PMC-Sierra (PMCS) Releases Quarterly Earnings, Beats Estimates By $0.01 EPS
PMC-Sierra (NASDAQ:PMCS) released its earnings data on Thursday. The company reported $0.09 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.08 by $0.01, AR Network reports. The company had revenue of $126.80 million for the quarter, compared to the consensus estimate of $125.06 million. During the same quarter last year, the company posted $0.08 earnings per share. PMC-Sierra’s revenue was down .6% compared to the same quarter last year.
PMC-Sierra (NASDAQ:PMCS) traded down 1.90% on Thursday, hitting $6.73. The stock had a trading volume of 1,740,172 shares. PMC-Sierra has a one year low of $5.60 and a one year high of $7.85. The stock has a 50-day moving average of $7.37 and a 200-day moving average of $7.19. The company’s market cap is $1.318 billion. PMC-Sierra also was the recipient of a significant decline in short interest in July. As of July 15th, there was short interest totalling 5,707,734 shares, a decline of 31.1% from the June 30th total of 8,288,016 shares. Based on an average daily trading volume, of 961,173 shares, the days-to-cover ratio is currently 5.9 days. Approximately 3.0% of the company’s stock are sold short.
PMCS has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of PMC-Sierra in a research note on Tuesday, June 24th. They now have a $8.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of PMC-Sierra from $6.00 to $7.00 in a research note on Friday, May 2nd.
PMC-Sierra, Inc, is a semiconductor innovator transforming networks that connect, move and store digital content.
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