Fabrinet (NYSE:FN) Sees Large Increase in Short Interest

Fabrinet (NYSE:FN) saw a significant increase in short interest in April. As of April 15th, there was short interest totalling 1,550,000 shares, an increase of 14.8% from the March 31st total of 1,350,000 shares. Approximately 4.3% of the shares of the stock are short sold. Based on an average daily volume of 492,900 shares, the days-to-cover ratio is presently 3.1 days.

Fabrinet Price Performance

FN stock traded up $0.55 during trading on Monday, reaching $176.00. 394,067 shares of the stock traded hands, compared to its average volume of 445,764. The firm has a market capitalization of $6.39 billion, a PE ratio of 25.43 and a beta of 1.04. Fabrinet has a 52-week low of $90.19 and a 52-week high of $229.02. The business’s 50 day moving average price is $191.71 and its 200-day moving average price is $185.21.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, February 5th. The technology company reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.05. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. The business had revenue of $712.69 million for the quarter, compared to analyst estimates of $699.76 million. On average, equities research analysts predict that Fabrinet will post 7.59 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FN shares. Northland Securities raised shares of Fabrinet from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $200.00 to $220.00 in a research report on Thursday, March 21st. JPMorgan Chase & Co. increased their price target on Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Rosenblatt Securities restated a “buy” rating and set a $230.00 price objective on shares of Fabrinet in a report on Tuesday, February 6th. Finally, Needham & Company LLC dropped their target price on Fabrinet from $230.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $159.57.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of Fabrinet stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the completion of the transaction, the director now owns 25,981 shares in the company, valued at $5,339,615.12. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fabrinet

Several hedge funds have recently modified their holdings of FN. Park Place Capital Corp acquired a new position in Fabrinet in the 4th quarter worth $26,000. Salem Investment Counselors Inc. acquired a new position in shares of Fabrinet in the fourth quarter worth about $29,000. GAMMA Investing LLC purchased a new position in Fabrinet in the fourth quarter valued at about $34,000. Parallel Advisors LLC grew its stake in Fabrinet by 59.7% during the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock valued at $39,000 after purchasing an additional 77 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new stake in Fabrinet during the 3rd quarter valued at approximately $47,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.