Quantenna Comms (NASDAQ:QTNA) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 2,025,095 shares, a growth of 95.2% from the June 15th total of 1,037,488 shares. Currently, 11.2% of the shares of the stock are sold short. Based on an average trading volume of 554,156 shares, the days-to-cover ratio is presently 3.7 days.
Shares of Quantenna Comms (QTNA) opened at 19.37 on Tuesday. The firm’s 50-day moving average is $19.68 and its 200 day moving average is $20.01. The firm’s market cap is $652.73 million. Quantenna Comms has a 52 week low of $13.75 and a 52 week high of $25.45.
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 analysts’ consensus estimates of $0.05 by $0.02. The firm had revenue of $47.10 million during the quarter, compared to analysts’ expectations of $42.90 million. The business’s quarterly revenue was up 42.7% compared to the same quarter last year. Equities research analysts forecast that Quantenna Comms will post $0.27 EPS for the current year.
In related news, Chairman Sam Heidari sold 8,400 shares of Quantenna Comms stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $20.19, for a total value of $169,596.00. Following the sale, the chairman now owns 77,100 shares of the company’s stock, valued at approximately $1,556,649. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sean Sobers sold 2,743 shares of Quantenna Comms stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $21.02, for a total transaction of $57,657.86. Following the completion of the sale, the chief financial officer now directly owns 10,000 shares in the company, valued at approximately $210,200. The disclosure for this sale can be found here. Insiders sold a total of 2,538,076 shares of company stock worth $50,872,709 in the last three months. 22.62% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in Quantenna Comms by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 60,662 shares of the technology company’s stock worth $1,153,000 after buying an additional 2,035 shares during the last quarter. Creative Planning bought a new stake in Quantenna Comms during the second quarter worth approximately $102,000. Norges Bank bought a new stake in Quantenna Comms during the fourth quarter worth approximately $181,000. Dynamic Technology Lab Private Ltd bought a new stake in Quantenna Comms during the first quarter worth approximately $255,000. Finally, Schwab Charles Investment Management Inc. raised its stake in Quantenna Comms by 135.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 25,636 shares of the technology company’s stock worth $534,000 after buying an additional 14,736 shares during the last quarter. 31.58% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have issued reports on QTNA. Barclays PLC reaffirmed an “overweight” rating on shares of Quantenna Comms in a research note on Friday, July 21st. Zacks Investment Research raised shares of Quantenna Comms from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research note on Tuesday, July 11th. Finally, Needham & Company LLC reaffirmed a “strong-buy” rating and set a $26.00 target price on shares of Quantenna Comms in a research note on Tuesday, May 9th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $24.17.
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Quantenna Comms Company Profile
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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