Frequency Electronics (NASDAQ:FEIM) Shares Down 6.6% – Here’s Why

Frequency Electronics, Inc. (NASDAQ:FEIM) traded down 6.6% during trading on Wednesday . The company traded as low as $70.44 and last traded at $70.2460. Approximately 114,355 shares were traded during trading, a decline of 49% from the average session volume of 225,848 shares. The stock had previously closed at $75.17.

Wall Street Analysts Forecast Growth

FEIM has been the topic of a number of recent analyst reports. Weiss Ratings downgraded shares of Frequency Electronics from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, July 20th. Wall Street Zen upgraded Frequency Electronics from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Finally, Freedom Capital upgraded Frequency Electronics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Frequency Electronics presently has a consensus rating of “Buy” and an average target price of $43.67.

Frequency Electronics Stock Performance

The company’s fifty day moving average is $67.73 and its two-hundred day moving average is $59.40. The firm has a market cap of $646.88 million, a price-to-earnings ratio of -728.22 and a beta of 0.73.

Frequency Electronics (NASDAQ:FEIM) last announced its quarterly earnings results on Wednesday, July 15th. The communications equipment provider reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.76). The company had revenue of $15.40 million during the quarter, compared to analyst estimates of $18.57 million. Frequency Electronics had a negative net margin of 1.43% and a negative return on equity of 1.56%.

Hedge Funds Weigh In On Frequency Electronics

Several hedge funds and other institutional investors have recently bought and sold shares of FEIM. Cubist Systematic Strategies LLC acquired a new stake in Frequency Electronics in the first quarter valued at approximately $183,000. Goldman Sachs Group Inc. boosted its stake in shares of Frequency Electronics by 67.3% in the first quarter. Goldman Sachs Group Inc. now owns 54,528 shares of the communications equipment provider’s stock valued at $853,000 after purchasing an additional 21,934 shares during the period. Jane Street Group LLC grew its holdings in Frequency Electronics by 27.2% during the 1st quarter. Jane Street Group LLC now owns 27,610 shares of the communications equipment provider’s stock valued at $432,000 after purchasing an additional 5,909 shares in the last quarter. Geode Capital Management LLC increased its stake in Frequency Electronics by 82.3% during the 2nd quarter. Geode Capital Management LLC now owns 175,381 shares of the communications equipment provider’s stock worth $3,984,000 after buying an additional 79,181 shares during the period. Finally, Rhumbline Advisers purchased a new stake in Frequency Electronics during the 2nd quarter worth $224,000. 58.60% of the stock is owned by institutional investors and hedge funds.

About Frequency Electronics

Frequency Electronics, Inc (NASDAQ:FEIM) is a U.S.-based designer and manufacturer of precision frequency control products and timing solutions. The company’s portfolio includes oven-controlled crystal oscillators (OCXOs), atomic frequency standards such as rubidium oscillators, GPS-disciplined oscillators (GPSDOs), microwave synthesizers, and integrated timing subsystems. These products are used to provide stable and accurate frequency and time references for applications that demand high performance and reliability.

FEI serves a broad range of markets, including telecommunications, aerospace and defense, satellite and space systems, test and measurement equipment, and critical infrastructure.