DragonWave Inc. (NASDAQ:DRWI) shares dropped 9.9% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.40 and last traded at $2.45, with a volume of 83,473 shares changing hands. The stock had previously closed at $2.72.

The company reported ($0.96) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.95) by $0.01. DragonWave had a negative return on equity of 258.11% and a negative net margin of 55.79%. The company earned $13.20 million during the quarter.

DRWI has been the subject of a number of research reports. Zacks Investment Research raised shares of DragonWave from a “sell” rating to a “hold” rating in a research note on Wednesday, September 14th. Rodman & Renshaw initiated coverage on shares of DragonWave in a research note on Tuesday, September 6th. They issued a “buy” rating and a $4.00 price target for the company.

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The firm’s 50-day moving average price is $2.79 and its 200 day moving average price is $4.26. The firm’s market capitalization is $8.96 million.

About DragonWave

DragonWave Inc (DragonWave) is a provider of packet microwave solutions for Internet protocol (IP) networks. The Company operates through broadband wireless backhaul equipment segment. The principal application of DragonWave’s products is mobile network backhaul. Additional applications include leased line replacement, last mile fiber extension and enterprise networks.

5 Day Chart for NASDAQ:DRWI

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