NEW YORK (TheStreet) -- Abovenet (NYSE:ABVT) is trading at unusually high volume Tuesday with 474,829 shares changing hands. It is currently at 4.1 times its average daily volume and trading up $6.62 (+10.4%) at $70.03 as of 12:52 p.m. ET. Abovenet has a market cap of $1.7 billion and is part of the technology sector and internet industry. Shares are up 8.5% year to date as of the close of trading on Monday. AboveNet, Inc., together with its subsidiaries, provides high-bandwidth connectivity solutions to corporate enterprise clients and communication carriers primarily in the United States and the United Kingdom. The company has a P/E ratio of 24.1, equal to the average internet industry P/E ratio and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Abovenet as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. You can view the full Abovenet Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center. Interested in other stocks that are rising on unusually high volume? Get free SMS text alerts sent to you when the action happens by texting HVUP to 95370 or select from multiple alert options.
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