EMCORE Co. (NASDAQ:EMKR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage currently has a $9.50 price target on the semiconductor company’s stock. Zacks Investment Research’s target price points to a potential upside of 7.34% from the stock’s previous close.
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. “
EMKR has been the topic of a number of other reports. Lake Street Capital increased their price target on shares of EMCORE from $9.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, February 8th. Dougherty & Co increased their price target on shares of EMCORE from $10.50 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, February 8th. Finally, B. Riley reiterated a “buy” rating and set a $10.00 price target on shares of EMCORE in a research report on Tuesday, February 7th. Five research analysts have rated the stock with a buy rating, EMCORE presently has a consensus rating of “Buy” and an average price target of $11.25.
EMCORE (NASDAQ:EMKR) traded up 0.56% during mid-day trading on Friday, reaching $8.90. 101,700 shares of the company were exchanged. The stock has a market capitalization of $236.60 million, a price-to-earnings ratio of 26.10 and a beta of 0.73. EMCORE has a 12-month low of $4.90 and a 12-month high of $10.50. The company’s 50 day moving average price is $8.76 and its 200-day moving average price is $8.04.
EMCORE (NASDAQ:EMKR) last announced its earnings results on Tuesday, February 7th. The semiconductor company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $30.20 million for the quarter, compared to the consensus estimate of $29.03 million. EMCORE had a net margin of 9.06% and a return on equity of 3.84%. EMCORE’s quarterly revenue was up 34.2% compared to the same quarter last year. On average, equities research analysts forecast that EMCORE will post $0.50 earnings per share for the current fiscal year.
In other news, CEO Jeffrey Rittichier sold 6,237 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $10.00, for a total value of $62,370.00. Following the transaction, the chief executive officer now owns 212,422 shares in the company, valued at $2,124,220. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.77% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Ellington Management Group LLC bought a new stake in EMCORE during the fourth quarter valued at $117,000. Kempner Capital Management Inc. boosted its stake in EMCORE by 20.0% in the first quarter. Kempner Capital Management Inc. now owns 15,000 shares of the semiconductor company’s stock valued at $135,000 after buying an additional 2,500 shares during the period. Bank of Montreal Can bought a new stake in EMCORE during the first quarter valued at $166,000. Metropolitan Life Insurance Co. NY bought a new stake in EMCORE during the fourth quarter valued at $172,000. Finally, A.R.T. Advisors LLC bought a new stake in EMCORE during the fourth quarter valued at $198,000. Institutional investors and hedge funds own 66.52% of the company’s stock.
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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