Zacks Investment Research lowered shares of Sprint Corporation (NYSE:S) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Sprint is on track with its network modernization and integration efforts, to fortify its position in the wireless industry. Sprint’s prepaid subsidiary has extended its unlimited offerings to its existing iPhone owners and has also inked deal with Apple to relaunch itself as an exclusive iPhone carrier. Sprint also offers attractive unlimited data plans to lure customers from rivals. We believe these efforts have driven the huge wireless subscribers. Sprint unveiled its Sprint MultiLine solution which allows businesses to add a company-owned number to their employees' personal phones for better businesses. For full-year 2017, Sprint has raised its outlook. Over the past three months, the stock price underperformed its industry. However, high cash burn from promotional offers and discounts, debt-laden balance sheet and decreasing cash flow have led to losses for Sprint. Further, Sprint operates in a highly competitive wireless market.”
A number of other equities analysts have also commented on the company. Wells Fargo & Company reiterated an outperform rating on shares of Sprint Corporation in a research note on Wednesday, June 28th. Cowen and Company reiterated a hold rating and issued a $6.50 price objective on shares of Sprint Corporation in a research note on Wednesday, July 19th. Deutsche Bank AG dropped their price objective on Sprint Corporation from $8.00 to $7.00 and set a hold rating on the stock in a research note on Tuesday, October 10th. Goldman Sachs Group, Inc. (The) reiterated a neutral rating on shares of Sprint Corporation in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC reiterated a sell rating and issued a $5.00 price objective on shares of Sprint Corporation in a research note on Friday, July 14th. Seven equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $10.18.
Sprint Corporation (S) traded down 1.98% during midday trading on Wednesday, hitting $6.93. The stock had a trading volume of 15,423,862 shares. Sprint Corporation has a 12-month low of $5.83 and a 12-month high of $9.65. The stock’s market cap is $27.70 billion. The company’s 50-day moving average price is $7.65 and its 200 day moving average price is $8.15.
Sprint Corporation (NYSE:S) last posted its earnings results on Tuesday, August 1st. The cell phone carrier reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. Sprint Corporation had a negative return on equity of 3.66% and a negative net margin of 2.08%. The company had revenue of $8.16 billion for the quarter, compared to analyst estimates of $8.14 billion. During the same period last year, the company earned ($0.08) earnings per share. The business’s revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts predict that Sprint Corporation will post ($0.83) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in S. BlackRock Inc. boosted its holdings in Sprint Corporation by 4,924.2% during the first quarter. BlackRock Inc. now owns 39,211,547 shares of the cell phone carrier’s stock valued at $340,355,000 after purchasing an additional 38,431,100 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Sprint Corporation by 6,509.8% during the second quarter. Janus Henderson Group PLC now owns 7,179,430 shares of the cell phone carrier’s stock valued at $58,944,000 after purchasing an additional 7,070,812 shares in the last quarter. Odey Asset Management Group Ltd boosted its holdings in Sprint Corporation by 107.3% during the second quarter. Odey Asset Management Group Ltd now owns 8,124,955 shares of the cell phone carrier’s stock valued at $66,706,000 after purchasing an additional 4,204,955 shares in the last quarter. Janus Capital Management LLC boosted its holdings in Sprint Corporation by 94.3% during the first quarter. Janus Capital Management LLC now owns 6,689,392 shares of the cell phone carrier’s stock valued at $58,064,000 after purchasing an additional 3,247,400 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Sprint Corporation by 5.1% during the first quarter. Vanguard Group Inc. now owns 37,670,102 shares of the cell phone carrier’s stock valued at $326,977,000 after purchasing an additional 1,823,591 shares in the last quarter. 13.95% of the stock is currently owned by institutional investors.
Sprint Corporation Company Profile
Sprint Corporation (Sprint) is a holding company. The Company, along with its subsidiaries, is a communications company offering a range of wireless and wireline communications products and services that are designed to meet the needs of consumers, businesses, government subscribers and resellers. It operates through two segments: Wireless and Wireline.
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