Cogent Communications (CCOI)
Market Price (6/26/2026): $13.3 | Market Cap: $635.4 MilSector: Communication Services | Industry: Alternative Carriers
Cogent Communications (CCOI)
Market Price (6/26/2026): $13.3Market Cap: $635.4 MilSector: Communication ServicesIndustry: Alternative Carriers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% Attractive yieldDividend Yield is 16% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, and Data Centers & Infrastructure. | Weak multi-year price returns2Y Excs Rtn is -107%, 3Y Excs Rtn is -144% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -80 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.3% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 401% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.8%, Rev Chg QQuarterly Revenue Change % is -3.2% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% Key risksCCOI key risks include [1] a substantial debt burden driving high leverage and persistent unprofitability, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% |
| Attractive yieldDividend Yield is 16% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, and Data Centers & Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -107%, 3Y Excs Rtn is -144% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -80 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.3% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 401% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.8%, Rev Chg QQuarterly Revenue Change % is -3.2% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% |
| Key risksCCOI key risks include [1] a substantial debt burden driving high leverage and persistent unprofitability, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 6/24/2026
Cogent Communications (CCOI) stock has lost about 30% since 2/28/2026 because of the following key factors:
1. Significant Dividend Reduction and Financial Restructuring Efforts.
Cogent Communications drastically reduced its quarterly dividend by 98% to $0.02 per share in March 2026. This move was part of a broader financial restructuring strategy aimed at refinancing unsecured debt and addressing the company's substantial leverage, which indicated financial strain and impacted investor sentiment.
2. Persistent Revenue Misses and Declining Service Revenue.
The company reported a year-over-year revenue decline of 3.2% to $239.19 million for fiscal Q1 2026, falling short of analyst estimates of $241.31 million. This followed a miss in fiscal Q4 2025, where revenue of $240.52 million was below estimates of $252.41 million. The consolidated revenue decreases were primarily attributed to a reduction in acquired Sprint Wireline revenues.
Show more
Cogent Communications (CCOI) stock has lost about 30% since 2/28/2026 because of the following key factors:
1. Significant Dividend Reduction and Financial Restructuring Efforts.
Cogent Communications drastically reduced its quarterly dividend by 98% to $0.02 per share in March 2026. This move was part of a broader financial restructuring strategy aimed at refinancing unsecured debt and addressing the company's substantial leverage, which indicated financial strain and impacted investor sentiment.
2. Persistent Revenue Misses and Declining Service Revenue.
The company reported a year-over-year revenue decline of 3.2% to $239.19 million for fiscal Q1 2026, falling short of analyst estimates of $241.31 million. This followed a miss in fiscal Q4 2025, where revenue of $240.52 million was below estimates of $252.41 million. The consolidated revenue decreases were primarily attributed to a reduction in acquired Sprint Wireline revenues.
Show more
Updated on 6/24/2026
Cogent Communications (CCOI) stock has lost about 30% since 2/28/2026 because of the following key factors:
1. Significant Dividend Reduction and Financial Restructuring Efforts.
Cogent Communications drastically reduced its quarterly dividend by 98% to $0.02 per share in March 2026. This move was part of a broader financial restructuring strategy aimed at refinancing unsecured debt and addressing the company's substantial leverage, which indicated financial strain and impacted investor sentiment.
2. Persistent Revenue Misses and Declining Service Revenue.
The company reported a year-over-year revenue decline of 3.2% to $239.19 million for fiscal Q1 2026, falling short of analyst estimates of $241.31 million. This followed a miss in fiscal Q4 2025, where revenue of $240.52 million was below estimates of $252.41 million. The consolidated revenue decreases were primarily attributed to a reduction in acquired Sprint Wireline revenues.
3. Analyst Downgrades and Reduced Price Targets.
Following recent financial results and strategic announcements, several analysts lowered their ratings and price targets for CCOI. In May 2026, UBS Group cut its price target from $21.00 to $17.00, and Royal Bank of Canada reduced its target from $22.00 to $18.00, both assigning "neutral" or "sector perform" ratings.
4. Legal Investigation and Corporate Governance Concerns.
In March 2026, The Portnoy Law Firm initiated an investigation into potential securities fraud against Cogent Communications. This investigation was prompted by the seizure of $82 million in Cogent shares, pledged as loan collateral by CEO Dave Schaeffer in August 2025, raising questions about potential mismanagement or breach of fiduciary duties by the board.
