EMCORE (NASDAQ:EMKR) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of EMCORE (NASDAQ:EMKR) from a hold rating to a sell rating in a report released on Wednesday, Zacks.com reports.

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 subject of a number of other reports. Lake Street Capital set a $6.00 price objective on EMCORE and gave the company a buy rating in a report on Monday, June 10th. Northland Securities set a $8.00 price objective on vTv Therapeutics and gave the company a buy rating in a report on Friday, June 28th. Finally, B. Riley upgraded EMCORE from a neutral rating to a buy rating in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating and three have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $5.55.

NASDAQ EMKR opened at $2.95 on Wednesday. The firm has a market capitalization of $82.19 million, a P/E ratio of -5.57 and a beta of 0.21. EMCORE has a twelve month low of $2.68 and a twelve month high of $5.54. The firm has a fifty day moving average of $3.43.

EMCORE (NASDAQ:EMKR) last posted its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported ($0.10) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.02. The business had revenue of $21.75 million during the quarter, compared to the consensus estimate of $22.56 million. EMCORE had a negative return on equity of 16.56% and a negative net margin of 27.99%. On average, research analysts forecast that EMCORE will post -0.34 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of EMKR. California Public Employees Retirement System increased its holdings in shares of EMCORE by 7.5% in the 4th quarter. California Public Employees Retirement System now owns 153,472 shares of the semiconductor company’s stock valued at $645,000 after acquiring an additional 10,691 shares during the last quarter. BlackRock Inc. increased its holdings in shares of EMCORE by 1.2% in the 4th quarter. BlackRock Inc. now owns 278,001 shares of the semiconductor company’s stock valued at $1,168,000 after acquiring an additional 3,379 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of EMCORE by 3.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 989,531 shares of the semiconductor company’s stock valued at $4,156,000 after acquiring an additional 35,659 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of EMCORE by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 191,027 shares of the semiconductor company’s stock valued at $802,000 after acquiring an additional 2,643 shares during the last quarter. Finally, Brandywine Global Investment Management LLC bought a new stake in shares of EMCORE in the 4th quarter valued at approximately $63,000. Institutional investors and hedge funds own 60.34% of the company’s stock.

About EMCORE

EMCORE Corporation, together with its subsidiaries, provides advanced mixed-signal optics products in California. It offers broadband products comprising cable television; laser, receiver, and photodetector component products; radio frequency over glass FTTP products; satellite/microwave communications products; and wireless communications products.

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