DragonWave Inc. (NASDAQ:DRWI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $2.25 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 7.66% from the company’s previous close.

According to Zacks, “DragonWave is a leading provider of high-capacity packet microwave solutions that drive next-generation IP networks. DragonWave’s carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data, enabling service providers, government agencies, enterprises and other organizations to meet their increasing bandwidth requirements rapidly and affordably. The principal application of DragonWave’s products is wireless network backhaul. Additional solutions include leased line replacement, last mile fiber extension and enterprise networks. DragonWave’s award winning HorizonĀ® solutions are known in the industry for their leading capacity, reliability, and spectral efficiency. The company has a network of distributor and reseller partners globally. Customers include Carriers, Service Providers, Utilities, WISP’s and Enterprises. DragonWave’s corporate headquarters is located in Ottawa, Ontario, with sales locations in Europe, the Middle East and North America. “

Several other equities research analysts have also recently commented on the stock. Desjardins reiterated a “sell” rating and set a $3.00 price target on shares of DragonWave in a research report on Saturday. Rodman & Renshaw assumed coverage on shares of DragonWave in a research report on Tuesday, September 6th. They set a “buy” rating and a $4.00 price target for the company.

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DragonWave (NASDAQ:DRWI) traded down 4.13% during midday trading on Tuesday, reaching $2.09. 27,436 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $2.74 and its 200 day moving average is $4.25. DragonWave has a 1-year low of $1.50 and a 1-year high of $10.66. The stock’s market cap is $7.58 million.

DragonWave (NASDAQ:DRWI) last issued its quarterly earnings results on Wednesday, October 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.95) by $0.01. DragonWave had a negative return on equity of 390.31% and a negative net margin of 39.81%. The business had revenue of $13.20 million for the quarter. Equities analysts anticipate that DragonWave will post ($3.49) earnings per share for the current fiscal year.

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.

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