Company Update (NASDAQ:DRWI): DragonWave Updates Revenue Expectations for Fourth Quarter 2015
DragonWave Inc. (NASDAQ: DRWI), a leading global supplier of packet microwave radio systems for mobile and access networks, today announced updated revenue expectations of approximately $44 million for its fourth quarter of fiscal year 2015, ended February 28, 2015. Revenue is lower than expected because of the uneven timing of installation services revenue, shipments that did not make the Q4 cut off, and delays in equipment orders, which are now expected to be received in fiscal year 2016.
Revenue for the full fiscal year 2015 is expected to be approximately $158 million, which represents growth of approximately 75% over fiscal year 2014.
These updated revenue expectations are preliminary, have not been reviewed by DragonWave’s external auditors, and are subject to completion of customary quarterly closing and internal review procedures, as well as our annual external audit. Revenue figures are in U.S. dollars.
Shares of Dragonwave closed yesterday at $0.9 . DRWI has a 1-year high of $2.55 and a 1-year low of $0.78. The stock’s 50-day moving average is $0.87 and it’s 200-day moving average is $1.07.
On the ratings front, Dragonwave has been the subject of a number of recent research reports. In a report issued on January 13, TD Securities analyst Scott Penner maintained a Hold rating on DRWI, with a price target of $1.50, which implies an upside of 66.7% from current levels.
According to TipRanks, Penner has a total average return of -7.0%, a 33.3% success rate, and is ranked 2854 out of 3505 analysts.
DragonWave Inc is a provider of high-capacity packet microwave solutions that drive next-generation IP networks. Its products are wireless network backhaul.