Level 3 Communications, Inc. must be doing something right if its stock price is any indication.
Shares (ticker: LVLT) of the Broomfield, Colo.-based telecommunications company are trading near a one-year high.
The stock closed Friday at $2.59 on the NASDAQ Global Select Market, down slightly from a 52-week high ($2.67) attained the previous day.
Roughly 26.3 million shares traded hands yesterday, compared to an average 30-day volume of 43.2 million shares, according to SmarTrend.
A year ago, the stock price wasnt doing so hot, closing at a modest $1.05.
Over the last 52 weeks, the shares have ranged between a high of $2.67 and a low of $0.83.
On April 11, Level 3 revealed an agreement to acquire its competitor, Global Crossing, in a deal valued at $3 billion. Level 3 said the acquisition would enable it to better serve enterprises, content providers, carriers and governments throughout North America, Latin America and Europe.
Level 3s stock price closed at $1.70 the day the deal was announced. And over the last few months, the stock price has continued to climb.
Most stock analysts who cover Level 3 arent recommending that investors buy or sell the shares at the moment. Of 12 financial analysts researching Level 3, seven recommend a hold” on the stock, according to Zachs Investment Research.
To check out how Level 3s stock price has changed over the last year, click here.