Internap Network Services Corp. (NASDAQ:INAP) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 1,809,443 shares, a growth of 419.7% from the August 31st total of 348,142 shares. Based on an average daily volume of 371,208 shares, the short-interest ratio is currently 4.9 days. Approximately 3.5% of the company’s shares are sold short.
Internap Network Services Corp. (NASDAQ:INAP) opened at 1.74 on Thursday. The stock’s 50 day moving average is $2.03 and its 200-day moving average is $2.27. Internap Network Services Corp. has a 52-week low of $1.61 and a 52-week high of $7.80. The company’s market cap is $90.59 million.
Internap Network Services Corp. (NASDAQ:INAP) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.12) by $0.02. The business earned $74.30 million during the quarter, compared to the consensus estimate of $76.61 million. Internap Network Services Corp. had a negative return on equity of 35.34% and a negative net margin of 14.90%. The business’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.20) earnings per share. Equities research analysts predict that Internap Network Services Corp. will post ($0.49) EPS for the current fiscal year.
In related news, Director Daniel Stanzione acquired 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 14th. The stock was acquired at an average cost of $1.93 per share, for a total transaction of $96,500.00. Following the completion of the acquisition, the director now directly owns 193,536 shares of the company’s stock, valued at approximately $373,524.48. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.83% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the company. LMR Partners LLP acquired a new stake in Internap Network Services Corp. during the second quarter valued at $116,000. Alpine Partners VI LLC acquired a new stake in Internap Network Services Corp. during the second quarter valued at $158,000. Springowl Associates LLC increased its stake in Internap Network Services Corp. by 56.8% in the second quarter. Springowl Associates LLC now owns 121,502 shares of the company’s stock valued at $250,000 after buying an additional 44,000 shares in the last quarter. A.R.T. Advisors LLC increased its stake in Internap Network Services Corp. by 99.3% in the second quarter. A.R.T. Advisors LLC now owns 132,369 shares of the company’s stock valued at $272,000 after buying an additional 65,950 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Internap Network Services Corp. during the first quarter valued at $298,000. 70.69% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently weighed in on the company. Benchmark Co. restated a “buy” rating and issued a $4.00 price objective on shares of Internap Network Services Corp. in a report on Wednesday, September 14th. Craig Hallum upgraded Internap Network Services Corp. from a “hold” rating to a “buy” rating and set a $3.50 price target for the company in a report on Monday, August 8th. Drexel Hamilton set a $5.00 price target on Internap Network Services Corp. and gave the stock a “buy” rating in a report on Friday, August 5th. Finally, Zacks Investment Research downgraded Internap Network Services Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 12th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $4.86.
About Internap Network Services Corp.