Infinera Corp. (INFN) Sees Large Decrease in Short Interest

Infinera Corp. (NASDAQ:INFN) saw a significant drop in short interest in December. As of December 15th, there was short interest totalling 17,923,257 shares, a drop of 7.4% from the November 30th total of 19,363,631 shares. Approximately 12.3% of the company’s shares are short sold. Based on an average trading volume of 1,636,250 shares, the short-interest ratio is currently 11.0 days.

Infinera (INFN) opened at $6.95 on Friday. Infinera has a 12-month low of $6.27 and a 12-month high of $12.50. The stock has a market capitalization of $1,040.00, a P/E ratio of -6.50 and a beta of 1.43.

Infinera (NASDAQ:INFN) last announced its earnings results on Wednesday, November 8th. The communications equipment provider reported ($0.11) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.12. Infinera had a negative return on equity of 16.35% and a negative net margin of 21.59%. The business had revenue of $192.60 million during the quarter, compared to analyst estimates of $190.37 million. During the same quarter in the previous year, the business earned ($0.15) earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. analysts forecast that Infinera will post -0.85 earnings per share for the current fiscal year.

In related news, CEO Thomas J. Fallon purchased 100,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was bought at an average price of $6.33 per share, for a total transaction of $633,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.90% of the company’s stock.

Several large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its holdings in shares of Infinera by 65.2% in the third quarter. JPMorgan Chase & Co. now owns 3,664,481 shares of the communications equipment provider’s stock valued at $32,176,000 after purchasing an additional 1,446,641 shares during the period. Nationwide Fund Advisors boosted its holdings in shares of Infinera by 127.3% in the third quarter. Nationwide Fund Advisors now owns 214,224 shares of the communications equipment provider’s stock valued at $1,900,000 after purchasing an additional 119,968 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of Infinera in the third quarter valued at approximately $20,143,000. Formula Growth Ltd. purchased a new stake in shares of Infinera in the third quarter valued at approximately $4,692,000. Finally, Elk Creek Partners LLC boosted its holdings in shares of Infinera by 10.9% in the third quarter. Elk Creek Partners LLC now owns 1,834,820 shares of the communications equipment provider’s stock valued at $16,275,000 after purchasing an additional 180,463 shares during the period. Institutional investors and hedge funds own 90.57% of the company’s stock.

Several research analysts recently commented on INFN shares. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price target on shares of Infinera in a research report on Tuesday, September 19th. Zacks Investment Research lowered Infinera from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Citigroup upgraded Infinera from a “sell” rating to a “neutral” rating and set a $10.00 price target for the company in a research report on Monday, October 16th. ValuEngine lowered Infinera from a “hold” rating to a “sell” rating in a research report on Thursday, November 2nd. Finally, B. Riley reiterated a “buy” rating and issued a $12.00 price target (down previously from $14.00) on shares of Infinera in a research report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $10.96.

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Infinera Company Profile

Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe.

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