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Wednesday, October 28, 2020

Internap Corp (NASDAQ:INAP) Comes to Life Amid Reforms

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Internap Corp (NASDAQ:INAP) is a small cap play on the Nasdaq that has recently found new life among market participants. The key catalyst appears to be the company’s announcement of the completion of the initial round of cost cuts and provided an initial forecast of 2017 initiatives and performance.

According to the release, “the new management team launched a series of turnaround initiatives in the 4th quarter, all designed to improve profitable growth of INAP’s robust Internet infrastructure platform across North America and several locations around the world.”

Internap Corp (NASDAQ:INAP) trumpets itself as a company that provides information technology (IT) infrastructure services. It operates through two business segments, Data Center Services and Internet Protocol (IP) Services. The Data Center Services segment provides colocation services comprising physical space within data centers and associated services, such as power, interconnection, environmental controls, monitoring, and security.

It also offers hosting and cloud services, which include the provision and maintenance of hardware, operating system software, management and monitoring software, and data center infrastructure and interconnection that enables its customers to own and manage their software applications and content.

This segment provides its services through approximately 51 data centers in North America, Europe, and the Asia-Pacific region. The IP Services segment offers patented Performance IP service, IP routing hardware and software platform, and managed Internet route optimizer controllers. It also offers content delivery network services that enable its customers to stream and distribute media and content, such as video, audio software, and applications to audiences through points of presence, as well as offers capacity-on-demand services to handle events and unanticipated traffic spikes. This segment provides its services through approximately 86I P service points worldwide.

The company serves various industries, such as software and Internet, including advertising technology; media and entertainment, comprising gaming; business services; hosting and IT infrastructure; health care technology infrastructure; and telecommunications.

The company was formerly known as Internap Network Services Corporation and changed its name to Internap Corporation in November 2014. Internap Corporation was founded in 1996 and is headquartered in Atlanta, Georgia.

According to company materials, “Internap is the high-performance Internet infrastructure provider that powers the applications shaping the way we live, work and play. Our hybrid infrastructure delivers performance without compromise – blending virtual and bare-metal cloud, hosting and co-location services across a global network of data centers, optimized from the application to the end user and backed by rock-solid customer support and a 100% uptime guarantee. Since 1996, the most innovative companies have relied on Internap to make their applications faster and more scalable.”

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As communicated during the Company’s 3rd quarter conference call, management is implementing a 2017 strategy that includes cost cuts, reorganization and investment in the sales teams, the creation of two pure play business units – Colocation and Cloud – and a recapitalization of our balance sheet.

“The combination of right-sizing the operations of INAP, investing in high ROI projects to serve customer demand, and completing a recapitalization to give management the necessary flexibility to compete in the long term, is a high priority for the Company.”

Traders will note 95% during the past week in terms of shareholder gains in the stock, but that move comes in the context of a larger bearish trend. That said, INAP has evidenced sudden upward volatility on many prior occasions. What’s more, the listing has seen interest climb, with an increase in recent trading volume of just shy of 660% over the long run average.

Currently trading at a market capitalization of $105.4M, INAP has almost no cash on the books, which is balanced by almost no total accumulated debt. INAP is making real money, with trailing 12-month revenues coming in at $302.94M. This may be a very interesting story and we will look forward to updating it again soon. For continuing coverage on shares of $INAP stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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