5. Elevated Capital Expenditures and Broader Telecom Industry Headwinds.
Cogent's capital expenditures in fiscal Q1 2026 reached $46 million, surpassing expectations due to ongoing equipment cost inflation, supply-chain disruptions, and increased demand for telecom infrastructure driven by AI. Concurrently, the broader telecom industry in 2026 is facing challenges such as slowing subscriber growth and increased churn, contributing to a difficult operating environment.
Show less
Cogent Communications (CCOI) stock has lost about 30% since 2/28/2026 because of the following key factors:
1. Significant Dividend Reduction and Financial Restructuring Efforts.
Cogent Communications drastically reduced its quarterly dividend by 98% to $0.02 per share in March 2026. This move was part of a broader financial restructuring strategy aimed at refinancing unsecured debt and addressing the company's substantial leverage, which indicated financial strain and impacted investor sentiment.
2. Persistent Revenue Misses and Declining Service Revenue.
The company reported a year-over-year revenue decline of 3.2% to $239.19 million for fiscal Q1 2026, falling short of analyst estimates of $241.31 million. This followed a miss in fiscal Q4 2025, where revenue of $240.52 million was below estimates of $252.41 million. The consolidated revenue decreases were primarily attributed to a reduction in acquired Sprint Wireline revenues.
3. Analyst Downgrades and Reduced Price Targets.
Following recent financial results and strategic announcements, several analysts lowered their ratings and price targets for CCOI. In May 2026, UBS Group cut its price target from $21.00 to $17.00, and Royal Bank of Canada reduced its target from $22.00 to $18.00, both assigning "neutral" or "sector perform" ratings.
4. Legal Investigation and Corporate Governance Concerns.
In March 2026, The Portnoy Law Firm initiated an investigation into potential securities fraud against Cogent Communications. This investigation was prompted by the seizure of $82 million in Cogent shares, pledged as loan collateral by CEO Dave Schaeffer in August 2025, raising questions about potential mismanagement or breach of fiduciary duties by the board.
5. Elevated Capital Expenditures and Broader Telecom Industry Headwinds.
Cogent's capital expenditures in fiscal Q1 2026 reached $46 million, surpassing expectations due to ongoing equipment cost inflation, supply-chain disruptions, and increased demand for telecom infrastructure driven by AI. Concurrently, the broader telecom industry in 2026 is facing challenges such as slowing subscriber growth and increased churn, contributing to a difficult operating environment.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -29.7% change in CCOI stock from 2/28/2026 to 6/25/2026 was primarily driven by a -29.8% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.72 | 13.16 | -29.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 976 | 968 | -0.8% |
| P/S Multiple | 0.9 | 0.6 | -29.8% |
| Shares Outstanding (Mil) | 48 | 48 | 1.0% |
| Cumulative Contribution | -29.7% |
Market Drivers
2/28/2026 to 6/25/2026| Return | Correlation | |
|---|---|---|
| CCOI | -29.7% | |
| Market (SPY) | 7.3% | 37.5% |
| Sector (XLC) | -10.3% | 31.0% |
Fundamental Drivers
The -30.9% change in CCOI stock from 11/30/2025 to 6/25/2026 was primarily driven by a -29.2% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.04 | 13.16 | -30.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 988 | 968 | -2.0% |
| P/S Multiple | 0.9 | 0.6 | -29.2% |
| Shares Outstanding (Mil) | 48 | 48 | -0.4% |
| Cumulative Contribution | -30.9% |
Market Drivers
11/30/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| CCOI | -30.9% | |
| Market (SPY) | 8.1% | 28.7% |
| Sector (XLC) | -7.9% | 18.5% |
Fundamental Drivers
The -70.3% change in CCOI stock from 5/31/2025 to 6/25/2026 was primarily driven by a -68.7% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.33 | 13.16 | -70.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,017 | 968 | -4.8% |
| P/S Multiple | 2.1 | 0.6 | -68.7% |
| Shares Outstanding (Mil) | 48 | 48 | -0.2% |
| Cumulative Contribution | -70.3% |
Market Drivers
5/31/2025 to 6/25/2026| Return | Correlation | |
|---|---|---|
| CCOI | -70.3% | |
| Market (SPY) | 26.0% | 25.6% |
| Sector (XLC) | 5.4% | 20.0% |
Fundamental Drivers
The -75.1% change in CCOI stock from 5/31/2023 to 6/25/2026 was primarily driven by a -84.2% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6252026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.85 | 13.16 | -75.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 604 | 968 | 60.2% |
| P/S Multiple | 4.1 | 0.6 | -84.2% |
| Shares Outstanding (Mil) | 47 | 48 | -1.5% |
| Cumulative Contribution | -75.1% |
Market Drivers
5/31/2023 to 6/25/2026| Return | Correlation | |
|---|---|---|
| CCOI | -75.1% | |
| Market (SPY) | 82.6% | 26.3% |
| Sector (XLC) | 75.3% | 20.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CCOI Return | 28% | -17% | 41% | 7% | -70% | -37% | -70% |
