SBA Communications Corporation (SBAC) : On Wednesday, The money flowed into the SBA Communications Corporation (SBAC) stock with an uptick to downtick ratio was recorded at 1.19. Transactions worth $16.26 million were done on upticks, confirming the buying interest in the stock. The outflow of money on downticks stood at $13.68 million. The total money flow into the stock was $2.58 million. The investors are using every small weakness in the stock to accumulate it, as can be seen in the $2.54 million of block transactions on upticks. The total money flow in block trades was $2.54 million. In terms of price action, SBA Communications Corporation (SBAC) traded down $0.23 during the session at $112.62. Compared to the previous days closing, the stock was down only by -0.2%. For the week, the stock is -1.24%, over previous weeks closing.
Also, Citigroup maintains their rating on the shares of SBA Communications Corporation (NASDAQ:SBAC). The current rating of the shares is Buy. Equity Analysts at the Firm raises the price target to $132 per share from $112 per share. The rating by the firm was issued on July 13, 2016.
SBA Communications Corporation (NASDAQ:SBAC): The stock opened at $112.72 on Wednesday but the bulls could not build on the opening and the stock topped out at $112.76 for the day. The stock traded down to $111.28 during the day, due to lack of any buying support eventually closed down at $112.62 with a loss of -0.20% for the day. The stock had closed at $112.85 on the previous day. The total traded volume was 745,838 shares.
The stock has recorded a 20-day Moving Average of 3.23% and the 50-Day Moving Average is 8.45%. In a related news, The Securities and Exchange Commission has divulged in a Form 4 filing that the director of Sba Communications Corp, Cocroft Duncan had purchased shares worth of $100,160 in a transaction dated on June 16, 2016. A total of 1,000 shares were purchased at a price of $100.16 per share. The information is based on open market trades at the market prices.Option exercises are not covered.
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company operated through two segments, namely site leasing and site development. The Companys primary business line is its site leasing business. In its site leasing business, the Company leases antenna space to wireless service providers on towers that it owns or operates, and manage rooftop and tower sites for property owners under various contractual arrangements. It also managed or leased approximately 5,000 actual or potential towers. Its other business line is its site development business, through which it assists wireless service providers in developing and maintaining their own wireless service networks. The Companys principal operations are in the United States and its territories. In addition, it owns and operates towers in Canada, Central America, and South America.