Sequans Communications (NYSE:SQNS) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Sequans Communications (NYSE:SQNS) from a hold rating to a strong sell rating in a report published on Monday morning,Zacks.com reports.

A number of other equities analysts have also issued reports on SQNS. Weiss Ratings reiterated a “sell (d)” rating on shares of Sequans Communications in a research report on Friday, March 27th. B. Riley Financial reduced their target price on shares of Sequans Communications from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $20.33.

Sequans Communications Price Performance

NYSE:SQNS opened at $2.78 on Monday. The firm has a market cap of $39.84 million, a PE ratio of -0.22 and a beta of 0.42. Sequans Communications has a 12 month low of $2.38 and a 12 month high of $58.30. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average price is $2.87 and its two-hundred day moving average price is $4.87.

Insider Activity

In related news, major shareholder Daniel Asher bought 12,300 shares of Sequans Communications stock in a transaction dated Monday, January 26th. The shares were bought at an average cost of $5.12 per share, for a total transaction of $62,976.00. Following the completion of the transaction, the insider owned 140,011,100 shares of the company’s stock, valued at approximately $716,856,832. This trade represents a 0.01% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Sequans Communications

A number of large investors have recently modified their holdings of SQNS. Bank of America Corp DE acquired a new position in shares of Sequans Communications during the third quarter worth approximately $26,000. SmartHarvest Portfolios LLC bought a new stake in shares of Sequans Communications during the first quarter worth approximately $60,000. XTX Topco Ltd bought a new stake in shares of Sequans Communications during the fourth quarter worth approximately $73,000. Virtu Financial LLC bought a new stake in shares of Sequans Communications during the fourth quarter worth approximately $75,000. Finally, J. Derek Lewis & Associates Inc. bought a new stake in shares of Sequans Communications during the fourth quarter worth approximately $85,000. 63.33% of the stock is currently owned by institutional investors and hedge funds.

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.