Sequans Communications (NYSE:SQNS) Trading Down 3.1% - Here's What Happened

Key Points

• Sequans Communications shares fell by 3.1%, trading as low as $9.25, with a decrease in trading volume of 16% from the average session.
• Analysts have mixed ratings for the stock, with Northland Capital Markets upgrading it to a "strong-buy," while Wall Street Zen downgraded it to a "sell," leading to an overall average rating of "Strong Buy."
• Institutional investors hold 63.33% of Sequans Communications' stock, with recent investments from firms like Hood River Capital Management and Credit Industriel ET Commercial.

Sequans Communications S.A. (NYSE:SQNS - Get Free Report) was down 3.1% on Wednesday . The company traded as low as $9.25 and last traded at $9.30. Approximately 226,010 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 268,823 shares. The stock had previously closed at $9.60.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SQNS shares. Wall Street Zen downgraded shares of Sequans Communications from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Northland Capmk upgraded Sequans Communications to a "strong-buy" rating in a report on Monday, August 11th. Finally, Northland Securities assumed coverage on Sequans Communications in a report on Monday, August 11th. They issued an "outperform" rating and a $3.50 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and an average price target of $3.50.

Sequans Communications Price Performance

The company has a market capitalization of $140.86 million, a price-to-earnings ratio of 0.53 and a beta of 0.44. The stock has a 50 day moving average price of $2.02 and a two-hundred day moving average price of $1.97.

Institutional Trading of Sequans Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hood River Capital Management LLC acquired a new stake in Sequans Communications in the second quarter worth about $20,746,000. NewGen Asset Management Ltd bought a new position in Sequans Communications during the second quarter worth about $4,638,000. NewGen Equity Long Short Fund bought a new position in Sequans Communications during the second quarter worth about $4,638,000. Groupe la Francaise bought a new position in Sequans Communications during the first quarter worth about $988,000. Finally, Credit Industriel ET Commercial boosted its holdings in Sequans Communications by 48.8% during the second quarter. Credit Industriel ET Commercial now owns 598,166 shares of the semiconductor company's stock worth $879,000 after buying an additional 196,162 shares during the last quarter. 63.33% of the stock is currently owned by institutional investors and hedge funds.

Sequans Communications Company Profile

Sequans Communications SA engages in the fabless designing, developing, and supplying of cellular semiconductor solutions for massive and broadband Internet of Things (IoT) markets in Taiwan, Korea, China, rest of Asia, Germany, the United States, and internationally. It offers baseband solutions for use in encoding and decoding data based on 4G and 5G protocols for wireless processing platform for a cellular device; RF transceivers used to transmit and receive wireless transmissions; highly integrated SoC solutions that combine various functions into a single die or package; and LTE modules.