Polar Asset Management Partners Inc. Sells 6,028,375 Shares of Sequans Communications S.A. $SQNS

Polar Asset Management Partners Inc. lessened its holdings in Sequans Communications S.A. (NYSE:SQNS) by 84.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,114,482 shares of the semiconductor company’s stock after selling 6,028,375 shares during the period. Polar Asset Management Partners Inc. owned approximately 0.08% of Sequans Communications worth $10,543,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SQNS. Bank of America Corp DE bought a new stake in Sequans Communications during the third quarter worth $26,000. Meteora Capital LLC bought a new position in Sequans Communications in the 2nd quarter valued at $74,000. Krilogy Financial LLC bought a new position in Sequans Communications in the 3rd quarter valued at $568,000. Moore Capital Management LP purchased a new stake in shares of Sequans Communications during the 3rd quarter valued at $581,000. Finally, 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. 63.33% of the stock is owned by institutional investors.

Insider Activity at Sequans Communications

In other news, major shareholder Daniel Asher purchased 57,809 shares of the company’s stock in a transaction dated Tuesday, January 13th. The shares were purchased at an average price of $5.51 per share, with a total value of $318,527.59. Following the transaction, the insider directly owned 1,789,487 shares of the company’s stock, valued at approximately $9,860,073.37. This represents a 3.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders acquired 223,032 shares of company stock worth $1,194,030. 9.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on SQNS. Lake Street Capital assumed coverage on shares of Sequans Communications in a report on Wednesday, December 10th. They issued a “buy” rating and a $18.00 price target on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Sequans Communications in a report on Monday, December 29th. Finally, B. Riley Financial lowered their price objective on shares of Sequans Communications from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.33.

Sequans Communications Price Performance

Shares of NYSE SQNS opened at $3.15 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.79 and a debt-to-equity ratio of 0.55. The stock has a fifty day simple moving average of $3.91 and a two-hundred day simple moving average of $6.04. Sequans Communications S.A. has a 1-year low of $2.72 and a 1-year high of $58.30. The firm has a market cap of $45.13 million, a price-to-earnings ratio of -0.25 and a beta of 0.37.

Sequans Communications 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.