Switch (SWCH) Sees Unusually-High Trading Volume

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Shares of Switch Inc (NYSE:SWCH) saw unusually-high trading volume on Monday . Approximately 2,354,993 shares changed hands during mid-day trading, an increase of 125% from the previous session’s volume of 1,046,018 shares.The stock last traded at $8.50 and had previously closed at $8.38.

SWCH has been the subject of several recent analyst reports. Berenberg Bank initiated coverage on Switch in a research note on Tuesday, January 8th. They issued a “buy” rating and a $11.00 price target for the company. Wells Fargo & Co raised Switch from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $13.50 to $11.50 in a research note on Thursday, October 25th. Raymond James reissued a “hold” rating and issued a $11.00 price target on shares of Switch in a research note on Sunday, December 2nd. Zacks Investment Research cut Switch from a “hold” rating to a “sell” rating in a research note on Friday, November 16th. Finally, Credit Suisse Group set a $14.00 price objective on Switch and gave the company a “buy” rating in a report on Wednesday, November 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $14.00.

The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.87.

Switch (NYSE:SWCH) last announced its quarterly earnings data on Tuesday, November 13th. The company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01). The firm had revenue of $102.80 million during the quarter, compared to analyst estimates of $102.84 million. Switch had a negative net margin of 16.29% and a negative return on equity of 1.84%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.08 EPS. Equities analysts expect that Switch Inc will post 0.08 EPS for the current fiscal year.

In other news, Director Donald D. Snyder sold 50,000 shares of the company’s stock in a transaction on Tuesday, December 4th. The stock was sold at an average price of $7.25, for a total value of $362,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.64% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. lifted its holdings in shares of Switch by 14.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 122,643 shares of the company’s stock valued at $1,493,000 after purchasing an additional 15,465 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Switch by 5.7% during the second quarter. BlackRock Inc. now owns 1,435,265 shares of the company’s stock valued at $17,468,000 after purchasing an additional 77,081 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Switch by 134.9% during the second quarter. Jane Street Group LLC now owns 29,210 shares of the company’s stock valued at $355,000 after purchasing an additional 16,776 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Switch by 545.1% during the second quarter. Bank of New York Mellon Corp now owns 643,349 shares of the company’s stock valued at $7,830,000 after purchasing an additional 543,618 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Switch by 70.3% during the second quarter. Northern Trust Corp now owns 245,017 shares of the company’s stock valued at $2,982,000 after purchasing an additional 101,170 shares during the last quarter. Institutional investors and hedge funds own 19.23% of the company’s stock.

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About Switch (NYSE:SWCH)

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services to technology and digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers that conduct critical business on the Internet. The company develops and operates data centers in Nevada, Michigan, and Georgia.

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