Finisar Co. (FNSR) Short Interest Down 9.9% in August

Finisar Co. (NASDAQ:FNSR) was the target of a large drop in short interest in August. As of August 31st, there was short interest totalling 15,486,517 shares, a drop of 9.9% from the August 15th total of 17,185,717 shares. Based on an average daily volume of 2,521,204 shares, the days-to-cover ratio is presently 6.1 days. Currently, 13.4% of the shares of the stock are short sold.

FNSR opened at $18.77 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.98 and a current ratio of 3.65. Finisar has a 1 year low of $14.25 and a 1 year high of $25.41. The company has a market capitalization of $2.31 billion, a P/E ratio of 58.66, a P/E/G ratio of 2.94 and a beta of 1.38.

Finisar (NASDAQ:FNSR) last released its earnings results on Thursday, September 6th. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.06. Finisar had a negative net margin of 6.71% and a positive return on equity of 1.24%. The business had revenue of $317.30 million for the quarter, compared to analysts’ expectations of $315.77 million. During the same period last year, the company earned $0.40 earnings per share. The company’s quarterly revenue was down 7.2% on a year-over-year basis. equities research analysts anticipate that Finisar will post 0.47 EPS for the current year.

A number of brokerages have recently issued reports on FNSR. Morgan Stanley downgraded shares of Finisar from an “overweight” rating to an “equal weight” rating and set a $20.00 price target for the company. in a report on Thursday. Barclays restated a “hold” rating and set a $24.00 target price on shares of Finisar in a report on Sunday, September 9th. Loop Capital dropped their target price on shares of Finisar to $20.00 and set a “hold” rating for the company in a report on Friday, September 7th. B. Riley dropped their target price on shares of Finisar from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, September 4th. Finally, Piper Jaffray Companies upgraded shares of Finisar from a “neutral” rating to an “overweight” rating and raised their target price for the company from $18.00 to $26.00 in a report on Thursday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $24.28.

In other news, Director Roger C. Ferguson sold 3,000 shares of the stock in a transaction dated Friday, June 22nd. The shares were sold at an average price of $17.77, for a total value of $53,310.00. Following the completion of the transaction, the director now owns 25,784 shares in the company, valued at approximately $458,181.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Julie Sheridan Eng sold 8,374 shares of the stock in a transaction dated Friday, June 22nd. The shares were sold at an average price of $17.27, for a total transaction of $144,618.98. Following the completion of the transaction, the executive vice president now owns 89,364 shares of the company’s stock, valued at approximately $1,543,316.28. The disclosure for this sale can be found here. Insiders sold a total of 127,033 shares of company stock valued at $2,299,466 in the last quarter. Insiders own 1.11% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its position in shares of Finisar by 102.3% in the second quarter. Bank of New York Mellon Corp now owns 4,936,130 shares of the technology company’s stock worth $88,850,000 after acquiring an additional 2,496,574 shares during the last quarter. Glenmede Trust Co. NA boosted its position in shares of Finisar by 87.4% in the second quarter. Glenmede Trust Co. NA now owns 1,547,161 shares of the technology company’s stock worth $27,848,000 after acquiring an additional 721,583 shares during the last quarter. Granahan Investment Management Inc. MA boosted its position in shares of Finisar by 14.6% in the second quarter. Granahan Investment Management Inc. MA now owns 106,954 shares of the technology company’s stock worth $1,925,000 after acquiring an additional 13,656 shares during the last quarter. Kopp Investment Advisors LLC boosted its position in shares of Finisar by 17.9% in the second quarter. Kopp Investment Advisors LLC now owns 143,273 shares of the technology company’s stock worth $2,579,000 after acquiring an additional 21,765 shares during the last quarter. Finally, Voya Investment Management LLC boosted its position in shares of Finisar by 49.1% in the second quarter. Voya Investment Management LLC now owns 1,722,536 shares of the technology company’s stock worth $31,006,000 after acquiring an additional 567,318 shares during the last quarter.

About Finisar

Finisar Corporation provides components and subsystems to networking equipment manufacturers, data center operators, telecom service providers, consumer electronics, and automotive companies in the United States, China, Malaysia, and internationally. The company's optical subsystems primarily include transmitters, receivers, transceivers, transponders, and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in wireline networks comprising switches, routers, and servers, as well as wireless networks, such as antennas and base stations.

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