| Peers Return | 11% | -26% | -9% | 44% | 11% | -2% | 16% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| CCOI Win Rate | 58% | 50% | 50% | 58% | 33% | 50% | |
| Peers Win Rate | 53% | 38% | 53% | 55% | 52% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CCOI Max Drawdown | -10% | -30% | -20% | -34% | -79% | -51% | |
| Peers Max Drawdown | -22% | -41% | -39% | -23% | -26% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LUMN, T, VZ, CMCSA, CCI. See CCOI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/25/2026 (YTD)
How Low Can It Go
| Event | CCOI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.3% | -24.5% |
| % Gain to Breakeven | 41.4% | 32.4% |
| Time to Breakeven | 111 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -10.4% | -33.7% |
| % Gain to Breakeven | 11.6% | 50.9% |
| Time to Breakeven | 3 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.5% | -19.2% |
| % Gain to Breakeven | 30.6% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.1% | -6.8% |
| % Gain to Breakeven | 26.8% | 7.3% |
| Time to Breakeven | 42 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.1% | -17.9% |
| % Gain to Breakeven | 28.3% | 21.8% |
| Time to Breakeven | 52 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -32.1% | -15.4% |
| % Gain to Breakeven | 47.2% | 18.2% |
| Time to Breakeven | 108 days | 125 days |
In The Past
Cogent Communications's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | CCOI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.3% | -24.5% |
| % Gain to Breakeven | 41.4% | 32.4% |
| Time to Breakeven | 111 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.5% | -19.2% |
| % Gain to Breakeven | 30.6% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.1% | -6.8% |
| % Gain to Breakeven | 26.8% | 7.3% |
| Time to Breakeven | 42 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.1% | -17.9% |
| % Gain to Breakeven | 28.3% | 21.8% |
| Time to Breakeven | 52 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -32.1% | -15.4% |
| % Gain to Breakeven | 47.2% | 18.2% |
| Time to Breakeven | 108 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -85.8% | -53.4% |
| % Gain to Breakeven | 606.0% | 114.4% |
| Time to Breakeven | 1533 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -29.8% | -8.6% |
| % Gain to Breakeven | 42.5% | 9.5% |
| Time to Breakeven | 2157 days | 47 days |
In The Past
Cogent Communications's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cogent Communications (CCOI)
Cogent Communications (CCOI) is a global provider of high-speed internet access, private network services, and data center colocation space. The company operates a significant fiber optic network, which enables it to deliver its services to customers across North America, Europe, Asia, South America, Australia, and Africa, positioning itself as a key infrastructure provider in the digital economy.
Cogent's main product offerings include "on-net" services, where it provides high-speed internet and private network connections directly to customers located in its 3,035 connected buildings and 54 data centers. For corporate customers not directly connected to its network, Cogent offers "off-net" services, utilizing other carriers' infrastructure for the "last mile" link. Additionally, the company provides data center colocation, allowing customers to house their own equipment within Cogent's facilities while leveraging its network connectivity.
The company primarily serves two distinct market segments: bandwidth-intensive organizations and communications service providers. Its corporate customer base includes small and medium-sized businesses such as law firms, financial services firms, healthcare providers, and educational institutions. Furthermore, Cogent caters to a wide array of other service providers, including Internet service providers, telephone companies, cable television companies, web hosting companies, and content delivery networks, by supplying essential network infrastructure and high-capacity connectivity.
AI Analysis | Feedback
Here are a few analogies to describe Cogent Communications (CCOI):
-
Cogent is like a global internet infrastructure company for businesses and other service providers, offering high-speed internet access, private networks, and data center space, similar to a business-focused AT&T or Lumen (formerly CenturyLink).
-
Imagine Cogent as a global data center operator that also provides its own high-speed internet 'backbone' for businesses and internet service providers, much like Equinix for colocation combined with a major enterprise network provider.
AI Analysis | Feedback
- High-Speed Internet Access: Cogent provides high-speed internet connectivity to various businesses and organizations globally.
- Private Network Services: The company offers dedicated private network solutions for secure and reliable data transmission between customer locations.
- Data Center Colocation: Cogent provides space and facilities within its data centers for customers to house their own equipment and access its network.
