NeoPhotonics Corporation (NPTN) Downgraded to “Strong Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of NeoPhotonics Corporation (NYSE:NPTN) from a hold rating to a strong sell rating in a report issued on Thursday morning.
According to Zacks, “NeoPhotonics Corporation is engaged in the design and manufacture of photonic integrated circuit, or PIC, based modules and subsystems for bandwidth-intensive, high-speed communications networks. Products offered by the Company includes high-speed products that enable data transmission at 10Gbps, 40Gbps and 100Gbps, agility products such as ROADMs that dynamically allocate bandwidth to adjust for volatile traffic patterns, and access products that provide high-bandwidth connections to more devices and people over fixed and wireless networks. “
Several other equities analysts have also weighed in on NPTN. B. Riley restated a neutral rating and set a $6.50 price objective on shares of NeoPhotonics Corporation in a research report on Thursday, May 4th. Needham & Company LLC reiterated a strong-buy rating and issued a $13.00 target price on shares of NeoPhotonics Corporation in a report on Monday, May 8th. Rosenblatt Securities initiated coverage on shares of NeoPhotonics Corporation in a report on Thursday, May 25th. They issued a buy rating and a $13.00 target price for the company. ValuEngine upgraded shares of NeoPhotonics Corporation from a strong sell rating to a sell rating in a report on Friday, June 2nd. Finally, Northland Securities reiterated a buy rating and issued a $10.00 target price on shares of NeoPhotonics Corporation in a report on Friday, June 23rd. Two analysts have rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $11.66.
NeoPhotonics Corporation (NYSE:NPTN) last posted its quarterly earnings data on Friday, May 5th. The semiconductor company reported ($0.25) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by $0.02. NeoPhotonics Corporation had a negative net margin of 3.66% and a negative return on equity of 3.51%. The business had revenue of $71.70 million for the quarter, compared to the consensus estimate of $70.05 million. During the same quarter last year, the business posted $0.15 EPS. The business’s revenue for the quarter was down 27.6% on a year-over-year basis.
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In related news, major shareholder Rusnano sold 92,900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $9.10, for a total transaction of $845,390.00. Following the completion of the sale, the insider now directly owns 4,884,405 shares in the company, valued at $44,448,085.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy Storrs Jenks sold 92,125 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $7.35, for a total transaction of $677,118.75. Following the sale, the chief executive officer now owns 327,388 shares of the company’s stock, valued at $2,406,301.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 451,425 shares of company stock valued at $3,920,935. 17.30% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of NPTN. Paloma Partners Management Co bought a new stake in NeoPhotonics Corporation during the first quarter valued at approximately $103,000. TFS Capital LLC bought a new stake in NeoPhotonics Corporation during the first quarter valued at approximately $110,000. Parametric Portfolio Associates LLC bought a new stake in NeoPhotonics Corporation during the first quarter valued at approximately $131,000. American International Group Inc. boosted its stake in NeoPhotonics Corporation by 7.1% in the first quarter. American International Group Inc. now owns 18,979 shares of the semiconductor company’s stock valued at $171,000 after buying an additional 1,252 shares in the last quarter. Finally, KCG Holdings Inc. bought a new stake in NeoPhotonics Corporation during the first quarter valued at approximately $216,000. Institutional investors and hedge funds own 84.20% of the company’s stock.
NeoPhotonics Corporation Company Profile
NeoPhotonics Corporation develops, manufactures and markets optoelectronic products that transmit, receive and switch digital optical signals for communications networks. The Company develops and manufactures Transmitter Products, Receiver Products and Switch Products that are used in ultra-high speed digital optical communications, high speed switching and provisioning, and access connections for wireless and fiber-to-the-home communications networks.
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