Shenandoah Telecommunications (NASDAQ:SHEN) Shares Down 3.9% – Here’s Why

Shenandoah Telecommunications (NASDAQ:SHEN) shares fell 3.9% during mid-day trading on Wednesday . The company traded as low as $11.46 and last traded at $11.47. 23,779 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 172,653 shares. The stock had previously closed at $11.93.

Wall Street Analysts Forecast Growth

Separately, BWS Financial restated a “buy” rating and set a $26.00 price objective on shares of Shenandoah Telecommunications in a report on Wednesday, November 13th.

Shenandoah Telecommunications Price Performance

The stock has a market capitalization of $628.99 million, a P/E ratio of 2.96 and a beta of 0.63. The business has a fifty day simple moving average of $12.77 and a 200 day simple moving average of $14.58. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.36.

Shenandoah Telecommunications (NASDAQ:SHEN) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). The company had revenue of $87.60 million during the quarter, compared to analysts’ expectations of $88.80 million. Shenandoah Telecommunications had a net margin of 62.67% and a negative return on equity of 1.45%. During the same period in the previous year, the company posted $0.03 earnings per share. On average, analysts expect that Shenandoah Telecommunications will post -0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its stake in Shenandoah Telecommunications by 211.9% in the 3rd quarter. FMR LLC now owns 105,789 shares of the utilities provider’s stock valued at $1,493,000 after buying an additional 71,868 shares during the last quarter. Barclays PLC grew its holdings in shares of Shenandoah Telecommunications by 339.4% in the third quarter. Barclays PLC now owns 80,151 shares of the utilities provider’s stock valued at $1,131,000 after acquiring an additional 61,910 shares in the last quarter. Jane Street Group LLC increased its position in shares of Shenandoah Telecommunications by 101.2% during the third quarter. Jane Street Group LLC now owns 95,703 shares of the utilities provider’s stock valued at $1,350,000 after acquiring an additional 48,127 shares during the last quarter. Intech Investment Management LLC bought a new stake in Shenandoah Telecommunications during the third quarter worth $1,113,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Shenandoah Telecommunications in the third quarter worth $678,000. 61.96% of the stock is currently owned by hedge funds and other institutional investors.

Shenandoah Telecommunications Company Profile

Shenandoah Telecommunications Company, together with its subsidiaries, provides a range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States. It operates in two segments, Broadband and Tower. The company Broadband segment offers broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky through hybrid fiber coaxial cable under the Shentel brand; and fiber optic services under the Glo Fiber brand name.