Canaccord Genuity Increases Sequans Communications (NYSE:SQNS) Price Target to $11.00


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Sequans Communications (NYSE:SQNS) had its target price lifted by Canaccord Genuity from $9.00 to $11.00 in a research note published on Monday morning, The Fly reports. Canaccord Genuity currently has a buy rating on the semiconductor company’s stock.

SQNS has been the topic of several other research reports. Zacks Investment Research downgraded shares of Sequans Communications from a hold rating to a sell rating in a research note on Thursday, December 24th. Needham & Company LLC cut their price objective on Sequans Communications from $8.50 to $6.50 and set a buy rating for the company in a report on Wednesday, October 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $9.20.

Shares of SQNS opened at $7.90 on Monday. The firm has a market cap of $189.21 million, a PE ratio of -4.25 and a beta of 1.16. The firm’s 50 day moving average price is $5.89 and its 200 day moving average price is $5.88. Sequans Communications has a twelve month low of $3.31 and a twelve month high of $8.29.

Sequans Communications (NYSE:SQNS) last issued its quarterly earnings data on Tuesday, October 27th. The semiconductor company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.05). The company had revenue of $14.12 million for the quarter, compared to analysts’ expectations of $13.67 million. As a group, research analysts expect that Sequans Communications will post -1.11 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Altshuler Shaham Ltd bought a new position in shares of Sequans Communications during the third quarter valued at $30,000. Goldman Sachs Group Inc. bought a new position in shares of Sequans Communications during the second quarter valued at $87,000. Virtu Financial LLC bought a new position in shares of Sequans Communications during the third quarter valued at $89,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Sequans Communications during the third quarter valued at $95,000. Finally, Jane Street Group LLC bought a new position in shares of Sequans Communications in the third quarter valued at about $119,000. 51.00% of the stock is owned by institutional investors.

About Sequans Communications

Sequans Communications SA develops and provides 5G and 4G chips and modules for massive, broadband, and critical Internet of Things (IoT) markets. For 5G/4G massive IoT applications, the company provides a comprehensive product portfolio based on its flagship Monarch LTE-M/NB-IoT and Calliope Cat 1 chip platforms featuring low power consumption, a set of integrated functionalities, and deployment capability.

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