EMCORE Co. (EMKR) Downgraded to Sell at Zacks Investment Research
EMCORE Co. (NASDAQ:EMKR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “EMCORE Corporation offers a broad portfolio of compound semiconductor- based products for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE’s Fiber Optic segment offers optical components, subsystems and systems for high-speed data and telecommunications networks, cable television and fiber-to-the-premises. EMCORE’s Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide solar cells, Covered Interconnect Cells and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar power concentrator systems. “
A number of other research firms have also weighed in on EMKR. B. Riley lowered EMCORE from a “buy” rating to a “neutral” rating and set a $12.00 target price for the company. in a report on Thursday, June 29th. BidaskClub upgraded EMCORE from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. EMCORE has an average rating of “Hold” and a consensus price target of $11.00.
EMCORE (EMKR) traded down 1.56% on Wednesday, hitting $9.45. The stock had a trading volume of 310,409 shares. The stock’s 50-day moving average is $11.10 and its 200 day moving average is $9.86. The firm has a market capitalization of $253.52 million, a price-to-earnings ratio of 37.80 and a beta of 0.62. EMCORE has a 1-year low of $4.92 and a 1-year high of $12.20.
EMCORE (NASDAQ:EMKR) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $30.95 million during the quarter, compared to analyst estimates of $30.04 million. EMCORE had a return on equity of 8.47% and a net margin of 7.87%. The business’s quarterly revenue was up 38.2% on a year-over-year basis. On average, equities research analysts predict that EMCORE will post $0.53 earnings per share for the current fiscal year.
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In other EMCORE news, CFO Jikun Kim sold 20,504 shares of the company’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $11.25, for a total transaction of $230,670.00. Following the completion of the sale, the chief financial officer now owns 39,036 shares in the company, valued at $439,155. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.77% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC acquired a new stake in shares of EMCORE during the first quarter valued at approximately $124,000. Kempner Capital Management Inc. raised its stake in shares of EMCORE by 20.0% in the first quarter. Kempner Capital Management Inc. now owns 15,000 shares of the semiconductor company’s stock valued at $135,000 after buying an additional 2,500 shares in the last quarter. American International Group Inc. raised its stake in shares of EMCORE by 7.1% in the first quarter. American International Group Inc. now owns 16,093 shares of the semiconductor company’s stock valued at $145,000 after buying an additional 1,063 shares in the last quarter. Bard Associates Inc. raised its stake in shares of EMCORE by 2.9% in the first quarter. Bard Associates Inc. now owns 17,500 shares of the semiconductor company’s stock valued at $158,000 after buying an additional 500 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of EMCORE during the first quarter valued at approximately $166,000. Hedge funds and other institutional investors own 74.54% of the company’s stock.
EMCORE Company Profile
EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.
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