EMCORE (NASDAQ:EMKR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
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. “
A number of other equities research analysts also recently issued reports on EMKR. Lake Street Capital reduced their price objective on shares of EMCORE from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 7th. Northland Securities reaffirmed a “hold” rating and issued a $6.00 price objective on shares of EMCORE in a research report on Wednesday, February 7th. Finally, B. Riley reduced their price objective on shares of EMCORE from $8.50 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, December 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. EMCORE currently has an average rating of “Hold” and a consensus target price of $6.67.
EMCORE (NASDAQ:EMKR) last posted its earnings results on Tuesday, February 6th. The semiconductor company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $24.04 million for the quarter, compared to the consensus estimate of $24.75 million. EMCORE had a return on equity of 6.59% and a net margin of 5.48%. The company’s revenue was down 20.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.13 earnings per share. analysts anticipate that EMCORE will post 0.35 earnings per share for the current fiscal year.
In other EMCORE news, CEO Jeffrey Rittichier sold 49,422 shares of the company’s stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $7.05, for a total value of $348,425.10. Following the completion of the sale, the chief executive officer now directly owns 366,007 shares of the company’s stock, valued at approximately $2,580,349.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.99% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN grew its position in EMCORE by 2.5% in the 2nd quarter. Wells Fargo & Company MN now owns 19,146 shares of the semiconductor company’s stock worth $204,000 after purchasing an additional 466 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in EMCORE by 9.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,061 shares of the semiconductor company’s stock worth $235,000 after purchasing an additional 1,914 shares in the last quarter. Nationwide Fund Advisors grew its position in EMCORE by 2.3% in the 2nd quarter. Nationwide Fund Advisors now owns 88,260 shares of the semiconductor company’s stock worth $940,000 after purchasing an additional 2,018 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in EMCORE by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 187,452 shares of the semiconductor company’s stock valued at $1,996,000 after acquiring an additional 2,175 shares during the last quarter. Finally, Gotham Asset Management LLC purchased a new position in EMCORE in the second quarter valued at about $111,000. 74.22% of the stock is owned by institutional investors and hedge funds.
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EMCORE 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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