Analysts at Zacks Investment Research upgraded shares of Sequans Communications SA (NYSE: SQNS) from Sell to Hold today. With a rating of Hold on the shares, the company has a 52-week high of $3.00. The one-year price target of $3.33 is higher than the opening price of $1.75, causing a fair amount of other analysts to comment on the stock in recent days. Usually, after analysts assign an upgrade report on a stock, they will subsequently issue recurring updates, such as a price target change.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Shares of Sequans Communications SA (NYSE: SQNS) opened at $1.75 yesterday and traded in a range between, $1.64 and $1.77, and last traded at $1.70, which represents a drop of $0.06 over the previous closing price.
Sequans Communications SA (NYSE: SQNS) now has a market cap of 100.86M.
The stock’s average daily volume is 97,444 shares out of a total float 33,485,000 and some 166,767 shares crossed the trading desk yesterday, higher than the norm. Heavy volume aggregation by institutional investors may be on the horizon as the combination of substantial expansions in trading volume and price appreciation can be deciding factors.
As with all potential breakouts, investors watch for volume to be at least 40%-50% higher than normal on the breakout to indicate that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts that research thousands of stocks, so it is good confirmation to see them buying a stock you are considering.
Traders can make more useful choices on trades when they track the activity of professional investors.
With that in mind, Sequans Communications SA (NYSE: SQNS) now has a 50-day MA of $1.85 and 200-day MA of $2.18. It has traded in a 52-week range between $0.97 – 3.00 and today’s last price is 0.43% lower than the 52 week high of $3.00.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors identify companies that have grown their earnings by at least 25% over a 3 year period.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.