Infinera Corp. (INFN) Short Interest Update

Infinera Corp. (NASDAQ:INFN) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 23,490,510 shares, a growth of 11.8% from the October 15th total of 21,010,874 shares. Currently, 15.7% of the shares of the stock are short sold. Based on an average daily volume of 3,025,043 shares, the days-to-cover ratio is currently 7.8 days.

INFN has been the topic of a number of research reports. BidaskClub downgraded shares of Infinera from a “buy” rating to a “hold” rating in a report on Saturday, July 14th. Raymond James downgraded shares of Infinera from a “market perform” rating to an “underperform” rating in a report on Tuesday, July 24th. Northland Securities upgraded shares of Infinera from a “market perform” rating to an “outperform” rating and set a $12.00 target price on the stock in a report on Tuesday, July 24th. Jefferies Financial Group reissued a “sell” rating and issued a $8.00 target price on shares of Infinera in a research report on Tuesday, July 24th. Finally, MKM Partners dropped their target price on shares of Infinera to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $9.40.

In other Infinera news, COO David W. Heard bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 9th. The shares were acquired at an average cost of $4.74 per share, for a total transaction of $94,800.00. Following the acquisition, the chief operating officer now directly owns 44,532 shares of the company’s stock, valued at $211,081.68. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Thomas J. Fallon bought 50,000 shares of the company’s stock in a transaction that occurred on Friday, November 9th. The stock was acquired at an average price of $4.63 per share, for a total transaction of $231,500.00. The disclosure for this purchase can be found here. 2.90% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in INFN. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Infinera by 100.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,567 shares of the communications equipment provider’s stock valued at $155,000 after purchasing an additional 7,800 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Infinera during the third quarter valued at approximately $165,000. Cim Investment Mangement Inc. purchased a new position in Infinera during the third quarter valued at approximately $197,000. Campbell & CO Investment Adviser LLC purchased a new position in Infinera during the second quarter valued at approximately $242,000. Finally, Gilder Gagnon Howe & Co. LLC grew its position in Infinera by 48.6% during the third quarter. Gilder Gagnon Howe & Co. LLC now owns 56,473 shares of the communications equipment provider’s stock valued at $412,000 after purchasing an additional 18,457 shares in the last quarter. 82.94% of the stock is currently owned by hedge funds and other institutional investors.

Infinera stock opened at $4.70 on Friday. The company has a market capitalization of $953.13 million, a PE ratio of -5.66 and a beta of 0.52. Infinera has a fifty-two week low of $4.11 and a fifty-two week high of $12.39.

Infinera (NASDAQ:INFN) last released its earnings results on Tuesday, November 6th. The communications equipment provider reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). The business had revenue of $200.41 million for the quarter, compared to the consensus estimate of $210.57 million. Infinera had a negative net margin of 19.18% and a negative return on equity of 11.78%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.11) earnings per share. As a group, research analysts predict that Infinera will post -0.56 EPS for the current year.

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About Infinera

Infinera Corporation provides optical transport networking solutions, equipment, and software and services worldwide. The company's product portfolio consists of Infinera DTN-X Family of terabit-class transport network platforms, including the XTC Series, XTS Series, and XT Series; Infinera DTN-X XTC series multi-terabit packet optical transport platforms that integrate digital OTN switching and optical WDM transmission; and Infinera DTN-X XT series for terrestrial applications and XTS series for subsea applications.

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