Sequans Communications (NYSE:SQNS) Downgraded by Zacks Investment Research

Sequans Communications (NYSE:SQNS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday, Zacks.com reports.

According to Zacks, “Sequans Communications S.A., operates as a fabless designer, developer and supplier of 4G semiconductor solutions for wireless broadband applications. Solutions offered by the Company include baseband processor and radio frequency, or RF, transceiver integrated circuits, or ICs, along with signal processing techniques, algorithms and software stacks. Its solutions can be applied in devices like: smartphones; USB dongles; portable routers; embedded wireless modems for laptops, netbooks, tablets, and other consumer multimedia and industrial devices; consumer premises equipment, or CPE, such as residential gateways; and basestations. Sequans Communications S.A. is based in Paris, France. “

Several other analysts have also weighed in on SQNS. Robert W. Baird reiterated a “buy” rating and set a $12.00 target price on shares of Sequans Communications in a research note on Thursday, August 5th. Needham & Company LLC lowered their target price on shares of Sequans Communications from $11.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, June 24th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $11.00.

Shares of NYSE:SQNS opened at $4.45 on Thursday. The company has a fifty day simple moving average of $4.80 and a 200 day simple moving average of $5.37. The firm has a market cap of $166.29 million, a PE ratio of -4.32 and a beta of 0.80. Sequans Communications has a 12-month low of $3.87 and a 12-month high of $9.57.

Sequans Communications (NYSE:SQNS) last issued its quarterly earnings results on Tuesday, August 3rd. The semiconductor company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. The company had revenue of $12.86 million during the quarter, compared to the consensus estimate of $14.20 million. As a group, analysts forecast that Sequans Communications will post -0.77 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of Sequans Communications by 2,650.0% during the first quarter. Royal Bank of Canada now owns 5,390 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 5,194 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Sequans Communications during the first quarter worth about $81,000. HRT Financial LP bought a new position in shares of Sequans Communications during the first quarter worth about $92,000. White Pine Capital LLC bought a new position in shares of Sequans Communications during the second quarter worth about $86,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Sequans Communications during the first quarter worth about $97,000. Institutional investors and hedge funds own 44.27% of the company’s stock.

About Sequans Communications

Sequans Communications SA is a developer and provider of 5G and 4G chips and modules for massive, broadband, and critical IoT. For 5G and 4G massive IoT applications, Sequans provides a comprehensive product portfolio based on its flagship Monarch LTE-M/NB-IoT and Calliope Cat 1 chip platforms, featuring low power consumption, a large set of integrated functionalities, and global deployment capability; For 5G and 4G broadband and critical IoT applications, Sequans offers a product portfolio based on its Cassiopeia Cat 4 and Cat 6 4G and high-end Taurus 5G chip platforms, optimized for low-cost residential, enterprise, and industrial applications.

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