Sequans Communications (NYSE:SQNS) Upgraded at B. Riley

B. Riley upgraded shares of Sequans Communications (NYSE:SQNS) to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

Several other analysts have also recently issued reports on the company. Northland Securities began coverage on Sequans Communications in a research note on Monday, August 11th. They set an “outperform” rating and a $3.50 price objective on the stock. Wall Street Zen cut Sequans Communications from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Northland Capmk upgraded Sequans Communications to a “strong-buy” rating in a research note on Monday, August 11th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Sequans Communications in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $8.25.

Sequans Communications Stock Down 3.7%

Shares of NYSE SQNS opened at $7.46 on Wednesday. The stock’s 50 day moving average price is $4.80 and its two-hundred day moving average price is $2.93. Sequans Communications has a 52-week low of $7.30 and a 52-week high of $58.30. The stock has a market capitalization of $106.90 million, a P/E ratio of 0.40 and a beta of 0.46.

Institutional Trading of Sequans Communications

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. NewGen Asset Management Ltd acquired a new stake in shares of Sequans Communications during the 2nd quarter worth approximately $4,638,000. Boothbay Fund Management LLC increased its position in 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 acquiring an additional 25,000 shares during the period. Meteora Capital LLC acquired a new stake in Sequans Communications in the 2nd quarter valued at approximately $74,000. Hood River Capital Management LLC acquired a new stake in Sequans Communications in the 2nd quarter valued at approximately $20,746,000. Finally, NewGen Equity Long Short Fund acquired a new stake in Sequans Communications in the 2nd quarter valued at approximately $4,638,000. 63.33% of the stock is currently owned by institutional investors and hedge funds.

About Sequans Communications

Sequans Communications SA engages in the fabless designing, developing, and supplying of cellular semiconductor solutions for massive and broadband Internet of Things (IoT) markets in Taiwan, Korea, China, rest of Asia, Germany, the United States, and internationally. It offers baseband solutions for use in encoding and decoding data based on 4G and 5G protocols for wireless processing platform for a cellular device; RF transceivers used to transmit and receive wireless transmissions; highly integrated SoC solutions that combine various functions into a single die or package; and LTE modules.