Applied Optoelectronics Sees Large Volume Increase on Better-Than-Expected Earnings (AAOI)
Shares of Applied Optoelectronics (NASDAQ:AAOI) saw unusually-strong trading volume on Wednesday after the company announced better than expected quarterly earnings, AnalystRatings.Net reports. Approximately 609,898 shares traded hands during trading, an increase of 159% from the previous session’s volume of 235,363 shares.The stock last traded at $18.06 and had previously closed at $16.98.
The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.06. The company had revenue of $32.70 million for the quarter, compared to the consensus estimate of $29.36 million.
Separately, analysts at Raymond James reiterated a “strong-buy” rating on shares of Applied Optoelectronics in a research note on Wednesday. They now have a $28.00 price target on the stock, up previously from $26.00. Two equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $28.75.
In other Applied Optoelectronics news, Insider Hung-Lun (Fred) Chang sold 2,226 shares of the company’s stock on the open market in a transaction dated Friday, August 1st. The stock was sold at an average price of $18.02, for a total value of $40,112.52. The sale was disclosed in a document filed with the SEC, which is available at this link.
The stock has a 50-day moving average of $21.25 and a 200-day moving average of $20.92. The company’s market cap is $266.1 million.
Applied Optoelectronics, Inc is a vertically integrated provider of fiber-optic networking products, primarily for three networking end-markets: cable television, (NASDAQ:AAOI), fiber-to-the-home (FTTH), and Internet data centers.
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