CommScope (NASDAQ:COMM) Shares Down 7% - Here's Why

CommScope Holding Company, Inc. (NASDAQ:COMM - Get Free Report)'s share price dropped 7% during mid-day trading on Thursday . The company traded as low as $5.69 and last traded at $5.70. Approximately 2,208,129 shares traded hands during trading, a decline of 47% from the average daily volume of 4,155,236 shares. The stock had previously closed at $6.13.

Wall Street Analyst Weigh In

Separately, Morgan Stanley downgraded CommScope from an "equal weight" rating to an "underweight" rating and set a $5.00 price target on the stock. in a report on Tuesday. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat.com, CommScope presently has an average rating of "Hold" and an average price target of $2.50.

CommScope Trading Down 7.0 %

The firm has a 50-day moving average of $5.52 and a two-hundred day moving average of $4.00. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -1.29 and a beta of 1.95.

CommScope (NASDAQ:COMM - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.38). The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.42 billion. CommScope had a negative return on equity of 1.01% and a negative net margin of 18.10%. The firm's quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.10 earnings per share. As a group, equities analysts anticipate that CommScope Holding Company, Inc. will post -0.77 EPS for the current year.

Institutional Trading of CommScope

Several hedge funds and other institutional investors have recently bought and sold shares of COMM. Future Financial Wealth Managment LLC bought a new stake in shares of CommScope during the third quarter valued at approximately $31,000. National Bank of Canada FI increased its holdings in CommScope by 109.1% in the 3rd quarter. National Bank of Canada FI now owns 5,475 shares of the communications equipment provider's stock valued at $33,000 after buying an additional 2,857 shares during the period. Quarry LP raised its stake in shares of CommScope by 1,005.4% in the 3rd quarter. Quarry LP now owns 8,114 shares of the communications equipment provider's stock valued at $50,000 after buying an additional 7,380 shares in the last quarter. Belvedere Trading LLC bought a new position in shares of CommScope during the 3rd quarter worth about $68,000. Finally, Creative Planning acquired a new stake in shares of CommScope during the 3rd quarter valued at about $73,000. 88.04% of the stock is currently owned by institutional investors and hedge funds.

CommScope Company Profile

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.