Cannell Capital buys $23.8 Million stake in GTT Communications Inc (GTT)

GTT Communications Inc (GTT) : Cannell Capital scooped up 119,220 additional shares in GTT Communications Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 1,421,939 shares of GTT Communications Inc which is valued at $23.8 Million.GTT Communications Inc makes up approximately 9.69% of Cannell Capital’s portfolio.

Other Hedge Funds, Including , Marshall Wace Llp added GTT to its portfolio by purchasing 13,135 company shares during the most recent quarter which is valued at $219,486.Columbia Wanger Asset Management reduced its stake in GTT by selling 401,647 shares or 19.72% in the most recent quarter. The Hedge Fund company now holds 1,634,780 shares of GTT which is valued at $27.3 Million. GTT Communications Inc makes up approx 0.29% of Columbia Wanger Asset Management’s portfolio.Messner Smith Theme Value Investment Management Ltd Ca reduced its stake in GTT by selling 11,109 shares or 19.16% in the most recent quarter. The Hedge Fund company now holds 46,873 shares of GTT which is valued at $783,248. GTT Communications Inc makes up approx 1.58% of Messner Smith Theme Value Investment Management Ltd Ca’s portfolio. Bluecrest Capital Management Ltd sold out all of its stake in GTT during the most recent quarter. The investment firm sold 14,324 shares of GTT which is valued $221,449.

GTT Communications Inc opened for trading at $17.48 and hit $17.89 on the upside on Wednesday, eventually ending the session at $17.79, with a gain of 1.83% or 0.32 points. The heightened volatility saw the trading volume jump to 2,07,968 shares. Company has a market cap of $661 M.

Many Wall Street Analysts have commented on GTT Communications Inc. GTT Communications Inc was Initiated by Sun Trust Rbsn Humphrey to “Buy” on Feb 18, 2016.

GTT Communications Inc. (GTT) operates a global Tier 1 Internet protocol (IP) network with interconnected Ethernet service platforms around the world. The Company provides cloud networking services. The Company provides services in over 100 countries. GTT has deployed network assets in North America Europe and Asia to provide Internet Access IP transit and Ethernet transport services. GTT’s core network consists of a global Layer 2 switched Ethernet diversely routed 10 gigabyte (Gb) mesh network as well as IP transit or Internet access through approximately 200 Points of Presence (PoPs) delivering cloud networking services to enterprise Government and wholesale customers. GTT has network connectivity in United States cities and European cities and Ethernet hubs with various carriers and multiple peering connections to other Tier 1 IP providers. The Company offers a range of managed services.

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