Sequans Communications S.A. (NYSE:SQNS)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday. They currently have a $3.00 price objective on the semiconductor company’s stock, down from their prior price objective of $4.00. Needham & Company LLC’s target price suggests a potential upside of 50.00% from the company’s previous close.

The analysts wrote, “SQNS negatively pre-announced 3Q17 results, reducing 3Q17 revenue expectations by ~$5MM from the prior mid-point and shaving $0.01 from the upper end of its EPS range due to continued weakness/pricing pressure in emerging markets broadband CPE equipment and an inventory correction in the Verizon Jetpack business. A Vertical Markets deal also slipped to 4Q17. Management expects the Broadband weakness to continue through year-end. While the CAT 1/CAT M IoT outlook remains intact, we are forced to reduce our forward estimates, which in turn will once again raise concerns about the balance sheet and cash burn. While this near-term impact is disappointing, we remain positive on SQNS given the company’s leadership in narrowband LTE.””

A number of other research analysts also recently issued reports on SQNS. B. Riley restated a “buy” rating and set a $6.00 price target (up previously from $4.50) on shares of Sequans Communications in a research note on Wednesday, June 7th. Zacks Investment Research downgraded Sequans Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. BidaskClub upgraded Sequans Communications from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Robert W. Baird assumed coverage on Sequans Communications in a research note on Wednesday, August 2nd. They issued an “outperform” rating and a $5.00 target price on the stock. Finally, Canaccord Genuity lifted their target price on Sequans Communications from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. Sequans Communications presently has an average rating of “Hold” and an average price target of $4.13.

Shares of Sequans Communications (NYSE SQNS) opened at 2.00 on Wednesday. The company has a 50-day moving average price of $3.11 and a 200-day moving average price of $3.39. Sequans Communications has a 12 month low of $1.65 and a 12 month high of $4.75. The stock’s market cap is $159.52 million.

Sequans Communications (NYSE:SQNS) last released its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The firm had revenue of $13.22 million for the quarter, compared to analysts’ expectations of $14.48 million. Sequans Communications had a negative return on equity of 212.46% and a negative net margin of 42.44%. The company’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.10) EPS. On average, analysts expect that Sequans Communications will post ($0.25) EPS for the current fiscal year.

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Several institutional investors have recently bought and sold shares of the stock. AWM Investment Company Inc. boosted its stake in shares of Sequans Communications by 5.6% in the second quarter. AWM Investment Company Inc. now owns 7,727,240 shares of the semiconductor company’s stock valued at $25,577,000 after buying an additional 407,010 shares in the last quarter. Verition Fund Management LLC purchased a new stake in shares of Sequans Communications in the second quarter valued at approximately $220,000. Manatuck Hill Partners LLC boosted its stake in shares of Sequans Communications by 47.2% in the second quarter. Manatuck Hill Partners LLC now owns 312,000 shares of the semiconductor company’s stock valued at $1,033,000 after buying an additional 100,000 shares in the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of Sequans Communications in the second quarter valued at approximately $162,000. Finally, B. Riley Financial Inc. purchased a new stake in shares of Sequans Communications in the second quarter valued at approximately $841,000. Hedge funds and other institutional investors own 31.86% of the company’s stock.

Sequans Communications Company Profile

Sequans Communications SA is a fabless designer, developer and supplier of fourth Generation long term evolution (4G LTE) semiconductor solutions for wireless broadband applications, with a specific focus on the single-mode device market. Its semiconductor solutions integrate baseband processor and radio frequency (RF) transceiver integrated circuits (ICs) along with its signal processing techniques, algorithms and software stacks.

Analyst Recommendations for Sequans Communications (NYSE:SQNS)

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