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

Sequans Communications S.A. (NYSE:SQNS) saw a large increase in short interest in October. As of October 13th, there was short interest totalling 2,493,490 shares, an increase of 39.9% from the September 29th total of 1,782,524 shares. Based on an average daily trading volume, of 1,635,353 shares, the days-to-cover ratio is presently 1.5 days.

Sequans Communications (NYSE:SQNS) last announced its quarterly earnings data on Tuesday, October 31st. The semiconductor company reported ($0.07) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.07). The business had revenue of $11.30 million for the quarter, compared to analyst estimates of $11.08 million. Sequans Communications had a negative net margin of 46.93% and a negative return on equity of 256.90%. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) earnings per share.

A number of equities research analysts have issued reports on SQNS shares. BidaskClub upgraded shares of Sequans Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. B. Riley reiterated a “buy” rating and issued a $5.50 target price on shares of Sequans Communications in a research report on Wednesday, August 2nd. Robert W. Baird started coverage on shares of Sequans Communications in a research report on Wednesday, August 2nd. They issued an “outperform” rating and a $5.00 target price for the company. Canaccord Genuity increased their target price on shares of Sequans Communications from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research upgraded shares of Sequans Communications from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Three research analysts have rated the stock with a sell rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $3.96.

Hedge funds have recently made changes to their positions in the company. FNY Managed Accounts LLC bought a new stake in shares of Sequans Communications in the second quarter worth $134,000. Tudor Investment Corp ET AL bought a new stake in shares of Sequans Communications in the second quarter worth $162,000. Verition Fund Management LLC bought a new stake in shares of Sequans Communications in the second quarter worth $220,000. Virtu KCG Holdings LLC bought a new stake in shares of Sequans Communications in the second quarter worth $402,000. Finally, Granite Point Capital Management L.P. lifted its position in shares of Sequans Communications by 359.4% in the second quarter. Granite Point Capital Management L.P. now owns 229,700 shares of the semiconductor company’s stock worth $760,000 after purchasing an additional 179,700 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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Sequans Communications Company Profile

Sequans Communications SA is a fabless designer, developer and supplier of fourth Generation long term evolution (4G LTE) semiconductor solutions for wireless broadband applications, with a specific focus on the single-mode device market. Its semiconductor solutions integrate baseband processor and radio frequency (RF) transceiver integrated circuits (ICs) along with its signal processing techniques, algorithms and software stacks.

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