Fabrinet Downgraded to “Neutral” at B. Riley (FN)
Fabrinet (NYSE:FN) was downgraded by B. Riley from a “buy” rating to a “neutral” rating in a research note issued on Thursday, TheFlyOnTheWall.com reports. They currently have a $21.00 price objective on the stock, down from their previous price objective of $26.50. B. Riley’s target price indicates a potential upside of 14.13% from the stock’s previous close.
Fabrinet (NYSE:FN) opened at 17.50 on Thursday. Fabrinet has a 1-year low of $13.66 and a 1-year high of $22.67. The stock’s 50-day moving average is $19.64 and its 200-day moving average is $19.71. The company has a market cap of $614.3 million and a price-to-earnings ratio of 6.75.
In other Fabrinet news, CEO David T. Mitchell unloaded 40,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $18.35, for a total value of $734,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
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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