Sequans Communications (NYSE:SQNS) Trading Up 9.5% - Should You Buy?

Key Points

• Sequans Communications' shares rose by 9.5%, reaching a last trading price of $10.39 after closing at $9.49, despite a notable decline in trading volume.
• Analysts have mixed ratings on the stock; it has a consensus rating of Strong Buy with a price target of $3.50, but one firm recently downgraded it from "hold" to "sell."
• Institutional investors own over 63% of Sequans Communications, with several entities increasing their stakes significantly in the second quarter.

Shares of Sequans Communications S.A. (NYSE:SQNS - Get Free Report) were up 9.5% during mid-day trading on Thursday . The stock traded as high as $10.93 and last traded at $10.39. Approximately 127,396 shares were traded during trading, a decline of 53% from the average daily volume of 269,753 shares. The stock had previously closed at $9.49.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SQNS shares. Wall Street Zen lowered shares of Sequans Communications from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Northland Securities assumed coverage on shares of Sequans Communications in a research note on Monday, August 11th. They issued an "outperform" rating and a $3.50 price target on the stock. Finally, Northland Capmk raised shares of Sequans Communications to a "strong-buy" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Strong Buy" and a consensus target price of $3.50.

Sequans Communications Trading Up 7.6%

The company has a market cap of $1.46 billion, a price-to-earnings ratio of 5.52 and a beta of 0.44. The stock's fifty day simple moving average is $1.78 and its 200 day simple moving average is $1.87.

Institutional Trading of Sequans Communications

Several institutional investors have recently added to or reduced their stakes in the stock. Hood River Capital Management LLC acquired a new stake in Sequans Communications in the 2nd quarter valued at approximately $20,746,000. NewGen Equity Long Short Fund acquired a new stake in Sequans Communications in the 2nd quarter valued at approximately $4,638,000. NewGen Asset Management Ltd acquired a new stake in Sequans Communications in the 2nd quarter valued at approximately $4,638,000. Boothbay Fund Management LLC increased its holdings in Sequans Communications by 1.5% in the 2nd quarter. Boothbay Fund Management LLC now owns 1,673,609 shares of the semiconductor company's stock valued at $2,460,000 after purchasing an additional 25,000 shares during the last quarter. Finally, AMH Equity Ltd increased its holdings in Sequans Communications by 14.8% in the 1st quarter. AMH Equity Ltd now owns 800,000 shares of the semiconductor company's stock valued at $1,680,000 after purchasing an additional 103,058 shares during the last quarter. Institutional investors and hedge funds own 63.33% of the company's stock.

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.

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