Quantenna Communications (QTNA) Received its Third Buy in a Row


After Northland Securities and Roth Capital gave Quantenna Communications (NASDAQ: QTNA) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Quinn Bolton maintained a Buy rating on Quantenna Communications today and set a price target of $23. The company’s shares closed yesterday at $15.37.

Bolton said:

“QTNA’s 3Q18 results and 4Q18 guidance beat expectation and marked another quarterly revenue record for both (10G) products. The company’s Wave 3 solutions are now ramping with four NA cable MSOs. QTNA announced its QSR5GU-AX Plus solution for the mainstream 802.11ax market is sampling today, further expanding QTNA’s 11ax portfolio. 2 products expected to reach quarterly record revenue again in 4Q18 and QTNA’s continued leadership in innovation, we maintain our Strong Buy rating and $23 PT , based on an EV of ~3.0x our 2019 sales estimate. QTNA remains our top pick for 2018.”

According to TipRanks.com, Bolton is a 5-star analyst with an average return of 12.6% and a 58.9% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Sequans Communications S A, and Integrated Device Tech.

Currently, the analyst consensus on Quantenna Communications is a Strong Buy with an average price target of $21.80, a 41.8% upside from current levels. In a report issued on October 22, Roth Capital also maintained a Buy rating on the stock with a $21 price target.

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Based on Quantenna Communications’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $1.03 million. In comparison, last year the company had a net profit of $2.8 million.

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Quantenna Communications, Inc. designs, develops, and markets the advanced high-speed wireless communication solutions enabling wireless local area networking. It creates disruptive next generation multiple input multiple output based wireless chips with size, power, and performance characteristics.

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