Telefónica (NYSE:TEF) Shares Gap Down - Here's Why

Shares of Telefónica, S.A. (NYSE:TEF - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $4.60, but opened at $4.50. Telefónica shares last traded at $4.50, with a volume of 63,809 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Telefónica from a "hold" rating to a "buy" rating in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to MarketBeat, Telefónica currently has an average rating of "Hold".

Telefónica Stock Performance

The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.81 and a current ratio of 0.85. The stock has a market cap of $26.62 billion, a P/E ratio of -18.06 and a beta of 0.62. The company's 50 day moving average price is $4.21 and its 200-day moving average price is $4.43.

Hedge Funds Weigh In On Telefónica

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its holdings in shares of Telefónica by 71.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 6,236 shares of the utilities provider's stock worth $25,000 after buying an additional 2,603 shares during the last quarter. Callan Family Office LLC purchased a new stake in Telefónica during the fourth quarter valued at about $44,000. Sanctuary Advisors LLC purchased a new stake in Telefónica during the third quarter valued at about $45,000. Drive Wealth Management LLC purchased a new stake in Telefónica during the fourth quarter valued at about $45,000. Finally, Prospect Financial Group LLC purchased a new stake in Telefónica during the fourth quarter valued at about $45,000. 1.14% of the stock is owned by hedge funds and other institutional investors.

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Telefónica Company Profile

Telefónica, SA, together with its subsidiaries, provides telecommunications services in Europe and Latin America. The company offers mobile and related services and products, such as mobile voice, value added, mobile data and internet, wholesale, corporate, roaming, fixed wireless, and trunking and paging services.