Sequans Communications (NYSE:SQNS) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research cut shares of Sequans Communications (NYSE:SQNS) from a hold rating to a strong sell rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. B. Riley Financial cut their target price on Sequans Communications from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Sequans Communications in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.33.

Sequans Communications Trading Up 4.8%

SQNS stock traded up $0.13 during midday trading on Monday, hitting $2.73. 636,066 shares of the company’s stock were exchanged, compared to its average volume of 170,084. The business has a 50-day simple moving average of $2.88 and a two-hundred day simple moving average of $4.88. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $39.07 million, a PE ratio of -0.22 and a beta of 0.42. Sequans Communications has a 1-year low of $2.38 and a 1-year high of $58.30.

Insider Activity

In other news, major shareholder Daniel Asher acquired 12,300 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The shares were purchased at an average price of $5.12 per share, for a total transaction of $62,976.00. Following the acquisition, the insider owned 140,011,100 shares of the company’s stock, valued at $716,856,832. This represents a 0.01% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Sequans Communications

Several institutional investors and hedge funds have recently modified their holdings of SQNS. Boothbay Fund Management LLC raised its holdings in shares of Sequans Communications by 1.5% in the 2nd quarter. Boothbay Fund Management LLC now owns 1,673,609 shares of the semiconductor company’s stock valued at $2,460,000 after buying an additional 25,000 shares during the period. Krilogy Financial LLC purchased a new stake in shares of Sequans Communications in the 3rd quarter valued at $568,000. Bank of America Corp DE purchased a new stake in shares of Sequans Communications in the 3rd quarter valued at $26,000. Moore Capital Management LP purchased a new stake in shares of Sequans Communications in the 3rd quarter valued at $581,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Sequans Communications in the 3rd quarter valued at $2,590,000. Hedge funds and other institutional investors own 63.33% of the company’s stock.

Sequans Communications Company Profile

Sequans Communications is a fabless semiconductor company specializing in cellular IoT and broadband connectivity solutions. The company designs and delivers a range of LTE and 5G chips, modules and connectivity platforms that enable low-power wide-area (LPWA) networking as well as high-speed broadband services. Sequans’s products are targeted at Internet of Things (IoT) applications, including smart metering, industrial automation, smart cities and consumer electronics, as well as more data-intensive use cases such as fixed wireless access and private networks.

The company’s portfolio includes single-mode LTE chipsets for narrowband IoT (NB-IoT) and LTE-M, multi-mode platforms that combine LTE and 5G New Radio (NR) support, and modules that integrate RF front-ends, power management and embedded software.