Finisar Co. (FNSR) Short Interest Down 15.9% in May
Finisar Co. (NASDAQ:FNSR) was the target of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 7,830,380 shares, a drop of 15.9% from the April 28th total of 9,306,016 shares. Currently, 7.2% of the shares of the stock are sold short. Based on an average daily volume of 2,937,704 shares, the days-to-cover ratio is presently 2.7 days.
Shares of Finisar (NASDAQ:FNSR) opened at 25.25 on Friday. Finisar has a 12 month low of $16.50 and a 12 month high of $36.85. The stock’s 50 day moving average price is $23.86 and its 200-day moving average price is $29.09. The company has a market cap of $2.81 billion, a P/E ratio of 21.49 and a beta of 1.30.
Finisar (NASDAQ:FNSR) last released its earnings results on Thursday, March 9th. The technology company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by $0.03. Finisar had a return on equity of 10.56% and a net margin of 7.31%. The business had revenue of $380.60 million for the quarter, compared to analysts’ expectations of $389.69 million. During the same quarter in the prior year, the business posted $0.25 EPS. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. Equities research analysts expect that Finisar will post $2.05 earnings per share for the current year.
FNSR has been the subject of several analyst reports. Stifel Nicolaus cut their target price on Finisar from $42.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, March 10th. B. Riley restated a “buy” rating and issued a $47.25 target price on shares of Finisar in a research note on Monday, March 6th. Jefferies Group LLC upgraded Finisar from a “hold” rating to a “buy” rating and raised their target price for the stock from $32.00 to $34.00 in a research note on Wednesday, March 15th. They noted that the move was a valuation call. MKM Partners restated a “buy” rating and issued a $32.00 target price (down previously from $41.00) on shares of Finisar in a research note on Friday, April 21st. Finally, Vetr downgraded Finisar from a “buy” rating to a “hold” rating and set a $35.76 target price for the company. in a research note on Monday, March 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $37.67.
In other Finisar news, EVP Todd Swanson sold 6,183 shares of the firm’s stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $24.13, for a total value of $149,195.79. Following the completion of the transaction, the executive vice president now owns 229,219 shares in the company, valued at approximately $5,531,054.47. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert Stephens sold 3,016 shares of the firm’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $27.00, for a total value of $81,432.00. Following the completion of the transaction, the director now owns 40,954 shares of the company’s stock, valued at approximately $1,105,758. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,117 shares of company stock valued at $1,214,079. 1.34% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in Finisar by 302.4% in the first quarter. Wellington Management Group LLP now owns 2,828,356 shares of the technology company’s stock valued at $77,327,000 after buying an additional 2,125,445 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD acquired a new stake in Finisar during the first quarter valued at about $48,378,000. Victory Capital Management Inc. boosted its stake in Finisar by 2,030.6% in the first quarter. Victory Capital Management Inc. now owns 1,310,526 shares of the technology company’s stock valued at $35,830,000 after buying an additional 1,249,017 shares in the last quarter. Old Mutual Global Investors UK Ltd. boosted its stake in Finisar by 161.9% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 1,612,962 shares of the technology company’s stock valued at $44,098,000 after buying an additional 997,150 shares in the last quarter. Finally, Columbus Circle Investors boosted its stake in Finisar by 3,516.8% in the first quarter. Columbus Circle Investors now owns 992,815 shares of the technology company’s stock valued at $27,144,000 after buying an additional 965,365 shares in the last quarter. Hedge funds and other institutional investors own 91.70% of the company’s stock.
Finisar Corporation (Finisar) is a provider of optical subsystems and components that are used in data communication and telecommunication applications. The Company’s optical subsystems consist of transmitters, receivers, transceivers, transponders and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in these networks, including the switches, routers, and servers used in wireline networks.
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