Digital penetration continues to strengthen in Indonesia, along with the increasing number of internet users. With the trend of internet users continuing to grow, it certainly requires the support of a strong and widespread telecommunications infrastructure. The telecommunications industry is estimated to still need around 550,000 new base transceiver stations (BTS) until 2022, in line with the increasing internet use. The stock price of the telecommunication tower companies after the pandemic increased significant especially for SUPR, after jumped in the last quarter 2019. The stock price from the other companies is fluctuated from Rp 800 - Rp 2,900. This study aimed to analyze and evaluate whether there was a difference in stock performance and the effect of fundamental factors with the moderating impact of sustainability reporting on stock returns in the telecommunications tower companies listed on the Indonesia stock exchange from the third quarterly 2017 to the fourth quarterly 2020. This study used industrial product index (IPI), inflation rates, exchange rate, market returns, return on equity (ROE), current ratio (CR), total asset turnover (TATO), debt-to-equity ratio (DER), price-to-earnings ratio (PER), COVID-19. This study used stock returns and stock risks as the dependent variable and sustainability reporting as a moderating variable. This study used the wilcoxon test, F-test, and panel data regression to test all the hypotheses. The sustainability reporting variable cannot moderate the effect of all independent variables on stock returns, which indicates that companies cannot convey positive signals regarding their excellent performance because various disclosures reduce the in sustainability reporting. The results showed that fundamental variables affect stock prices; following the efficient market hypothesis, stock prices will be responsive to fundamental information. The results showed that in addition to the market influencing the stock price according to CAPM theory, other factors affect the stock price; follows arbitrage pricing theory (APT) states that some variables affect the stock price.