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Dave Schaeffer - Founder and Chief Executive Officer
Dave Schaeffer founded Cogent Communications in August 1999 and has served as its Chief Executive Officer and President since its inception, also holding the role of Chairman of the Board. Prior to Cogent, Mr. Schaeffer successfully founded and operated six other businesses across various industries, including communications and commercial real estate. He was also the founder of Pathnet, Inc., a broadband telecommunications provider, where he served as CEO from 1995 to 1997 and as Chairman from 1997 to 1999. Under his leadership, Cogent has completed 13 acquisitions, expanding its network internationally. Mr. Schaeffer developed 46 commercial real estate properties in the Washington D.C. metro area and was involved in a regional paging carrier and a ground transportation enterprise. He was recognized as Ernst & Young's Entrepreneur of the Year® in Media, Entertainment and Telecommunications in 2019.Thaddeus “Tad” Weed - Chief Financial Officer and Treasurer
Thaddeus “Tad” Weed joined Cogent in 2000. He served as Vice President and Controller before being appointed Chief Financial Officer and Treasurer in May 2004. From May 2020 to May 2022, he took on the role of Senior Vice President of Audit & Operations, returning to his position as Chief Financial Officer and Treasurer in May 2022. Before joining Cogent, Mr. Weed was the Senior Vice President of Finance and Treasurer at Transaction Network Services from 1997 to 1999. He also spent ten years at Arthur Andersen LLP, where he was a Senior Audit Manager from 1987 to 1997.Mark Andrew Harris - Vice President of Global Sales and Chief Revenue Officer
Mark Andrew Harris became Cogent Communications' Vice President of Global Sales and Chief Revenue Officer in September 2025. Mr. Harris joined Cogent in 2023 following the company's acquisition of Sprint Communications from T-Mobile, where he served as Vice President of European Sales. He had been involved with the Sprint business in various sales capacities since April 2003.Brad Kummer - Vice President of Optical Transport Engineering and Chief Technology Officer
Brad Kummer joined Cogent in 2000. He serves as the Vice President of Optical Transport Engineering and Chief Technology Officer. Prior to joining Cogent, Dr. Kummer spent 25 years at Lucent Technologies, holding various roles in research and development and business development related to optical fibers and systems. His work at Lucent included responsibility for optical fiber systems engineering for long-haul and metropolitan dense wavelength division multiplexing systems.Guy Banks - Vice President of Real Estate
Guy Banks joined Cogent in 2000 and holds the title of Vice President of Real Estate.AI Analysis | Feedback
The key risks to Cogent Communications' business are:
1. High Debt and Profitability Concerns
Cogent Communications faces significant financial leverage due to a substantial debt burden, with gross debt reported at approximately $2.3 billion to $2.4 billion. This contributes to a high net leverage ratio and has resulted in negative operating cash flow and profitability metrics, including negative operating margins and net income. The company's reliance on debt financing, coupled with ongoing losses, places pressure on its cash flow and limits its ability to invest or sustain dividend payments, leading to concerns about dividend sustainability.2. Intense Competition and Revenue Volatility
The telecommunications industry, in which Cogent operates, is highly competitive, leading to persistent pricing pressure. Cogent has experienced overall service revenue declines, attributed to changing economic conditions, currency fluctuations affecting its international business, and a deliberate strategy to shed unprofitable, low-margin legacy services acquired from the Sprint wireline business. The company's challenge is whether its high-growth segments, such as wavelength services and IPv4 leasing, can expand rapidly enough to offset these declines and achieve consistent overall revenue growth.3. Integration Risks of the Sprint Wireline Business
The acquisition of the Sprint wireline business from T-Mobile has introduced operational complexities and a legacy customer base that has been experiencing revenue attrition. Successfully integrating this substantial fiber network and enterprise customer base, which Cogent has not traditionally served, is critical. The central question for Cogent's business is whether its high-capacity wavelength segment can scale fast enough to replace the declining legacy Sprint revenue, especially as T-Mobile IP transit payments wind down through 2027.AI Analysis | Feedback
The increasing adoption of **Fixed Wireless Access (FWA)**, particularly 5G FWA, presents an emerging threat. As FWA technology matures and becomes more reliable and cost-effective, it offers a wireless alternative to traditional wired internet access and private network services for businesses, potentially diminishing the need for Cogent's physical network connections to multi-tenant office buildings and its "last mile" services.
