Telecom Argentina (NYSE:TEO) Shares Up 7.2% – Here’s Why

Telecom Argentina S.A. (NYSE:TEO) shares were up 7.2% on Thursday . The stock traded as high as $13.50 and last traded at $13.50. Approximately 84,728 shares changed hands during trading, a decline of 58% from the average daily volume of 200,579 shares. The stock had previously closed at $12.59.

Analysts Set New Price Targets

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

Telecom Argentina Trading Up 9.1 %

The company has a quick ratio of 0.37, a current ratio of 0.40 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $5.92 billion, a PE ratio of -76.33 and a beta of 0.92. The stock’s fifty day simple moving average is $12.17 and its 200 day simple moving average is $9.01.

Institutional Investors Weigh In On Telecom Argentina

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Telecom Argentina in the second quarter worth $334,000. Stifel Financial Corp bought a new position in Telecom Argentina in the 3rd quarter worth $91,000. XTX Topco Ltd purchased a new stake in Telecom Argentina in the 3rd quarter worth $80,000. PFG Investments LLC bought a new stake in Telecom Argentina during the second quarter valued at about $104,000. Finally, Centiva Capital LP purchased a new position in shares of Telecom Argentina in the third quarter valued at about $123,000.

About Telecom Argentina

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.