Switch, Inc. (NYSE:SWCH) Sees Large Decline in Short Interest

Posted by on Jun 17th, 2022

Switch, Inc. (NYSE:SWCH – Get Rating) was the target of a large decrease in short interest in May. As of May 31st, there was short interest totalling 7,360,000 shares, a decrease of 14.4% from the May 15th total of 8,600,000 shares. Based on an average trading volume of 3,200,000 shares, the days-to-cover ratio is currently 2.3 days.

Several research firms have weighed in on SWCH. Stifel Nicolaus lowered shares of Switch from a “buy” rating to a “hold” rating in a research note on Thursday, May 12th. Cowen lowered shares of Switch from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 11th. TheStreet lowered shares of Switch from a “b-” rating to a “c-” rating in a research note on Friday, February 25th. William Blair lowered shares of Switch from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 11th. Finally, Citigroup lowered shares of Switch from a “buy” rating to a “neutral” rating in a research note on Thursday, May 12th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Switch presently has a consensus rating of “Hold” and a consensus target price of $30.48.

In related news, Director Thomas A. Thomas sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $33.46, for a total value of $1,338,400.00. Following the completion of the sale, the director now owns 3,118,397 shares in the company, valued at approximately $104,341,563.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 29.18% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of SWCH. Brown Brothers Harriman & Co. acquired a new stake in shares of Switch during the 1st quarter worth approximately $27,000. WD Rutherford LLC grew its position in shares of Switch by 575.0% during the 1st quarter. WD Rutherford LLC now owns 1,350 shares of the company’s stock worth $42,000 after buying an additional 1,150 shares during the period. Total Clarity Wealth Management Inc. acquired a new stake in shares of Switch during the 4th quarter worth approximately $43,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Switch during the 1st quarter worth approximately $46,000. Finally, Fieldpoint Private Securities LLC grew its position in shares of Switch by 298.1% during the 4th quarter. Fieldpoint Private Securities LLC now owns 1,652 shares of the company’s stock worth $47,000 after buying an additional 1,237 shares during the period. Institutional investors own 51.25% of the company’s stock.

SWCH traded up $0.01 during midday trading on Friday, hitting $32.96. The company had a trading volume of 106,857 shares, compared to its average volume of 3,257,871. The company has a debt-to-equity ratio of 2.83, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $8.06 billion, a PE ratio of 828.96 and a beta of 0.71. Switch has a twelve month low of $20.15 and a twelve month high of $33.84. The firm’s 50-day simple moving average is $32.19 and its 200-day simple moving average is $28.84.

Switch (NYSE:SWCH – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The company had revenue of $164.60 million during the quarter, compared to analyst estimates of $163.82 million. Switch had a net margin of 1.05% and a return on equity of 2.81%. The company’s revenue was up 25.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.08 EPS. As a group, sell-side analysts anticipate that Switch will post 0.19 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, June 6th. Stockholders of record on Tuesday, May 24th were given a dividend of $0.0525 per share. This is a boost from Switch’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 23rd. This represents a $0.21 annualized dividend and a dividend yield of 0.64%. Switch’s payout ratio is currently 525.13%.

Switch Company Profile (Get Rating)

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. It develops and operates data centers in Nevada, Michigan, and Georgia. The company serves technology and digital media companies, financial institutions, government agencies, and network and telecommunications providers, as well as cloud, IT, and software providers.

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