Short Interest in Finisar Drops By 6.9% (FNSR)
Finisar (NASDAQ:FNSR) was the target of a large decline in short interest in July. As of July 31st, there was short interest totalling 16,713,633 shares, a decline of 6.9% from the July 15th total of 17,961,597 shares, AnalystRatings.NET reports. Based on an average trading volume of 1,325,036 shares, the days-to-cover ratio is currently 12.6 days. Currently, 17.2% of the company’s stock are sold short.
Several analysts have recently commented on the stock. Analysts at Raymond James reiterated a “strong-buy” rating on shares of Finisar in a research note on Tuesday, August 5th. They now have a $27.00 price target on the stock, down previously from $28.00. Separately, analysts at Barrington Research initiated coverage on shares of Finisar in a research note on Friday, July 11th. They set a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $28.60.
Shares of Finisar (NASDAQ:FNSR) opened at 19.97 on Wednesday. Finisar has a 52 week low of $19.04 and a 52 week high of $28.85. The stock’s 50-day moving average is $19.95 and its 200-day moving average is $23.18. The company has a market cap of $1.943 billion and a price-to-earnings ratio of 18.34.
Finisar (NASDAQ:FNSR) last posted its quarterly earnings results on Thursday, June 12th. The company reported $0.36 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.38 by $0.02. The company had revenue of $306.03 million for the quarter, compared to the consensus estimate of $303.92 million. During the same quarter last year, the company posted $0.20 earnings per share. Finisar’s revenue was up 25.7% compared to the same quarter last year. Analysts expect that Finisar will post $1.43 EPS for the current fiscal year.
Finisar Corporation (NASDAQ:FNSR) is a provider of optical subsystems and components that are used in data communication and telecommunication applications.
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