Additionally, the widespread adoption of **Software-Defined Wide Area Networking (SD-WAN) and Secure Access Service Edge (SASE) architectures** poses an emerging threat. These technologies empower businesses to optimize their network traffic and reduce reliance on expensive, dedicated private network services by leveraging multiple, often lower-cost, internet connections. This trend could commoditize Cogent's private network offerings and alter how its corporate customers procure and manage their network connectivity.
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Cogent Communications (symbol: CCOI) operates in several addressable markets for its main products and services.
High-Speed Internet Access
The global broadband internet access services market was valued at USD 418.65 billion in 2023 and is projected to reach USD 883.32 billion by 2032, with a compound annual growth rate (CAGR) of 8.65%. Another report indicates the global broadband services market is anticipated at USD 555.98 billion in 2025 and is expected to be worth approximately USD 1,397.93 billion by 2035, growing at a CAGR of 9.66% from 2026 to 2035. Specifically, for North America, the dedicated internet access (DIA) services market exceeded USD 10.16 billion in revenue in 2023 and is projected to grow at a CAGR of 4.4% from 2024 to 2028. The broader North America broadband services market was valued at USD 150.0 billion in 2024 and is expected to grow to USD 380.0 billion by 2035. The U.S. broadband services market alone generated USD 74.03 billion in 2024 and is expected to reach USD 113.83 billion by 2030, with a CAGR of 7.5% from 2025 to 2030.Private Network Services
The global private network services market was valued at USD 16.25 billion in 2022 and is expected to reach USD 24 billion by 2030, with a CAGR of 5.0% from 2023-2030. Another estimate places the global private network services market at USD 31.06 billion in 2025, projected to grow to USD 47.26 billion by 2030 with a CAGR of 8.8%. The total private networks addressable market, including private wireless, is expected to grow from US$1.2 billion in 2024 to US$21 billion in 2030 at a CAGR of 62%. In North America, the private 5G networks market was valued at US$599.41 million in 2022 and is projected to reach US$8,211.43 million by 2030, at a CAGR of approximately 38.7%. The North America private 5G network market generated a revenue of USD 1,244.8 million in 2025 and is expected to reach US$50,277.2 million by 2033, growing at a CAGR of 59.8% from 2026.Data Center Colocation Space Services
The global data center colocation market size was estimated at USD 69.41 billion in 2024 and is projected to reach USD 165.45 billion by 2030, exhibiting a CAGR of 16.0% from 2025 to 2030. Another report indicates the global data center colocation market is projected to grow from USD 84.05 billion in 2024 to USD 204.41 billion by 2030, at a 14.4% CAGR. For North America, the data center colocation market generated a revenue of USD 27.09 billion in 2024 and is expected to reach US$59.89 billion by 2030, growing at a CAGR of 14.5% from 2025 to 2030. Another source estimates the North America data center colocation market to grow from USD 21.77 billion in 2023 to an estimated USD 56.71 billion by 2032, with a CAGR of 11.20% from 2024 to 2032. North America held the largest share of the global data center colocation market in 2024, accounting for 39.0% of the revenue.AI Analysis | Feedback
Cogent Communications (CCOI) is expected to drive future revenue growth over the next two to three years through several key areas:
- Growth in On-Net Services and Corporate/Enterprise Customers: Cogent's strategic focus on higher-margin on-net products, along with the significant expansion of its network and customer base through the acquisition of Sprint's wireline business, is a primary growth driver. The company has seen increased on-net revenue and corporate customer connections, with expectations for continued improvement in corporate growth. This shift towards more profitable on-net offerings, which now represent a larger percentage of total revenues, is anticipated to contribute to sustained revenue expansion.
- Expansion of Wavelength Services: Wavelength services represent a significant and rapidly growing revenue stream for Cogent. This offering provides high-capacity optical connections crucial for AI infrastructure, hyperscalers, and large enterprises. The company has reported substantial year-over-year increases in wavelength revenue and customer connections, with strong growth expected to continue.
- Growth in IPv4 Address Leasing Revenue: Cogent has identified the leasing of IPv4 addresses as a growing source of revenue. The company has experienced a significant increase in revenue from this segment.
- Increasing IP Network Traffic and Bandwidth Demand: The fundamental demand for high-speed Internet access and private network services continues to grow, driven by consistent increases in IP network traffic. This underlying trend for greater bandwidth consumption supports Cogent's core business and provides a sustained driver for revenue growth.
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Share Repurchases
- Cogent Communications temporarily paused its stock buyback program in November 2025 to prioritize debt reduction.
- Prior to the pause, the company had approved a $100 million increase to its stock buyback program through 2026, purchasing 293,000 shares in Q2 and July 2025.
