Quantenna Comms (QTNA) Stock Price Down 7% After Insider Selling
Quantenna Comms (NASDAQ:QTNA) was down 7% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $18.00 and last traded at $18.01, with a volume of 864,195 shares traded. The stock had previously closed at $19.37.
Specifically, Director John Scull sold 301,570 shares of the business’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $20.84, for a total transaction of $6,284,718.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sean Sobers sold 2,743 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $21.02, for a total value of $57,657.86. Following the sale, the chief financial officer now owns 10,000 shares of the company’s stock, valued at approximately $210,200. The disclosure for this sale can be found here. Insiders have sold a total of 2,538,076 shares of company stock valued at $50,872,709 in the last quarter. Company insiders own 22.62% of the company’s stock.
A number of analysts have recently issued reports on QTNA shares. Zacks Investment Research upgraded Quantenna Comms from a “sell” rating to a “hold” rating in a report on Thursday, May 11th. Needham & Company LLC reiterated a “strong-buy” rating and set a $26.00 target price on shares of Quantenna Comms in a report on Tuesday, May 9th. Finally, Barclays PLC decreased their target price on Quantenna Comms from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Quantenna Comms currently has an average rating of “Buy” and a consensus price target of $23.83.
The company has a 50-day moving average of $19.68 and a 200-day moving average of $20.01. The company’s market cap is $606.90 million.
Quantenna Comms (NASDAQ:QTNA) last announced its quarterly earnings results on Monday, August 7th. The technology company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.02. The business had revenue of $47.10 million during the quarter, compared to the consensus estimate of $42.90 million. The firm’s revenue for the quarter was up 42.7% on a year-over-year basis. On average, equities research analysts predict that Quantenna Comms will post $0.27 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the stock. FMR LLC acquired a new position in shares of Quantenna Comms during the fourth quarter valued at $6,593,000. Norges Bank acquired a new position in shares of Quantenna Comms during the fourth quarter valued at $181,000. Russell Investments Group Ltd. acquired a new position in shares of Quantenna Comms during the first quarter valued at $416,000. Pier Capital LLC boosted its position in shares of Quantenna Comms by 43.0% in the first quarter. Pier Capital LLC now owns 210,688 shares of the technology company’s stock valued at $4,389,000 after buying an additional 63,379 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Quantenna Comms by 60.4% in the first quarter. Wellington Management Group LLP now owns 457,255 shares of the technology company’s stock valued at $9,524,000 after buying an additional 172,236 shares during the last quarter. 31.58% of the stock is currently owned by institutional investors and hedge funds.
About Quantenna Comms
Quantenna Communications, Inc is engaged in the design, development and marketing of wireless communication solutions enabling wireless local area networking. The Company’s solutions are designed to deliver wireless fidelity (Wi-Fi) performance to support various connected devices accessing a pool of digital content.
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