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Alliance Fiber Optic Products (NASDAQ:AFOP) fell 8.7% on Friday following insider selling activity, Stock Ratings reports. The company traded as low as $20.05 and last traded at $20.38, with a volume of 945,544 shares trading hands. The stock had previously closed at $22.31.

Specifically, CEO Peter C. Chang sold 203,332 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $21.06, for a total transaction of $4,282,171.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

AFOP has been the subject of a number of recent research reports. Analysts at B. Riley raised their price target on shares of Alliance Fiber Optic Products from $20.00 to $22.00 in a research note on Wednesday, April 30th. They now have a “buy” rating on the stock. Finally, analysts at Needham & Company LLC initiated coverage on shares of Alliance Fiber Optic Products in a research note on Tuesday, March 25th. They set a “buy” rating and a $22.00 price target on the stock. They noted that the move was a valuation call.

The stock’s 50-day moving average is $18.81 and its 200-day moving average is $15.57. The company has a market cap of $376.4 million and a price-to-earnings ratio of 19.04.

Alliance Fiber Optic Products (NASDAQ:AFOP) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.35 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.05. The company had revenue of $24.88 million for the quarter, compared to the consensus estimate of $23.65 million. During the same quarter last year, the company posted $0.12 earnings per share. Alliance Fiber Optic Products’s revenue was up 104.8% compared to the same quarter last year. Analysts expect that Alliance Fiber Optic Products will post $1.32 EPS for the current fiscal year.

Alliance Fiber Optic Products Inc (NASDAQ:AFOP) designs, manufactures and markets a range of fiber optic components, and integrated modules incorporating these components, for communications equipment manufacturers and service providers.

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