Quantenna Communications (QTNA) Stock Price Up 8.5% Following Strong Earnings

Quantenna Communications Inc (NASDAQ:QTNA) rose 8.5% during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $17.50 and last traded at $16.67. Approximately 864,600 shares changed hands during trading, an increase of 154% from the average daily volume of 340,702 shares. The stock had previously closed at $15.37.

The technology company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. Quantenna Communications had a return on equity of 3.33% and a net margin of 17.33%. The firm had revenue of $59.30 million for the quarter, compared to the consensus estimate of $58.06 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. The business’s quarterly revenue was up 18.4% compared to the same quarter last year.

QTNA has been the topic of a number of recent research reports. Zacks Investment Research upgraded Quantenna Communications from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research note on Thursday, August 2nd. Roth Capital boosted their target price on Quantenna Communications from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, September 5th. Benchmark boosted their target price on Quantenna Communications from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, September 5th. BidaskClub upgraded Quantenna Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, September 5th. Finally, Stifel Nicolaus boosted their target price on Quantenna Communications from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, September 4th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $19.80.

In other news, CFO Sean Sobers sold 7,172 shares of the company’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $18.09, for a total transaction of $129,741.48. Following the completion of the sale, the chief financial officer now owns 57,050 shares in the company, valued at approximately $1,032,034.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP David William Carroll sold 1,521 shares of the company’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $16.66, for a total value of $25,339.86. Following the sale, the senior vice president now owns 62,754 shares of the company’s stock, valued at approximately $1,045,481.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,315 shares of company stock valued at $1,816,812. 13.49% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. BlueMountain Capital Management LLC bought a new stake in Quantenna Communications during the 2nd quarter valued at approximately $185,000. Quantum Capital Management boosted its stake in Quantenna Communications by 11.6% during the 2nd quarter. Quantum Capital Management now owns 164,289 shares of the technology company’s stock valued at $2,553,000 after purchasing an additional 17,132 shares during the period. Manatuck Hill Partners LLC bought a new stake in Quantenna Communications during the 2nd quarter valued at approximately $1,664,000. Marathon Capital Management boosted its stake in Quantenna Communications by 3.8% during the 2nd quarter. Marathon Capital Management now owns 153,972 shares of the technology company’s stock valued at $2,392,000 after purchasing an additional 5,672 shares during the period. Finally, Creative Planning boosted its stake in Quantenna Communications by 40.8% during the 2nd quarter. Creative Planning now owns 21,114 shares of the technology company’s stock valued at $328,000 after purchasing an additional 6,113 shares during the period. Hedge funds and other institutional investors own 62.22% of the company’s stock.

The company has a market cap of $581.26 million, a price-to-earnings ratio of -833.50, a P/E/G ratio of 4.52 and a beta of 1.94.

About Quantenna Communications (NASDAQ:QTNA)

Quantenna Communications, Inc designs, develops, and markets wireless communication solutions enabling wireless local area networking in the United States and internationally. The company's solutions portfolio comprises radio frequency chips and digital baseband chips, which support the IEEE Wi-Fi standards, including 802.11n, 802.11ac, and draft 802.11ax.

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