Zacks Investment Research Downgrades NeoPhotonics Corporation (NPTN) to Sell
NeoPhotonics Corporation (NYSE:NPTN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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. “
A number of other research firms also recently commented on NPTN. Northland Securities restated a “buy” rating and issued a $10.00 price objective on shares of NeoPhotonics Corporation in a report on Friday, June 23rd. Raymond James Financial, Inc. restated an “outperform” rating and issued a $9.00 price objective on shares of NeoPhotonics Corporation in a report on Monday, July 24th. ValuEngine downgraded NeoPhotonics Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 11th. DA Davidson began coverage on NeoPhotonics Corporation in a report on Thursday, June 29th. They issued a “neutral” rating and a $9.00 price objective on the stock. Finally, B. Riley restated a “neutral” rating and issued a $6.25 price objective on shares of NeoPhotonics Corporation in a report on Friday, August 4th. Three analysts have rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $8.92.
Shares of NeoPhotonics Corporation (NPTN) opened at 4.85 on Wednesday. The stock’s market capitalization is $211.64 million. The firm’s 50-day moving average is $5.82 and its 200 day moving average is $7.54. NeoPhotonics Corporation has a 1-year low of $4.72 and a 1-year high of $15.68.
NeoPhotonics Corporation (NYSE:NPTN) last released its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.10. NeoPhotonics Corporation had a negative return on equity of 9.43% and a negative net margin of 7.28%. The firm had revenue of $73.20 million for the quarter, compared to the consensus estimate of $71.11 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. The firm’s revenue was down 26.1% on a year-over-year basis. On average, analysts expect that NeoPhotonics Corporation will post ($0.84) EPS for the current fiscal year.
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In other NeoPhotonics Corporation news, SVP Benjamin Lee Sitler sold 33,400 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $8.44, for a total transaction of $281,896.00. Following the transaction, the senior vice president now owns 84,711 shares in the company, valued at $714,960.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael J. Sophie sold 4,000 shares of the stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $8.45, for a total value of $33,800.00. Following the transaction, the director now owns 18,318 shares in the company, valued at approximately $154,787.10. The disclosure for this sale can be found here. Company insiders own 17.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in NPTN. Paloma Partners Management Co acquired a new position in NeoPhotonics Corporation during the first quarter valued at approximately $103,000. Voya Investment Management LLC grew its holdings in NeoPhotonics Corporation by 20.0% during the second quarter. Voya Investment Management LLC now owns 16,469 shares of the semiconductor company’s stock valued at $127,000 after purchasing an additional 2,749 shares during the last quarter. Parametric Portfolio Associates LLC acquired a new position in NeoPhotonics Corporation during the first quarter valued at approximately $131,000. Citigroup Inc. grew its holdings in NeoPhotonics Corporation by 35.7% during the second quarter. Citigroup Inc. now owns 17,314 shares of the semiconductor company’s stock valued at $134,000 after purchasing an additional 4,556 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new position in NeoPhotonics Corporation during the second quarter valued at approximately $159,000. Institutional investors own 85.34% of the company’s stock.
About NeoPhotonics Corporation
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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