Frequency Electronics (NASDAQ:FEIM) Shares Down 6.8% – Here’s What Happened

Frequency Electronics, Inc. (NASDAQ:FEIM) shares fell 6.8% on Tuesday . The company traded as low as $50.01 and last traded at $50.5360. 23,738 shares traded hands during trading, a decline of 88% from the average session volume of 195,596 shares. The stock had previously closed at $54.25.

Analysts Set New Price Targets

A number of brokerages have weighed in on FEIM. Weiss Ratings cut shares of Frequency Electronics from a “buy (b+)” rating to a “hold (c+)” rating in a research report on Wednesday, March 18th. Loop Capital set a $42.00 price target on shares of Frequency Electronics in a research report on Tuesday, December 16th. Craig Hallum reiterated a “buy” rating and set a $46.00 price target on shares of Frequency Electronics in a research report on Friday, December 12th. Finally, Wall Street Zen cut shares of Frequency Electronics from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.67.

Frequency Electronics Price Performance

The company’s 50 day moving average price is $49.34 and its 200 day moving average price is $43.36. The firm has a market cap of $531.36 million, a PE ratio of 72.05 and a beta of 0.45.

Frequency Electronics (NASDAQ:FEIM) last posted its quarterly earnings data on Wednesday, March 11th. The communications equipment provider reported $0.16 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.14). Frequency Electronics had a net margin of 10.78% and a return on equity of 12.69%. The business had revenue of $16.89 million during the quarter, compared to analysts’ expectations of $19.06 million.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FEIM. Cubist Systematic Strategies LLC purchased a new position in Frequency Electronics in the first quarter worth approximately $183,000. Goldman Sachs Group Inc. lifted its stake in Frequency Electronics by 67.3% in the first quarter. Goldman Sachs Group Inc. now owns 54,528 shares of the communications equipment provider’s stock worth $853,000 after acquiring an additional 21,934 shares during the last quarter. Jane Street Group LLC lifted its stake in Frequency Electronics by 27.2% in the first quarter. Jane Street Group LLC now owns 27,610 shares of the communications equipment provider’s stock worth $432,000 after acquiring an additional 5,909 shares during the last quarter. Geode Capital Management LLC lifted its stake in Frequency Electronics by 82.3% in the second quarter. Geode Capital Management LLC now owns 175,381 shares of the communications equipment provider’s stock worth $3,984,000 after acquiring an additional 79,181 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in Frequency Electronics in the second quarter worth approximately $224,000. Hedge funds and other institutional investors own 58.60% of the company’s stock.

About Frequency Electronics

Frequency Electronics, Inc (NASDAQ:FEIM) is a U.S.-based designer and manufacturer of precision frequency control products and timing solutions. The company’s portfolio includes oven-controlled crystal oscillators (OCXOs), atomic frequency standards such as rubidium oscillators, GPS-disciplined oscillators (GPSDOs), microwave synthesizers, and integrated timing subsystems. These products are used to provide stable and accurate frequency and time references for applications that demand high performance and reliability.

FEI serves a broad range of markets, including telecommunications, aerospace and defense, satellite and space systems, test and measurement equipment, and critical infrastructure.