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

Sequans Communications (NYSE:SQNS) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

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

Sequans Communications Trading Up 5.4%

Shares of NYSE SQNS traded up $0.14 during trading on Monday, hitting $2.74. 654,565 shares of the company traded hands, compared to its average volume of 171,281. Sequans Communications has a 1 year low of $2.38 and a 1 year high of $58.30. The company has a 50-day moving average price of $2.88 and a 200-day moving average price of $4.88. The firm has a market capitalization of $39.27 million, a P/E ratio of -0.22 and a beta of 0.42. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 0.55.

Insiders Place Their Bets

In other Sequans Communications news, major shareholder Daniel Asher purchased 12,300 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The stock was purchased at an average cost of $5.12 per share, with a total value of $62,976.00. Following the transaction, the insider owned 140,011,100 shares in the company, valued at approximately $716,856,832. This trade represents a 0.01% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 9.40% of the company’s stock.

Institutional Trading of Sequans Communications

Institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE purchased a new stake in Sequans Communications during the 3rd quarter worth $26,000. SmartHarvest Portfolios LLC purchased a new stake in Sequans Communications during the 1st quarter worth $60,000. XTX Topco Ltd purchased a new stake in Sequans Communications during the 4th quarter worth $73,000. Virtu Financial LLC purchased a new stake in Sequans Communications during the 4th quarter worth $75,000. Finally, J. Derek Lewis & Associates Inc. purchased a new stake in Sequans Communications during the 4th quarter worth $85,000. 63.33% of the stock is owned by hedge funds and other institutional investors.

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.