- The Board of Directors authorized management to resume the stock repurchase program in November 2025.
Share Issuance
- The number of shares outstanding for Cogent Communications was approximately 47.6 million as of March 2026.
- Shares outstanding gradually increased from 45.9 million in 2020 to 47.6 million in 2025.
Outbound Investments
- Cogent acquired Sprint's long-haul fiber assets, including approximately 23,500 route miles of U.S. fiber, 1.9 million square feet of facilities, and 9.9 million IPv4 addresses.
- The company is actively pursuing the monetization of 24 surplus data centers, and in October 2025, entered into a letter of intent to sell two such data centers for $144 million in cash, with proceeds intended for debt reduction.
Capital Expenditures
- Capital expenditures for the full year 2025 amounted to $187.6 million.
- Capital expenditures in the latter half of 2025 were $73.3 million, a decrease of $41 million from the first half of 2025, primarily due to the completion of data center modernization and reconfiguration work in Sprint-acquired facilities.
- The primary focus of capital expenditures included converting acquired Sprint facilities into data centers, with a total of 125 facilities converted in 2024 and the first six months of 2025.
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.55 |
| Mkt Cap | 58.1 |
| Rev LTM | 68,698 |
| Op Inc LTM | 10,596 |
| FCF LTM | 10,221 |
| FCF 3Y Avg | 8,729 |
| CFO LTM | 18,603 |
| CFO 3Y Avg | 16,906 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.5% |
| Rev Chg 3Y Avg | 1.0% |
| Rev Chg Q | -0.2% |
| QoQ Delta Rev Chg LTM | -0.1% |
| Op Inc Chg LTM | -2.6% |
| Op Inc Chg 3Y Avg | -5.2% |
| Op Mgn LTM | 17.6% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 29.4% |
| CFO/Rev 3Y Avg | 29.1% |
| FCF/Rev LTM | 14.2% |
| FCF/Rev 3Y Avg | 12.6% |
Price Behavior
Price Behavior
| Market Price | $13.16 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 02/05/2002 | |
| Distance from 52W High | -74.4% | |
| 50 Days | 200 Days | |
| DMA Price | $18.42 | $24.67 |
| DMA Trend | down | down |
| Distance from DMA | -28.6% | -46.6% |
| 3M | 1YR | |
| Volatility | 93.3% | 87.2% |
| Downside Capture | 427.70 | 265.10 |
| Upside Capture | 128.02 | 52.85 |
| Correlation (SPY) | 30.9% | 25.4% |
CCOI Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.42 | 0.89 | 1.92 | 1.66 | 1.62 | 0.93 |
| Up Beta | 0.17 | -0.80 | -0.30 | 0.58 | 1.21 | 0.75 |
| Down Beta | 0.58 | 1.29 | 2.07 | 2.69 | 2.91 | 1.14 |
| Up Capture | -41% | 94% | 261% | 152% | 39% | 30% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 23 | 32 | 65 | 130 | 392 |
| Down Capture | 680% | 480% | 304% | 176% | 166% | 107% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 18 | 31 | 59 | 119 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCOI | |
|---|---|---|---|---|
| CCOI | -72.5% | 87.1% | -1.04 | - |
| Sector ETF (XLC) | 1.3% | 13.5% | -0.15 | 20.3% |
| Equity (SPY) | 22.1% | 12.4% | 1.33 | 25.6% |
| Gold (GLD) | 20.8% | 27.7% | 0.67 | 6.0% |
| Commodities (DBC) | 23.3% | 18.5% | 0.99 | -4.4% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.55 | 21.9% |
| Bitcoin (BTCUSD) | -42.9% | 42.5% | -1.20 | 14.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCOI | |
|---|---|---|---|---|
| CCOI | -26.1% | 48.1% | -0.44 | - |
| Sector ETF (XLC) | 6.9% | 20.7% | 0.25 | 23.9% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 29.4% |
| Gold (GLD) | 17.4% | 18.3% | 0.77 | 6.5% |
