DragonWave Inc. (NASDAQ:DRWI) shares dropped 9.9% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $2.40 and last traded at $2.45, with a volume of 83,473 shares trading hands. The stock had previously closed at $2.72.
The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.95) by $0.01. The company had revenue of $13.20 million for the quarter. DragonWave had a negative return on equity of 258.11% and a negative net margin of 55.79%.
DRWI has been the topic of several research analyst reports. Zacks Investment Research raised shares of DragonWave from a “sell” rating to a “hold” rating in a research report on Wednesday, September 14th. Rodman & Renshaw initiated coverage on shares of DragonWave in a research report on Tuesday, September 6th. They set a “buy” rating and a $4.00 target price on the stock.
The stock’s 50 day moving average price is $2.77 and its 200 day moving average price is $4.24. The stock’s market capitalization is $9.10 million.
DragonWave Inc (DragonWave) is a provider of packet microwave solutions for Internet protocol (IP) networks. The Company operates through broadband wireless backhaul equipment segment. The principal application of DragonWave’s products is mobile network backhaul. Additional applications include leased line replacement, last mile fiber extension and enterprise networks.
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