DragonWave Inc. (DRWI) Trading Down 9.9% Following Weak Earnings
DragonWave Inc. (NASDAQ:DRWI) shares were down 9.9% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $2.40 and last traded at $2.45, with a volume of 83,473 shares. The stock had previously closed at $2.72.
The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.95) by $0.01. The company had revenue of $13.20 million for the quarter. DragonWave had a negative net margin of 55.79% and a negative return on equity of 258.11%.
A number of equities analysts have issued reports on DRWI shares. Zacks Investment Research upgraded DragonWave from a “sell” rating to a “hold” rating in a research note on Wednesday, September 14th. Rodman & Renshaw began coverage on DragonWave in a research note on Tuesday, September 6th. They issued a “buy” rating and a $4.00 target price on the stock.
The firm has a 50-day moving average price of $2.79 and a 200 day moving average price of $4.26. The firm’s market cap is $8.96 million.
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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