| Commodities (DBC) | 7.9% | 19.5% | 0.30 | 1.5% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 27.9% |
| Bitcoin (BTCUSD) | 9.8% | 54.1% | 0.38 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCOI | |
|---|---|---|---|---|
| CCOI | -6.4% | 41.1% | -0.01 | - |
| Sector ETF (XLC) | 8.6% | 22.2% | 0.44 | 30.1% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 36.0% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 4.8% |
| Commodities (DBC) | 5.9% | 18.0% | 0.25 | 6.5% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 32.0% |
| Bitcoin (BTCUSD) | 56.4% | 66.5% | 0.97 | 9.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -29.3% | -28.1% | -24.8% |
| 2/20/2026 | -29.4% | -29.5% | -31.3% |
| 11/17/2025 | 7.1% | -7.1% | 21.8% |
| 8/7/2025 | -19.5% | -20.6% | -13.6% |
| 5/8/2025 | -7.3% | -4.4% | -8.1% |
| 2/27/2025 | -9.5% | -12.4% | -22.1% |
| 11/7/2024 | 0.8% | -7.2% | -6.6% |
| 8/8/2024 | 1.9% | 7.1% | 9.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 8 | 11 |
| # Negative | 14 | 16 | 13 |
| Median Positive | 2.1% | 4.3% | 6.9% |
| Median Negative | -5.4% | -7.4% | -13.0% |
| Max Positive | 13.0% | 20.5% | 21.8% |
| Max Negative | -29.4% | -29.5% | -31.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -29.3% | -28.1% | -24.8% |
| 2/20/2026 | -29.4% | -29.5% | -31.3% |
| 11/17/2025 | 7.1% | -7.1% | 21.8% |
| 8/7/2025 | -19.5% | -20.6% | -13.6% |
| 5/8/2025 | -7.3% | -4.4% | -8.1% |
| 2/27/2025 | -9.5% | -12.4% | -22.1% |
| 11/7/2024 | 0.8% | -7.2% | -6.6% |
| 8/8/2024 | 1.9% | 7.1% | 9.9% |
| 5/9/2024 | -2.7% | -7.4% | -11.6% |
| 2/29/2024 | 0.2% | -11.2% | -17.9% |
| 11/9/2023 | 3.9% | 1.2% | 6.9% |
| 8/10/2023 | 13.0% | 20.5% | 17.2% |
| 5/4/2023 | -5.1% | -11.0% | -13.0% |
| 2/23/2023 | -5.6% | -1.3% | -6.4% |
| 11/3/2022 | 2.2% | 4.1% | 10.8% |
| 8/4/2022 | -5.1% | -4.5% | -12.6% |
| 4/29/2022 | -5.0% | 0.0% | 1.3% |
| 2/24/2022 | -0.2% | 4.5% | 3.6% |
| 11/4/2021 | 0.5% | -0.9% | -2.5% |
| 8/5/2021 | 1.2% | -0.9% | 2.3% |
| 4/28/2021 | 6.1% | 13.2% | 10.0% |
| 2/25/2021 | -4.4% | -7.4% | 5.0% |
| 11/5/2020 | -3.9% | 3.3% | 3.0% |
| 8/6/2020 | -8.0% | -18.6% | -19.9% |
| SUMMARY STATS | |||
| # Positive | 10 | 8 | 11 |
| # Negative | 14 | 16 | 13 |
| Median Positive | 2.1% | 4.3% | 6.9% |
| Median Negative | -5.4% | -7.4% | -13.0% |
| Max Positive | 13.0% | 20.5% | 21.8% |
| Max Negative | -29.4% | -29.5% | -31.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Dividends | 0.02 | 0 | Same New | Actual: 0.02 for Q1 2026 | |||
Insider Activity
Updated 6/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Weed, Thaddeus Gerard | VICE PRESIDENT, CFO | Direct | Sell | 6162026 | 16.79 | 4,850 | 81,434 | 3,322,860 | Form |
| 2 | Kilmer, Henry W | VP OF NETWORK STRATEGY | Direct | Sell | 6152026 | 17.01 | 2,400 | 40,824 | 656,586 | Form |
| 3 | Ferguson, Lewis H | Direct | Sell | 5282026 | 20.36 | 2,800 | 57,008 | 429,474 | Form | |
| 4 | Kennedy, Sheryl Lynn | Direct | Sell | 5182026 | 16.22 | 3,300 | 53,518 | 166,150 | Form | |
| 5 | Kilmer, Henry W | VP OF NETWORK STRATEGY | Direct | Sell | 3082026 | 23.35 | 2,400 | 56,040 | 957,350 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Weed, Thaddeus Gerard | VICE PRESIDENT, CFO | Direct | Sell | 6162026 | 16.79 | 4,850 | 81,434 | 3,322,860 | Form |
| 2 | Kilmer, Henry W | VP OF NETWORK STRATEGY | Direct | Sell | 6152026 | 17.01 | 2,400 | 40,824 | 656,586 | Form |
| 3 | Ferguson, Lewis H | Direct | Sell | 5282026 | 20.36 | 2,800 | 57,008 | 429,474 | Form | |
