommScope

CommScope Holding Company, Inc provides infrastructure solutions for communications, data center, and entertainment networks worldwide. The company operates through Connectivity and Cable Solutions (CCS); Outdoor Wireless Networks (OWN); Networking, Intelligent Cellular and Security Solutions (NICS), and Access Network Solutions (ANS) segments.