Telecom Argentina (NYSE:TEO) Trading Down 3.3% – Here’s What Happened

Telecom Argentina S.A. (NYSE:TEO) dropped 3.3% during trading on Wednesday . The stock traded as low as $12.86 and last traded at $12.88. Approximately 121,739 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 325,521 shares. The stock had previously closed at $13.32.

Analyst Ratings Changes

TEO has been the topic of a number of recent analyst reports. StockNews.com raised Telecom Argentina from a “sell” rating to a “hold” rating in a report on Wednesday, November 20th. Scotiabank downgraded Telecom Argentina from a “sector perform” rating to a “sector underperform” rating and lifted their target price for the company from $5.70 to $6.10 in a research note on Friday, September 20th. Finally, The Goldman Sachs Group increased their price target on Telecom Argentina from $7.30 to $8.30 and gave the stock a “sell” rating in a research note on Wednesday, November 20th.

Telecom Argentina Price Performance

The business’s 50-day simple moving average is $13.05 and its 200 day simple moving average is $9.48. The company has a current ratio of 0.40, a quick ratio of 0.37 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $5.20 billion, a P/E ratio of -67.11 and a beta of 0.93.

Institutional Investors Weigh In On Telecom Argentina

A number of institutional investors have recently added to or reduced their stakes in the company. Stifel Financial Corp acquired a new position in shares of Telecom Argentina during the 3rd quarter valued at $91,000. Cubist Systematic Strategies LLC bought a new position in Telecom Argentina during the second quarter valued at about $334,000. XTX Topco Ltd acquired a new position in Telecom Argentina during the third quarter worth about $80,000. Centiva Capital LP bought a new stake in Telecom Argentina in the third quarter worth about $123,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in Telecom Argentina in the 2nd quarter valued at about $174,000.

Telecom Argentina Company Profile

Telecom Argentina SA, together with its subsidiaries, provides telecommunications services. The company offers mobile telecommunications services, including voice communications, high-speed mobile Internet content and applications download, online streaming, and other services; and sells mobile communication devices, such as handsets, Modems MiFi and wingles, and smart watches.