Ribbon Communications Inc. (NASDAQ:RBBN) stock identified change of 60.51% away from 52-week low price and recently located move of -47.22% off 52-week high price. It has market worth of $514.95M. RBBN stock has been recorded 6.29% away from 50 day moving average and -19.91% away from 200 day moving average. Moving closer, we can see that shares have been trading 1.23% off 20-day moving average.
On May 06, 2020, Ribbon Communications Inc. (NASDAQ:RBBN) a global provider of converged communications software and network solutions to Service Providers, Enterprises, and critical infrastructure sectors, released its financial results for the first quarter of 2020.
Revenue for first quarter of 2020 was $158 million compared with $119 million in first quarter of 2019, an increase of 33%. Approximately $30 million of the year-over-year revenue increase was attributable to the acquisition of ECI Telecom Group, Ltd. (ECI), which closed on March 3, 2020.
We are pleased with our first quarter sales results. In the face of very difficult global conditions for our customers and employees arising from the COVID-19 pandemic, we achieved organic revenue growth of eight percent compared with the first quarter of last year, driven by strong demand for our communications software as our customers responded to increased traffic on their networks, said Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. We saw an increase in session software deployments to facilitate remote work and Ribbon’s multi-year investments in fully virtualized software and cloud products allowed us to rapidly deploy solutions for our Service Provider and Enterprise customers.
Mr. McClelland added, During March we successfully completed the merger with ECI. Although the ongoing pandemic has impacted demand in certain regions and created supply chain challenges for our Packet Optical Network products, we are excited about the opportunities this merger provides, with an impressive breadth of products to serve our combined global customer base. The Communication Services sector company, Ribbon Communications Inc. noticed change of -3.99% to $3.13 along volume of 291749 shares in recent session compared to an average volume of 450.46K. The stock observed return of -3.55% in 5 days trading activity. The stock was at 15.19% over one month performance. RBBN’s shares are at 12.80% for the quarter and driving a -31.08% return over the course of the past year and is now at 5.16% since this point in 2018.
The average volatility for the week at 7.87% and for month was at 7.63%. There are 157.96M shares outstanding and 83.07M shares are floated in market. Right now the stock beta is 0.92.