Photronics (NASDAQ:PLAB) Releases Q3 2023 Earnings Guidance

Photronics (NASDAQ:PLAB – Get Rating) issued an update on its third quarter 2023 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $0.48-$0.54 for the period, compared to the consensus estimate of $0.48. The company issued revenue guidance of $224.00 million-$234.00 million, compared to the consensus revenue estimate of $220.00 million.

Photronics Price Performance

Shares of NASDAQ PLAB opened at $20.25 on Friday. The company has a current ratio of 3.89, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Photronics has a twelve month low of $13.86 and a twelve month high of $25.81. The stock has a 50 day moving average of $15.81 and a two-hundred day moving average of $17.16. The stock has a market cap of $1.27 billion, a P/E ratio of 10.18 and a beta of 1.18.

Photronics (NASDAQ:PLAB – Get Rating) last issued its quarterly earnings data on Wednesday, May 24th. The semiconductor company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.10. Photronics had a return on equity of 11.09% and a net margin of 14.04%. The company had revenue of $229.30 million during the quarter, compared to analysts’ expectations of $211.00 million. During the same quarter in the previous year, the business earned $0.49 earnings per share. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, research analysts forecast that Photronics will post 1.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Northland Securities boosted their target price on Photronics from $18.00 to $21.00 in a report on Thursday. StockNews.com began coverage on Photronics in a report on Thursday, May 18th. They set a buy rating on the stock. Finally, DA Davidson reaffirmed a buy rating on shares of Photronics in a report on Tuesday, April 11th.

Institutional Trading of Photronics

Several large investors have recently bought and sold shares of PLAB. Covestor Ltd lifted its position in shares of Photronics by 587.5% in the first quarter. Covestor Ltd now owns 2,427 shares of the semiconductor company’s stock valued at $41,000 after acquiring an additional 2,074 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Photronics by 77.5% in the first quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 1,222 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Photronics in the first quarter valued at $59,000. Point72 Hong Kong Ltd lifted its position in shares of Photronics by 3,942.6% in the first quarter. Point72 Hong Kong Ltd now owns 7,398 shares of the semiconductor company’s stock valued at $126,000 after acquiring an additional 7,215 shares in the last quarter. Finally, Point72 Middle East FZE purchased a new stake in shares of Photronics in the fourth quarter valued at $148,000. Institutional investors and hedge funds own 90.41% of the company’s stock.

Photronics Company Profile

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Photronics, Inc engages in the provision of photomasks. It manufactures semiconductors and flat-panel displays and is used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits, a variety of FPDs and other types of electrical and optical components.