Investors Buy High Volume of Gannett Call Options (NYSE:GCI)

Gannett Co., Inc. (NYSE:GCI) was the recipient of some unusual options trading on Wednesday. Investors purchased 12,536 call options on the company. This represents an increase of approximately 1,617% compared to the average daily volume of 730 call options.

Gannett Stock Performance

Shares of GCI stock opened at $5.02 on Thursday. Gannett has a 12 month low of $1.95 and a 12 month high of $5.93. The stock has a market capitalization of $740.00 million, a P/E ratio of -6.20 and a beta of 2.55. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 3.88. The firm’s 50 day moving average is $5.33 and its 200 day moving average is $4.98.

Analysts Set New Price Targets

Separately, Citigroup upgraded Gannett from a “sell” rating to a “neutral” rating and set a $5.10 price objective on the stock in a research note on Tuesday, September 17th.

Institutional Investors Weigh In On Gannett

Several institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Gannett in the third quarter valued at approximately $45,000. nVerses Capital LLC bought a new position in Gannett in the 3rd quarter valued at $55,000. PEAK6 Investments LLC bought a new position in Gannett in the 3rd quarter valued at $57,000. Cambiar Investors LLC purchased a new position in shares of Gannett during the 2nd quarter valued at $49,000. Finally, Paloma Partners Management Co bought a new position in shares of Gannett in the third quarter worth $66,000. Hedge funds and other institutional investors own 76.71% of the company’s stock.

About Gannett

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.