Syntec Optics (NASDAQ:OPTX) Issues Quarterly Earnings Results

Syntec Optics (NASDAQ:OPTX) issued its earnings results on Friday. The company reported $0.01 earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $8.54 million during the quarter. Syntec Optics had a negative return on equity of 16.50% and a negative net margin of 8.26%.

Syntec Optics Trading Up 4.1%

Shares of OPTX stock traded up $0.28 during trading hours on Friday, hitting $7.08. The company had a trading volume of 1,004,412 shares, compared to its average volume of 676,677. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.97 and a quick ratio of 4.45. The stock has a market capitalization of $285.18 million, a PE ratio of -118.00 and a beta of -0.71. The company’s fifty day moving average is $7.03 and its 200 day moving average is $8.19. Syntec Optics has a fifty-two week low of $1.18 and a fifty-two week high of $14.92.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on OPTX shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Syntec Optics in a report on Tuesday, September 29th. Wall Street Zen upgraded shares of Syntec Optics from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

Insiders Place Their Bets

In other news, Director Albert Manzone purchased 3,681 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were bought at an average cost of $8.12 per share, for a total transaction of $29,889.72. Following the completion of the purchase, the director directly owned 33,681 shares of the company’s stock, valued at approximately $273,489.72. This trade represents a 12.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.83% of the company’s stock.

Hedge Funds Weigh In On Syntec Optics

Institutional investors have recently bought and sold shares of the company. Tema ETFs LLC purchased a new position in shares of Syntec Optics in the second quarter valued at approximately $7,662,000. Tidal Investments LLC purchased a new stake in Syntec Optics during the 2nd quarter worth approximately $7,643,000. State Street Corp increased its stake in Syntec Optics by 113.8% during the 3rd quarter. State Street Corp now owns 184,433 shares of the company’s stock worth $1,522,000 after buying an additional 98,183 shares during the period. Royal Bank of Canada acquired a new stake in Syntec Optics during the 1st quarter worth approximately $516,000. Finally, Engineers Gate Manager LP lifted its holdings in Syntec Optics by 125.8% during the 2nd quarter. Engineers Gate Manager LP now owns 31,490 shares of the company’s stock worth $392,000 after buying an additional 17,547 shares in the last quarter.

About Syntec Optics

Syntec Optics designs and manufactures precision optical components, assemblies and systems. Its products include lenses, mirrors, prisms, optical coatings and molded optics, as well as custom optical subassemblies for specialized applications. The company serves customers in markets including defense and security, biomedical technology, communications and consumer products. Its capabilities support applications such as imaging, laser systems and optical communications. Based in Rochester, New York, Syntec Optics traces its operating history to 1981.