Canaccord Genuity Cuts Sequans Communications (SQNS) Price Target to $2.50

Sequans Communications (NYSE:SQNS) had its target price cut by Canaccord Genuity from $3.00 to $2.50 in a report released on Wednesday morning. They currently have a buy rating on the semiconductor company’s stock.

SQNS has been the subject of a number of other reports. Needham & Company LLC lowered their price target on shares of Sequans Communications from $3.00 to $2.50 and set a buy rating for the company in a report on Wednesday, August 1st. Zacks Investment Research lowered shares of Sequans Communications from a hold rating to a sell rating in a report on Friday, July 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $2.66.

Shares of SQNS traded up $0.01 during mid-day trading on Wednesday, reaching $1.05. The company’s stock had a trading volume of 364,063 shares, compared to its average volume of 169,951. The company has a debt-to-equity ratio of 4.36, a quick ratio of 0.88 and a current ratio of 1.34. Sequans Communications has a 52 week low of $1.00 and a 52 week high of $2.61.

Sequans Communications (NYSE:SQNS) last announced its quarterly earnings data on Tuesday, October 30th. The semiconductor company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.01). Sequans Communications had a negative return on equity of 361.56% and a negative net margin of 75.61%. The business had revenue of $10.30 million during the quarter, compared to the consensus estimate of $14.25 million. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. The company’s revenue was down 8.8% compared to the same quarter last year. Equities analysts expect that Sequans Communications will post -0.29 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of SQNS. FNY Investment Advisers LLC purchased a new stake in shares of Sequans Communications in the 2nd quarter worth about $164,000. Banque Pictet & Cie SA bought a new position in shares of Sequans Communications in the 2nd quarter worth approximately $326,000. Gradient Investments LLC lifted its stake in shares of Sequans Communications by 29.3% in the 2nd quarter. Gradient Investments LLC now owns 452,031 shares of the semiconductor company’s stock worth $922,000 after purchasing an additional 102,559 shares during the period. Numen Capital LLP lifted its stake in shares of Sequans Communications by 55.3% in the 2nd quarter. Numen Capital LLP now owns 664,830 shares of the semiconductor company’s stock worth $1,355,000 after purchasing an additional 236,830 shares during the period. Finally, Divisar Capital Management LLC lifted its stake in shares of Sequans Communications by 35.4% in the 2nd quarter. Divisar Capital Management LLC now owns 4,759,354 shares of the semiconductor company’s stock worth $9,709,000 after purchasing an additional 1,244,955 shares during the period. 36.52% of the stock is currently owned by institutional investors and hedge funds.

Sequans Communications Company Profile

Sequans Communications SA, together with its subsidiaries, engages in fabless designing, developing, and supplying 4G LTE semiconductor solutions for wireless broadband and Internet of Things applications. Its solutions incorporate baseband processor and radio frequency (RF) transceiver integrated circuits along with proprietary signal processing techniques, algorithms, and software stacks.

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