Ribbon Communications Inc. (NASDAQ:RBBN) Short Interest Down 21.3% in July

Ribbon Communications Inc. (NASDAQ:RBBN) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 1,770,000 shares, a drop of 21.3% from the July 15th total of 2,250,000 shares. Currently, 1.2% of the company’s stock are short sold. Based on an average daily volume of 348,300 shares, the short-interest ratio is presently 5.1 days.

Institutional Trading of Ribbon Communications

Hedge funds have recently modified their holdings of the stock. Algert Global LLC lifted its holdings in Ribbon Communications by 9.5% during the 2nd quarter. Algert Global LLC now owns 228,327 shares of the communications equipment provider’s stock worth $751,000 after purchasing an additional 19,775 shares during the last quarter. Pacific Ridge Capital Partners LLC increased its stake in Ribbon Communications by 49.0% in the second quarter. Pacific Ridge Capital Partners LLC now owns 221,334 shares of the communications equipment provider’s stock valued at $728,000 after acquiring an additional 72,743 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of Ribbon Communications in the 2nd quarter valued at $137,000. Paradigm Capital Management Inc. NY grew its position in Ribbon Communications by 4.1% in the second quarter. Paradigm Capital Management Inc. NY now owns 10,546,400 shares of the communications equipment provider’s stock valued at $34,698,000 after acquiring an additional 420,000 shares during the last quarter. Finally, MQS Management LLC bought a new stake in shares of Ribbon Communications during the 2nd quarter valued at approximately $100,000. Institutional investors and hedge funds own 70.92% of the company’s stock.

Ribbon Communications Stock Performance

Ribbon Communications stock traded up $0.09 during midday trading on Friday, reaching $3.20. 263,332 shares of the company’s stock were exchanged, compared to its average volume of 399,602. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.19 and a current ratio of 1.48. The stock’s 50-day simple moving average is $3.23 and its 200 day simple moving average is $3.12. The firm has a market cap of $556.51 million, a price-to-earnings ratio of -9.20 and a beta of 1.08. Ribbon Communications has a 52 week low of $1.78 and a 52 week high of $3.95.

Ribbon Communications (NASDAQ:RBBN) last posted its earnings results on Wednesday, July 24th. The communications equipment provider reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Ribbon Communications had a positive return on equity of 5.32% and a negative net margin of 6.68%. The business had revenue of $192.62 million for the quarter, compared to analyst estimates of $203.05 million. During the same period in the previous year, the firm posted $0.01 earnings per share. On average, analysts expect that Ribbon Communications will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RBBN has been the topic of several analyst reports. JMP Securities assumed coverage on Ribbon Communications in a report on Monday, April 29th. They set a “mkt outperform” rating and a $6.00 target price on the stock. B. Riley boosted their price target on Ribbon Communications from $6.00 to $6.50 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $5.00 price objective on shares of Ribbon Communications in a report on Thursday, July 25th.

About Ribbon Communications

Ribbon Communications Inc provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. It operates through two segments, Cloud and Edge, and IP Optical Networks. The Cloud and Edge segment provides software and hardware products, solutions, and services for voice over internet protocol communications, voice over long-term evolution, and voice over 5G communications, and unified communications and collaboration.