Sierra Wireless (SWIR) Shares Gap Down Following Analyst Downgrade

Shares of Sierra Wireless, Inc. (NASDAQ:SWIR) (TSE:SW) gapped down prior to trading on Monday after Raymond James Financial lowered their price target on the stock from $30.00 to $28.00. The stock had previously closed at $14.45, but opened at $15.75. Raymond James Financial currently has an outperform rating on the stock. Sierra Wireless shares last traded at $15.75, with a volume of 2346300 shares traded.

SWIR has been the subject of a number of other research reports. Zacks Investment Research cut Sierra Wireless from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Canaccord Genuity reduced their price objective on Sierra Wireless from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday. Royal Bank of Canada reduced their price objective on Sierra Wireless from $27.00 to $25.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 7th. BMO Capital Markets reissued a “hold” rating and set a $26.00 price objective on shares of Sierra Wireless in a research report on Monday, November 6th. Finally, TD Securities reduced their price objective on Sierra Wireless from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Friday, November 3rd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. Sierra Wireless currently has a consensus rating of “Hold” and an average target price of $25.45.

Several large investors have recently made changes to their positions in SWIR. Bank of New York Mellon Corp lifted its position in shares of Sierra Wireless by 16.0% in the third quarter. Bank of New York Mellon Corp now owns 1,715,805 shares of the communications equipment provider’s stock worth $36,891,000 after buying an additional 236,807 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Sierra Wireless by 270.1% in the fourth quarter. Bank of Montreal Can now owns 189,455 shares of the communications equipment provider’s stock worth $3,874,000 after buying an additional 138,260 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in shares of Sierra Wireless in the second quarter worth about $2,399,000. BlackRock Inc. lifted its position in shares of Sierra Wireless by 231,091.7% in the fourth quarter. BlackRock Inc. now owns 55,486 shares of the communications equipment provider’s stock worth $1,134,000 after buying an additional 55,462 shares during the last quarter. Finally, Westwood Management Corp IL acquired a new stake in shares of Sierra Wireless in the fourth quarter worth about $784,000. 21.76% of the stock is owned by institutional investors.

The stock has a market capitalization of $523.57, a PE ratio of 125.00 and a beta of 2.71. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.92 and a quick ratio of 1.54.

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Sierra Wireless Company Profile

Sierra Wireless, Inc is engaged in building the Internet of Things (IoT) with wireless solutions for organizations. The Company’s OEM Solution segment offers cellular embedded wireless modules for IoT connectivity, including an embedded application framework to support customer applications. The Company’s Enterprise Solution segment offers intelligent routers and gateways, including management tools and applications that enable cellular connectivity.

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