Wireless Carrier Wanes off Record High Amid Share Sale

TMUS reached a record high yesterday

Deputy Editor
Jun 24, 2020 at 11:33 AM
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The shares of T-Mobile Us Inc (NASDAQ:TMUS) are down 1% at last check, amid news that the SoftBank Group will sell up to 198.3 million of its shares of the cellular network's stock. T-mobile said that the total number of outstanding shares of its common stock before and after the rights offering will stay the same, so not much will change for current shareholders. 

After climbing steadily up the charts with help from the 20-day moving average, T-mobile reached a record high of $110.46 yesterday, June 23. Year-to-date, the stock is up 35.3%. 

Analysts are bullish on TMUS, with 12 out of 15 at a "buy" or better rating and the remaining three at a tepid "hold." Meanwhile, the 12-month consensus price target of $114.60 is still an 8% premium to current levels. 

Also, short interest has risen 7.1% during the last two reporting periods. These 16.67 million shares sold short account for 4.3% of the stock's available float, or nearly three days worth of pent-up buying power.

 

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