Short Interest in Sequans Communications S.A. (NYSE:SQNS) Increases By 67.6%

Sequans Communications S.A. (NYSE:SQNS) was the target of a large growth in short interest in July. As of July 15th, there was short interest totaling 141,925 shares, a growth of 67.6% from the June 30th total of 84,666 shares. Based on an average daily volume of 46,965 shares, the days-to-cover ratio is presently 3.0 days. Currently, 1.0% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of research analysts have recently commented on SQNS shares. Wall Street Zen lowered shares of Sequans Communications from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Zacks Research upgraded Sequans Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.33.

Sequans Communications Price Performance

NYSE:SQNS traded down $0.01 during midday trading on Friday, hitting $2.46. The company had a trading volume of 43,065 shares, compared to its average volume of 172,603. Sequans Communications has a 52-week low of $2.38 and a 52-week high of $14.20. The stock’s fifty day moving average price is $3.29 and its 200-day moving average price is $3.42. The company has a market capitalization of $36.93 million, a PE ratio of -0.18 and a beta of 0.79. The company has a quick ratio of 0.42, a current ratio of 0.47 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On Sequans Communications

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Boothbay Fund Management LLC increased its position in shares of Sequans Communications by 1.5% during 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. Bank of America Corp DE bought a new stake in Sequans Communications in the 3rd quarter worth approximately $26,000. Moore Capital Management LP bought a new stake in Sequans Communications in the 3rd quarter worth approximately $581,000. Alyeska Investment Group L.P. purchased a new stake in Sequans Communications in the third quarter worth approximately $2,590,000. Finally, Wolverine Asset Management LLC purchased a new stake in Sequans Communications in the fourth quarter worth approximately $1,337,000. 63.33% of the stock is currently owned by hedge funds and other institutional investors.

Sequans Communications Company Profile

Sequans Communications is a fabless semiconductor company specializing in cellular IoT and broadband connectivity solutions. The company designs and delivers a range of LTE and 5G chips, modules and connectivity platforms that enable low-power wide-area (LPWA) networking as well as high-speed broadband services. Sequans’s products are targeted at Internet of Things (IoT) applications, including smart metering, industrial automation, smart cities and consumer electronics, as well as more data-intensive use cases such as fixed wireless access and private networks.

The company’s portfolio includes single-mode LTE chipsets for narrowband IoT (NB-IoT) and LTE-M, multi-mode platforms that combine LTE and 5G New Radio (NR) support, and modules that integrate RF front-ends, power management and embedded software.