SBA Communications Corporation (SBAC) has risen sharply, recording gains of 9.54% in the past 4 weeks. However, the stock has corrected -0.75% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 2.61% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
SBA Communications Corporation (NASDAQ:SBAC): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $112.44 and $111.98 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $113.27. The buying momentum continued till the end and the stock did not give up its gains. It closed at $113.17, notching a gain of 1.08% for the day. The total traded volume was 864,080 . The stock had closed at $111.96 on the previous day.
The stock has recorded a 20-day Moving Average of 2.84% and the 50-Day Moving Average is 8.52%. SBA Communications Corp. is up 9.09% in the last 3-month period. Year-to-Date the stock performance stands at 7.71%.
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company operated through two segments, namely site leasing and site development. The Companys primary business line is its site leasing business. In its site leasing business, the Company leases antenna space to wireless service providers on towers that it owns or operates, and manage rooftop and tower sites for property owners under various contractual arrangements. It also managed or leased approximately 5,000 actual or potential towers. Its other business line is its site development business, through which it assists wireless service providers in developing and maintaining their own wireless service networks. The Companys principal operations are in the United States and its territories. In addition, it owns and operates towers in Canada, Central America, and South America.