DragonWave, Inc.(USA) Sees Strong Trading Volume Following Better-Than-Expected Earnings (DRWI)
DragonWave, Inc.(USA) (NASDAQ:DRWI) shares saw unusually-strong trading volume on Thursday following a stronger than expected earnings report, Analyst Ratings News reports. Approximately 3,402,124 shares were traded during trading, an increase of 116% from the previous session’s volume of 1,576,298 shares.The stock last traded at $2.31 and had previously closed at $2.24.
The company reported ($0.11) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.13) by $0.02. The company had revenue of $28.80 million for the quarter, compared to the consensus estimate of $27.20 million. During the same quarter in the prior year, the company posted ($0.31) earnings per share. The company’s quarterly revenue was up 17.4% on a year-over-year basis.
A number of analysts have recently weighed in on DRWI shares. Analysts at Scotiabank raised their price target on shares of DragonWave, Inc.(USA) from C$1.20 to C$1.80 in a research note on Monday. They now have an “underperform” rating on the stock. Separately, analysts at HC Wainwright & Co. upgraded shares of DragonWave, Inc.(USA) from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 2nd. They now have a $3.00 price target on the stock. Finally, analysts at HC Wainwright upgraded shares of DragonWave, Inc.(USA) from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 2nd. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $1.72.
The stock has a 50-day moving average of $1.55 and a 200-day moving average of $1.45. The company’s market cap is $137.4 million.
DragonWave Inc (NASDAQ:DRWI) is in the business of developing broadband wireless backhaul and pseudowire equipment.
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