EMCORE (NASDAQ: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 report 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. “

EMKR has been the subject of a number of other reports. Northland Securities lowered EMCORE from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 5th. B. Riley reiterated a “neutral” rating and set a $8.75 price objective (down from $10.50) on shares of EMCORE in a research note on Friday, December 1st. Finally, Lake Street Capital dropped their price objective on EMCORE from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $6.67.

EMCORE (EMKR) opened at $5.52 on Monday. EMCORE has a 1-year low of $4.90 and a 1-year high of $12.20. The company has a market capitalization of $152.32, a P/E ratio of 19.31, a PEG ratio of 46.67 and a beta of 0.14.

EMCORE (NASDAQ:EMKR) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $24.04 million for the quarter, compared to analyst estimates of $24.75 million. EMCORE had a return on equity of 6.59% and a net margin of 5.48%. The firm’s quarterly revenue was down 20.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.13 earnings per share. equities research analysts expect that EMCORE will post 0.01 EPS for the current fiscal year.

In related news, CEO Jeffrey Rittichier sold 49,422 shares of the firm’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $7.05, for a total value of $348,425.10. Following the transaction, the chief executive officer now owns 366,007 shares in the company, valued at $2,580,349.35. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.99% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Gotham Asset Management LLC bought a new position in EMCORE during the second quarter worth about $111,000. Voya Investment Management LLC bought a new position in EMCORE during the second quarter worth about $112,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of EMCORE during the third quarter worth about $151,000. Wells Fargo & Company MN raised its position in shares of EMCORE by 2.5% during the second quarter. Wells Fargo & Company MN now owns 19,146 shares of the semiconductor company’s stock worth $204,000 after purchasing an additional 466 shares during the period. Finally, Alambic Investment Management L.P. acquired a new stake in shares of EMCORE during the fourth quarter worth about $125,000. Hedge funds and other institutional investors own 66.05% of the company’s stock.

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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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