| 4 | Kennedy, Sheryl Lynn | Direct | Sell | 5182026 | 16.22 | 3,300 | 53,518 | 166,150 | Form | |
| 5 | Kilmer, Henry W | VP OF NETWORK STRATEGY | Direct | Sell | 3082026 | 23.35 | 2,400 | 56,040 | 957,350 | Form |
| 6 | Ferguson, Lewis H | Direct | Sell | 3052026 | 23.03 | 2,206 | 50,804 | 470,940 | Form | |
| 7 | Kennedy, Sheryl Lynn | Direct | Sell | 3052026 | 22.99 | 3,300 | 75,867 | 232,200 | Form | |
| 8 | Weed, Thaddeus Gerard | VICE PRESIDENT, CFO | Direct | Sell | 3052026 | 22.63 | 4,850 | 109,756 | 4,588,232 | Form |
| 9 | Weed, Thaddeus Gerard | VICE PRESIDENT, CFO | Direct | Sell | 12122025 | 23.99 | 7,300 | 175,127 | 2,115,918 | Form |
| 10 | Kilmer, Henry W | VP OF NETWORK STRATEGY | Direct | Sell | 12082025 | 19.79 | 4,800 | 94,992 | 668,902 | Form |
| 11 | Ferguson, Lewis H | Direct | Sell | 12022025 | 20.34 | 4,000 | 81,341 | 391,798 | Form | |
| 12 | Kilmer, Henry W | VP OF NETWORK STRATEGY | Direct | Sell | 12022025 | 0.00 | 2,400 | Form | ||
| 13 | Kennedy, Sheryl Lynn | Direct | Sell | 11112025 | 21.34 | 2,400 | 51,221 | 213,675 | Form | |
| 14 | Kilmer, Henry W | VP OF NETWORK STRATEGY | Direct | Sell | 9052025 | 36.99 | 2,400 | 88,776 | 1,339,038 | Form |
| 15 | Weed, Thaddeus Gerard | VICE PRESIDENT, CFO | Direct | Sell | 9022025 | 36.98 | 4,900 | 181,202 | 3,442,838 | Form |
| 16 | Kennedy, Sheryl Lynn | Direct | Sell | 8212025 | 36.35 | 2,000 | 72,700 | 364,118 | Form | |
| 17 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 8112025 | 27.50 | 818,909 | 22,519,998 | 19,171,432 | Form |
| 18 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 8082025 | 32.60 | 1,840,669 | 60,005,809 | 49,423,295 | Form |
| 19 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6162025 | 47.11 | 70,000 | 3,297,609 | 158,130,763 | Form |
| 20 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6162025 | 47.40 | 55,000 | 2,607,204 | 162,439,254 | Form |
| 21 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6122025 | 47.86 | 55,000 | 2,632,372 | 166,639,725 | Form |
| 22 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6112025 | 48.51 | 55,000 | 2,668,135 | 171,571,802 | Form |
| 23 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6102025 | 48.68 | 55,000 | 2,677,490 | 174,850,823 | Form |
| 24 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6092025 | 48.64 | 55,000 | 2,675,346 | 177,386,223 | Form |
| 25 | Weed, Thaddeus Gerard | VICE PRESIDENT, CFO | Direct | Sell | 6092025 | 48.04 | 4,900 | 235,396 | 4,707,920 | Form |
| 26 | Kilmer, Henry W | VP OF NETWORK STRATEGY | Direct | Sell | 6092025 | 47.95 | 2,400 | 115,080 | 1,850,870 | Form |
| 27 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6092025 | 47.78 | 80,000 | 3,822,124 | 176,855,458 | Form |
| 28 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6062025 | 47.30 | 75,000 | 3,547,316 | 178,866,100 | Form |
| 29 | Bubeck, James | CHIEF REVENUE OFFICER | Direct | Sell | 6052025 | 47.50 | 2,000 | 94,999 | 2,619,223 | Form |
| 30 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6052025 | 47.76 | 75,000 | 3,581,982 | 184,196,095 | Form |
| 31 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6042025 | 46.97 | 65,000 | 3,052,867 | 184,661,866 | Form |
| 32 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6032025 | 46.33 | 65,000 | 3,011,140 | 185,149,053 | Form |
| 33 | Schaeffer, Dave | CHAIRMAN, CEO, AND PRESIDENT | Direct | Sell | 6022025 | 45.90 | 25,000 | 1,147,425 | 186,420,809 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/25/2026