CommScope (NASDAQ:COMM) Shares Gap Down – What’s Next?

Shares of CommScope Holding Company, Inc. (NASDAQ:COMM) gapped down prior to trading on Thursday . The stock had previously closed at $6.95, but opened at $6.01. CommScope shares last traded at $5.11, with a volume of 5,805,781 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on COMM. Morgan Stanley upped their price target on CommScope from $2.70 to $5.00 and gave the company an “equal weight” rating in a research report on Monday. StockNews.com upgraded CommScope from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Northland Securities upped their price target on CommScope from $1.25 to $2.00 and gave the company a “market perform” rating in a research report on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on CommScope from $1.25 to $2.00 and gave the company a “hold” rating in a research report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.50.

CommScope Price Performance

The firm has a 50-day moving average of $5.76 and a two-hundred day moving average of $3.17.

CommScope (NASDAQ:COMM) last issued its quarterly earnings data on Thursday, August 8th. The communications equipment provider reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). CommScope had a negative net margin of 31.24% and a negative return on equity of 3.08%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the firm posted $0.14 earnings per share. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, analysts anticipate that CommScope Holding Company, Inc. will post 0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On CommScope

A number of institutional investors have recently modified their holdings of the company. Millennium Management LLC grew its stake in shares of CommScope by 19.9% in the second quarter. Millennium Management LLC now owns 5,074,507 shares of the communications equipment provider’s stock valued at $6,242,000 after buying an additional 840,742 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in CommScope by 10.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 4,678,037 shares of the communications equipment provider’s stock valued at $6,128,000 after purchasing an additional 461,264 shares during the period. Assenagon Asset Management S.A. purchased a new position in CommScope in the third quarter valued at $11,023,000. Marathon Asset Management LP boosted its holdings in CommScope by 75.0% in the second quarter. Marathon Asset Management LP now owns 1,750,000 shares of the communications equipment provider’s stock valued at $2,152,000 after purchasing an additional 750,000 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in CommScope by 319.3% in the second quarter. Acadian Asset Management LLC now owns 1,251,705 shares of the communications equipment provider’s stock valued at $1,537,000 after purchasing an additional 953,171 shares during the period. 88.04% of the stock is 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.