Sequans Communications S.A. (NYSE:SQNS) Short Interest Update

Key Points

• Short interest in Sequans Communications S.A. has surged by 61.5% in August, totaling 5,750,000 shares, which represents 22.6% of the company's total shares.
• The company announced a 1-10 reverse split set to take place on September 17th, affecting the number of shares owned by shareholders.
• Analysts have given Sequans a consensus rating of "Strong Buy" with an average price target of $3.50, following mixed ratings from different equity analysts.

Sequans Communications S.A. (NYSE:SQNS - Get Free Report) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 5,750,000 shares, a growth of 61.5% from the August 15th total of 3,560,000 shares. Based on an average daily volume of 6,920,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 22.6% of the company's shares are sold short. Approximately 22.6% of the company's shares are sold short. Based on an average daily volume of 6,920,000 shares, the days-to-cover ratio is currently 0.8 days.

Sequans Communications Stock Down 4.5%

Sequans Communications stock traded down $0.46 during mid-day trading on Friday, hitting $9.87. The company had a trading volume of 319,688 shares, compared to its average volume of 416,531. The stock has a market cap of $140.84 million, a price-to-earnings ratio of 0.53 and a beta of 0.44. Sequans Communications has a 1 year low of $7.30 and a 1 year high of $58.30. The business has a fifty day moving average of $2.02 and a 200 day moving average of $1.97.

Hedge Funds Weigh In On Sequans Communications

A number of hedge funds have recently modified their holdings of the business. Hood River Capital Management LLC purchased a new position in shares of Sequans Communications during the second quarter worth approximately $20,746,000. NewGen Equity Long Short Fund purchased a new position in shares of Sequans Communications during the second quarter worth approximately $4,638,000. NewGen Asset Management Ltd purchased a new position in shares of Sequans Communications during the second quarter worth approximately $4,638,000. Boothbay Fund Management LLC grew its position in shares of Sequans Communications by 1.5% during the second quarter. Boothbay Fund Management LLC now owns 1,673,609 shares of the semiconductor company's stock worth $2,460,000 after acquiring an additional 25,000 shares during the last quarter. Finally, AMH Equity Ltd grew its position in shares of Sequans Communications by 14.8% during the first quarter. AMH Equity Ltd now owns 800,000 shares of the semiconductor company's stock worth $1,680,000 after acquiring an additional 103,058 shares during the last quarter. 63.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SQNS. Wall Street Zen lowered shares of Sequans Communications from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Northland Securities initiated coverage on shares of Sequans Communications in a research report on Monday, August 11th. They issued an "outperform" rating and a $3.50 target price on the stock. Finally, Northland Capmk raised shares of Sequans Communications to a "strong-buy" rating in a research report 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 stock. According to MarketBeat.com, Sequans Communications presently has a consensus rating of "Strong Buy" and a consensus price target of $3.50.

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.