DragonWave Inc. (NASDAQ:DRWI)’s share price dropped 9.9% during trading on Thursday following a weaker than expected earnings announcement. The company 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 the Thomson Reuters’ consensus estimate of ($0.95) by $0.01. DragonWave had a negative net margin of 39.81% and a negative return on equity of 316.15%. The business earned $13.20 million during the quarter.
DRWI has been the subject of several research analyst reports. Zacks Investment Research upgraded DragonWave from a “sell” rating to a “hold” rating in a research report on Wednesday, September 14th. Rodman & Renshaw initiated coverage on DragonWave in a research report on Tuesday, September 6th. They issued a “buy” rating and a $4.00 price objective for the company.
The stock’s market capitalization is $8.81 million. The company’s 50 day moving average is $2.76 and its 200-day moving average is $4.25.