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Research analysts at B. Riley cut their target price on shares of Fabrinet (NYSE:FN) from $26.75 to $26.50 in a report released on Tuesday, Stock Ratings Network.com reports. The firm currently has a “buy” rating on the stock. B. Riley’s target price indicates a potential upside of 20.13% from the stock’s previous close.

Shares of Fabrinet (NYSE:FN) traded down 15.41% on Tuesday, hitting $18.66. 603,664 shares of the company’s stock traded hands. Fabrinet has a 1-year low of $12.99 and a 1-year high of $22.67. The stock’s 50-day moving average is $20.81 and its 200-day moving average is $19.35. The company has a market cap of $654.4 million and a price-to-earnings ratio of 11.09. Fabrinet also was the target of a significant growth in short interest in April. As of April 15th, there was short interest totalling 912,987 shares, a growth of 56.4% from the March 31st total of 583,917 shares. Based on an average daily volume of 566,798 shares, the days-to-cover ratio is currently 1.6 days. Approximately 3.5% of the shares of the company are short sold.

Fabrinet (NYSE:FN) last released its earnings data on Monday, May 5th. The company reported $0.34 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.33 by $0.01. The company had revenue of $167.70 million for the quarter, compared to the consensus estimate of $155.60 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis.

Separately, analysts at Needham & Company LLC downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Fabrinet has a consensus rating of “Buy” and a consensus price target of $23.20.

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (NYSE:FN) of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors.

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