Water Island Capital LLC purchased a new position in shares of Quantenna Communications Inc (NASDAQ:QTNA) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,078,000 shares of the technology company’s stock, valued at approximately $26,228,000. Quantenna Communications makes up about 1.3% of Water Island Capital LLC’s investment portfolio, making the stock its 24th biggest holding.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quantamental Technologies LLC acquired a new stake in shares of Quantenna Communications during the fourth quarter worth $69,000. Horrell Capital Management Inc. boosted its holdings in shares of Quantenna Communications by 568.7% during the 4th quarter. Horrell Capital Management Inc. now owns 5,015 shares of the technology company’s stock worth $72,000 after buying an additional 4,265 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Quantenna Communications by 105.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,542 shares of the technology company’s stock worth $79,000 after buying an additional 2,845 shares during the period. Legal & General Group Plc boosted its holdings in shares of Quantenna Communications by 25.0% during the 4th quarter. Legal & General Group Plc now owns 6,183 shares of the technology company’s stock worth $89,000 after buying an additional 1,235 shares during the period. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in Quantenna Communications by 356.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 11,207 shares of the technology company’s stock valued at $161,000 after purchasing an additional 8,753 shares during the period. 71.06% of the stock is currently owned by institutional investors.
NASDAQ QTNA traded up $0.06 during trading hours on Wednesday, reaching $24.07. 19,453 shares of the company were exchanged, compared to its average volume of 515,081. Quantenna Communications Inc has a 1 year low of $13.03 and a 1 year high of $24.48. The company has a market capitalization of $924.76 million, a PE ratio of 300.56, a price-to-earnings-growth ratio of 3.08 and a beta of 1.02.
Quantenna Communications (NASDAQ:QTNA) last issued its earnings results on Monday, April 29th. The technology company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Quantenna Communications had a net margin of 2.24% and a return on equity of 6.86%. The firm had revenue of $57.68 million during the quarter, compared to analyst estimates of $57.49 million. During the same quarter last year, the business earned $0.03 earnings per share. The company’s quarterly revenue was up 27.8% on a year-over-year basis. On average, research analysts predict that Quantenna Communications Inc will post 0.39 earnings per share for the current fiscal year.
Several brokerages have recently commented on QTNA. Northland Securities cut shares of Quantenna Communications to a “market perform” rating in a research report on Friday, May 10th. Zacks Investment Research cut shares of Quantenna Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. BidaskClub cut shares of Quantenna Communications from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 30th. William Blair cut shares of Quantenna Communications from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. Finally, Roth Capital reiterated a “neutral” rating and set a $25.00 price objective (up from $21.00) on shares of Quantenna Communications in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $21.52.
In other Quantenna Communications news, CEO Sam Heidari sold 2,147 shares of Quantenna Communications stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $17.93, for a total transaction of $38,495.71. Following the transaction, the chief executive officer now directly owns 325,478 shares of the company’s stock, valued at $5,835,820.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have sold 52,147 shares of company stock valued at $1,064,746. 13.49% of the stock is currently owned by company insiders.
Quantenna Communications Profile
Quantenna Communications, Inc designs, develops, and markets wireless communication solutions enabling wireless local area networking in the Asia-Pacific, Europe, the Middle East, Africa, and the Americas. Its solutions portfolio comprises radio frequency chips and digital baseband chips, which support the IEEE Wi-Fi standards, including 802.11n, 802.11ac, and the draft Wi-Fi 6 standard.
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