After starting this year at a less-than-impressive two-star rank, DragonWave (Nasdaq: DRWI) has been steadily earning the respect of more top-performing members in our 165,000-strong Motley Fool CAPS community, enough in fact to reach top-rated five stars recently. A total of 261 members have given their opinion on the wireless equipment maker, with many of them offering analysis and commentary explaining the recent optimism.

CAPS members have become increasingly bullish on DragonWave this year as its fiscal fourth-quarter revenue jumped 463%, followed by another impressive 275% increase in the first quarter. But with much of its business coming from ClearWire (Nasdaq: CLWR) as the wireless broadband network operator busily builds out Sprint Nextel's (NYSE: S) 4G network, fears have been growing among investors over its heavy reliance on one customer. This fear reached a head recently, as DragonWave forecasted ClearWire to account for just 25% of second-quarter revenue compared to nearly 80% in the first. Accordingly, the stock price has been knocked down more than 50% year to date, enough to make it a screaming bargain to some investors.                                       

Competitors Alvarion (Nasdaq: ALVR) and Ceragon Networks (Nasdaq: CRNT) don't have as much revenue concentration from one customer as DragonWave does, but many investors like DragonWave's solid position in the industry. Analysts have given mixed opinions on the future direction of the company's business, but those on the bullish side cite big potential in many areas. Some expect DragonWave to book more business with ClearWire as it builds out another phase of the network and also look for more international growth. Some CAPS members also believe DragonWave is still a good candidate to supply equipment to major domestic mobile players AT&T (NYSE: T) and Verizon's (NYSE: VZ) mobile arm, Verizon Wireless, which DragonWave had been in talks with earlier this year. And now that shares are down to the point where more than half the market cap is made up of cash and equivalents on the balance sheet, some investors are bullish on a value-basis alone despite the market risks that face the fast-growing business.

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