Abovenet Rises On Unusually High Volume (ABVT)

NEW YORK ( TheStreet) -- Abovenet (NYSE: ABVT) is trading at unusually high volume Monday with 1.3 million shares changing hands. It is currently at 8.6 times its average daily volume and trading up $10.20 (+13.7%) at $84.45 as of 9:30 a.m. ET.

Abovenet has a market cap of $1.73 billion and is part of the technology sector and internet industry. Shares are up 14.2% year to date as of the close of trading on Friday.

AboveNet, Inc., together with its subsidiaries, provides high-bandwidth connectivity solutions to corporate enterprise clients, communication carriers, and government entities in the United States and Europe. The company has a P/E ratio of 26.9, above the average internet industry P/E ratio of 25.2 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, expanding profit margins, good cash flow from operations, solid stock price performance and growth in earnings per share. 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.

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