Gannett (NYSE:GCI) Shares Gap Down – Here’s What Happened

Gannett Co., Inc. (NYSE:GCI) shares gapped down before the market opened on Thursday . The stock had previously closed at $5.81, but opened at $5.23. Gannett shares last traded at $5.21, with a volume of 245,681 shares.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GCI. Citigroup raised Gannett from a “sell” rating to a “neutral” rating and set a $5.10 price target on the stock in a research report on Tuesday, September 17th. JMP Securities upgraded shares of Gannett to a “strong-buy” rating in a research note on Friday, August 2nd.

Gannett Stock Performance

The stock has a 50 day simple moving average of $5.31 and a two-hundred day simple moving average of $4.46. The company has a market capitalization of $690.03 million, a price-to-earnings ratio of -5.77 and a beta of 2.49. The company has a debt-to-equity ratio of 3.83, a current ratio of 0.79 and a quick ratio of 0.75.

Gannett (NYSE:GCI) last posted its earnings results on Thursday, August 1st. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.25. The firm had revenue of $639.84 million during the quarter. Gannett had a negative return on equity of 17.12% and a negative net margin of 3.71%.

Institutional Trading of Gannett

Several institutional investors have recently modified their holdings of the stock. Kennedy Capital Management LLC purchased a new position in shares of Gannett in the 1st quarter valued at $394,000. Renaissance Technologies LLC boosted its stake in Gannett by 16.1% in the second quarter. Renaissance Technologies LLC now owns 1,072,024 shares of the company’s stock valued at $4,942,000 after acquiring an additional 148,524 shares in the last quarter. Troluce Capital Advisors LLC purchased a new position in shares of Gannett during the second quarter worth about $8,659,000. Squarepoint Ops LLC increased its position in shares of Gannett by 1,200.4% during the second quarter. Squarepoint Ops LLC now owns 254,545 shares of the company’s stock worth $1,173,000 after purchasing an additional 234,971 shares in the last quarter. Finally, Murchinson Ltd. purchased a new stake in shares of Gannett in the 2nd quarter valued at about $1,585,000. Hedge funds and other institutional investors own 76.71% of the company’s stock.

Gannett Company Profile

Gannett Co, Inc operates as a media and marketing solutions company in the United States. It operates through three segments: Domestic Gannett Media, Newsquest, and Digital Marketing Solutions. The company's print offerings includes home delivery on a subscription basis; single copy; non-daily publications, such as shoppers and niche publications.