Emcore Corp. (EMKR) Upgraded to Buy by Zacks Investment Research
Emcore Corp. (NASDAQ:EMKR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $6.25 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 11.81% from the stock’s current price.
According to Zacks, “EMCORE Corporation offers a broad portfolio of compound semiconductor- based products for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE’s Fiber Optic segment offers optical components, subsystems and systems for high-speed data and telecommunications networks, cable television and fiber-to-the-premises. EMCORE’s Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide solar cells, Covered Interconnect Cells and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar power concentrator systems. “
Separately, B. Riley restated a “buy” rating and issued a $7.00 price objective on shares of Emcore Corp. in a report on Tuesday, August 9th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $7.81.
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Shares of Emcore Corp. (NASDAQ:EMKR) opened at 5.59 on Tuesday. The stock has a market capitalization of $146.11 million, a price-to-earnings ratio of 19.08 and a beta of 0.84. The firm’s 50 day moving average is $5.22 and its 200 day moving average is $5.55. Emcore Corp. has a 52-week low of $4.90 and a 52-week high of $8.52.
A number of institutional investors have recently added to or reduced their stakes in the stock. Bard Associates Inc. purchased a new position in Emcore Corp. during the second quarter valued at $101,000. O Shaughnessy Asset Management LLC increased its position in Emcore Corp. by 455.0% in the second quarter. O Shaughnessy Asset Management LLC now owns 17,505 shares of the company’s stock valued at $104,000 after buying an additional 14,351 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in Emcore Corp. by 1.4% in the second quarter. Parametric Portfolio Associates LLC now owns 23,361 shares of the company’s stock valued at $139,000 after buying an additional 328 shares in the last quarter. Engineers Gate Manager LP increased its position in Emcore Corp. by 1.4% in the second quarter. Engineers Gate Manager LP now owns 26,611 shares of the company’s stock valued at $158,000 after buying an additional 368 shares in the last quarter. Finally, Teachers Advisors Inc. increased its position in Emcore Corp. by 9.5% in the second quarter. Teachers Advisors Inc. now owns 39,447 shares of the company’s stock valued at $234,000 after buying an additional 3,434 shares in the last quarter. 61.56% of the stock is owned by institutional investors.
Emcore Corp. Company Profile
EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.
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