Northland Securities Downgrades Applied Optoelectronics, Inc. (AAOI) to Market Perform
Applied Optoelectronics, Inc. (NASDAQ:AAOI) was downgraded by Northland Securities from an “outperform” rating to a “market perform” rating in a research report issued on Friday, MarketBeat reports. They currently have a $43.00 price target on the semiconductor company’s stock, down from their prior price target of $47.00. Northland Securities’ price target indicates a potential downside of 33.44% from the company’s current price.
A number of other equities research analysts have also recently commented on the stock. Cowen and Company increased their target price on shares of Applied Optoelectronics from $66.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday, April 18th. Needham & Company LLC initiated coverage on shares of Applied Optoelectronics in a research report on Monday, May 22nd. They set a “strong-buy” rating and a $85.00 target price for the company. Raymond James Financial, Inc. reissued a “strong-buy” rating on shares of Applied Optoelectronics in a research report on Tuesday, July 25th. BidaskClub raised shares of Applied Optoelectronics from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Finally, Vetr raised shares of Applied Optoelectronics from a “buy” rating to a “strong-buy” rating and set a $72.75 target price for the company in a research report on Wednesday, May 17th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and five have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $77.17.
Shares of Applied Optoelectronics (NASDAQ AAOI) traded down 34.07% during trading on Friday, reaching $64.60. 17,035,329 shares of the company were exchanged. The company’s 50-day moving average is $74.92 and its 200 day moving average is $55.92. Applied Optoelectronics has a 1-year low of $11.67 and a 1-year high of $103.41. The firm has a market capitalization of $1.23 billion, a PE ratio of 22.76 and a beta of 2.98.
Applied Optoelectronics (NASDAQ:AAOI) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.43 EPS for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.28. Applied Optoelectronics had a net margin of 21.92% and a return on equity of 33.94%. The company had revenue of $117.40 million during the quarter, compared to analysts’ expectations of $117.34 million. During the same quarter in the prior year, the company posted $0.16 earnings per share. Applied Optoelectronics’s revenue for the quarter was up 112.3% compared to the same quarter last year. Equities research analysts expect that Applied Optoelectronics will post $5.01 EPS for the current fiscal year.
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In other Applied Optoelectronics news, General Counsel David C. Kuo sold 578 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $96.47, for a total value of $55,759.66. Following the completion of the transaction, the general counsel now owns 23,753 shares of the company’s stock, valued at $2,291,451.91. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director William H. Yeh sold 30,000 shares of the firm’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $72.12, for a total transaction of $2,163,600.00. Following the completion of the transaction, the director now directly owns 71,167 shares of the company’s stock, valued at approximately $5,132,564.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 138,742 shares of company stock valued at $9,725,420. Corporate insiders own 8.19% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp raised its stake in Applied Optoelectronics by 5.9% in the fourth quarter. State Street Corp now owns 262,066 shares of the semiconductor company’s stock worth $6,143,000 after buying an additional 14,484 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Applied Optoelectronics by 103.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 72,533 shares of the semiconductor company’s stock worth $1,700,000 after buying an additional 36,802 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Applied Optoelectronics during the fourth quarter worth $4,081,000. Two Sigma Investments LP acquired a new stake in Applied Optoelectronics during the fourth quarter worth $264,000. Finally, AQR Capital Management LLC raised its stake in Applied Optoelectronics by 256.9% in the fourth quarter. AQR Capital Management LLC now owns 33,003 shares of the semiconductor company’s stock worth $774,000 after buying an additional 23,756 shares during the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.
About Applied Optoelectronics
Applied Optoelectronics, Inc is a vertically integrated provider of fiber-optic networking products, primarily for networking end markets, such as Internet data center, cable television (CATV), fiber-to-the-home (FTTH) and telecommunications (telecom). The Company designs and manufactures a range of optical communications products at varying levels of integration, from components, subassemblies and modules to turnkey equipment.
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