GigPeak Inc (GIG) Shares Up 2.8% on Strong Earnings
GigPeak Inc (NYSE:GIG)’s share price rose 2.8% during mid-day trading on Monday following a better than expected earnings announcement. The company traded as high as $2.61 and last traded at $2.61, with a volume of 793,669 shares trading hands. The stock had previously closed at $2.54.
The company reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.01.
GIG has been the subject of several research analyst reports. TheStreet cut shares of GigPeak from a “buy” rating to a “hold” rating in a research report on Wednesday, August 31st. Zacks Investment Research cut shares of GigPeak from a “hold” rating to a “sell” rating in a research report on Monday, July 25th. Needham & Company LLC reissued a “buy” rating and set a $3.50 price target on shares of GigPeak in a research report on Wednesday, June 29th. Cowen and Company reissued an “outperform” rating and set a $3.00 price target (down from $4.00) on shares of GigPeak in a research report on Tuesday, June 28th. Finally, B. Riley reissued a “buy” rating and set a $4.50 price target on shares of GigPeak in a research report on Monday, July 25th. Twelve research analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and a consensus price target of $3.87.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/17/gigpeak-inc-gig-shares-up-2-8-on-strong-earnings.html
A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in shares of GigPeak by 3.5% in the first quarter. Geode Capital Management LLC now owns 195,261 shares of the company’s stock worth $527,000 after buying an additional 6,690 shares in the last quarter. TFS Capital LLC raised its stake in shares of GigPeak by 49.3% in the second quarter. TFS Capital LLC now owns 84,747 shares of the company’s stock worth $166,000 after buying an additional 27,992 shares in the last quarter. Bridgeway Capital Management Inc. raised its stake in shares of GigPeak by 14.6% in the second quarter. Bridgeway Capital Management Inc. now owns 397,450 shares of the company’s stock worth $779,000 after buying an additional 50,550 shares in the last quarter. WealthTrust Axiom LLC raised its stake in shares of GigPeak by 41.3% in the second quarter. WealthTrust Axiom LLC now owns 230,754 shares of the company’s stock worth $452,000 after buying an additional 67,500 shares in the last quarter. Finally, Perkins Capital Management Inc. bought a new stake in shares of GigPeak during the second quarter worth approximately $135,000.
The company has a 50 day moving average price of $2.27 and a 200 day moving average price of $2.30. The company has a market capitalization of $176.07 million and a PE ratio of 96.67.
GigPeak, Inc, formerly GigOptix, Inc is a semiconductor designer, developer and supplier of a range of analog, digital and mixed signal components to enable information streaming over the telecom networks, datacom infrastructure and consumer electronics links. The Company’s business is made up of two product lines: High-Speed Communications (HSC) product line and Industrial product line.
Receive News & Ratings for GigPeak Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GigPeak Inc and related companies with MarketBeat.com's FREE daily email newsletter.