Applied Optoelectronics (AAOI) Hits New 1-Year Low After Analyst Downgrade

Applied Optoelectronics Inc (NASDAQ:AAOI) shares hit a new 52-week low on Thursday after Cowen lowered their price target on the stock from $60.00 to $53.00. Cowen currently has an outperform rating on the stock. Applied Optoelectronics traded as low as $26.53 and last traded at $34.55, with a volume of 2309600 shares trading hands. The stock had previously closed at $34.55.

A number of other brokerages also recently weighed in on AAOI. Zacks Investment Research downgraded Applied Optoelectronics from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 2nd. Loop Capital started coverage on Applied Optoelectronics in a report on Monday, January 29th. They set a “hold” rating and a $35.00 price target on the stock. Craig Hallum set a $32.00 price target on Applied Optoelectronics and gave the company a “hold” rating in a report on Tuesday, February 13th. Needham & Company LLC lowered their price target on Applied Optoelectronics from $75.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Wednesday, November 8th. Finally, TheStreet downgraded Applied Optoelectronics from a “b-” rating to a “c” rating in a report on Wednesday, November 15th. Six investment analysts have rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and three have assigned a strong buy rating to the stock. Applied Optoelectronics currently has a consensus rating of “Hold” and an average price target of $48.03.

In related news, Director Richard B. Black sold 1,000 shares of Applied Optoelectronics stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $35.37, for a total transaction of $35,370.00. Following the completion of the sale, the director now owns 34,478 shares of the company’s stock, valued at $1,219,486.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.19% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AAOI. Alliancebernstein L.P. boosted its position in Applied Optoelectronics by 21.1% during the second quarter. Alliancebernstein L.P. now owns 21,200 shares of the semiconductor company’s stock valued at $1,310,000 after purchasing an additional 3,700 shares during the last quarter. Nationwide Fund Advisors boosted its position in Applied Optoelectronics by 3.2% during the second quarter. Nationwide Fund Advisors now owns 10,909 shares of the semiconductor company’s stock valued at $674,000 after purchasing an additional 343 shares during the last quarter. PNC Financial Services Group Inc. acquired a new stake in Applied Optoelectronics during the second quarter valued at $149,000. UBS Asset Management Americas Inc. acquired a new stake in Applied Optoelectronics during the second quarter valued at $210,000. Finally, Citigroup Inc. boosted its position in Applied Optoelectronics by 96.2% during the second quarter. Citigroup Inc. now owns 2,025 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 993 shares during the last quarter. 71.70% of the stock is owned by hedge funds and other institutional investors.

The firm has a market capitalization of $669.65, a PE ratio of 6.39, a PEG ratio of 0.67 and a beta of 2.51. The company has a current ratio of 2.99, a quick ratio of 2.02 and a debt-to-equity ratio of 0.12.

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About Applied Optoelectronics

Applied Optoelectronics, Inc is a vertically integrated provider of fiber-optic networking products, primarily for networking end markets, such as Internet data center, cable television (CATV), fiber-to-the-home (FTTH) and telecommunications (telecom). The Company designs and manufactures a range of optical communications products at varying levels of integration, from components, subassemblies and modules to turnkey equipment.

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