EMCORE (EMKR) Downgraded by Zacks Investment Research to Sell

EMCORE (NASDAQ:EMKR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday, February 12th.

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. “

Several other equities research analysts have also commented on EMKR. Northland Securities restated a “hold” rating and issued a $6.00 price objective on shares of EMCORE in a research report on Wednesday, February 7th. Lake Street Capital reduced their target price on EMCORE from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 7th. Finally, B. Riley reissued a “neutral” rating and issued a $8.75 price objective (down from $10.50) on shares of EMCORE in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. EMCORE presently has a consensus rating of “Hold” and an average target price of $6.67.

Shares of EMCORE (NASDAQ:EMKR) traded down $0.03 during trading on Monday, reaching $5.50. 317,000 shares of the company’s stock were exchanged, compared to its average volume of 301,151. EMCORE has a fifty-two week low of $4.90 and a fifty-two week high of $12.20. The company has a market capitalization of $148.24, a P/E ratio of 25.95, a PEG ratio of 46.04 and a beta of 0.13.

EMCORE (NASDAQ:EMKR) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.03). The business had revenue of $24.04 million for the quarter, compared to analysts’ expectations of $24.75 million. EMCORE had a return on equity of 6.59% and a net margin of 5.48%. EMCORE’s revenue was down 20.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 EPS. sell-side analysts forecast that EMCORE will post 0.01 EPS for the current fiscal year.

In other news, CEO Jeffrey Rittichier sold 49,422 shares of the stock in a transaction on Friday, January 5th. The stock was sold at an average price of $7.05, for a total transaction of $348,425.10. Following the completion of the transaction, the chief executive officer now directly owns 366,007 shares in the company, valued at approximately $2,580,349.35. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.99% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Wells Fargo & Company MN raised its position in EMCORE by 2.5% in the 2nd quarter. Wells Fargo & Company MN now owns 19,146 shares of the semiconductor company’s stock valued at $204,000 after purchasing an additional 466 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of EMCORE by 9.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,061 shares of the semiconductor company’s stock worth $235,000 after acquiring an additional 1,914 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of EMCORE by 2.3% during the 2nd quarter. Nationwide Fund Advisors now owns 88,260 shares of the semiconductor company’s stock worth $940,000 after acquiring an additional 2,018 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of EMCORE by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 187,452 shares of the semiconductor company’s stock worth $1,996,000 after acquiring an additional 2,175 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in EMCORE by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 245,535 shares of the semiconductor company’s stock worth $1,582,000 after buying an additional 9,627 shares during the period. 66.05% of the stock is currently owned by institutional investors.

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About EMCORE

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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