EMCORE (EMKR) Downgraded by Zacks Investment Research

EMCORE (NASDAQ:EMKR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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 several other research reports. Northland Securities lowered shares of EMCORE from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 5th. B. Riley reiterated a “neutral” rating and issued a $8.75 target price (down previously from $10.50) on shares of EMCORE in a research report on Friday, December 1st. Finally, Lake Street Capital decreased their target price on shares of EMCORE from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. EMCORE has a consensus rating of “Hold” and an average price target of $6.67.

Shares of EMCORE (NASDAQ:EMKR) opened at $5.60 on Monday. The firm has a market cap of $152.32, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 46.67 and a beta of 0.14. EMCORE has a twelve month low of $4.90 and a twelve month high of $12.20.

EMCORE (NASDAQ:EMKR) last issued its earnings results on Tuesday, February 6th. The semiconductor company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 revenue for the quarter was down 20.3% on a year-over-year basis. During the same period last year, the company posted $0.13 earnings per share. research analysts anticipate that EMCORE will post 0.01 EPS for the current fiscal year.

In other EMCORE news, CEO Jeffrey Rittichier sold 49,422 shares of the company’s stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $7.05, for a total value of $348,425.10. Following the completion of the sale, the chief executive officer now directly owns 366,007 shares of the company’s stock, valued at approximately $2,580,349.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.99% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Northpointe Capital LLC lifted its holdings in EMCORE by 72.3% in the 3rd quarter. Northpointe Capital LLC now owns 518,004 shares of the semiconductor company’s stock valued at $4,248,000 after acquiring an additional 217,358 shares during the last quarter. Paradigm Capital Management Inc. NY lifted its holdings in EMCORE by 13.5% in the 3rd quarter. Paradigm Capital Management Inc. NY now owns 2,312,800 shares of the semiconductor company’s stock valued at $18,965,000 after acquiring an additional 274,700 shares during the last quarter. Unterberg Capital LLC lifted its holdings in EMCORE by 79.2% in the 3rd quarter. Unterberg Capital LLC now owns 430,000 shares of the semiconductor company’s stock valued at $3,526,000 after acquiring an additional 190,000 shares during the last quarter. Orca Investment Management LLC lifted its stake in EMCORE by 37.7% during the third quarter. Orca Investment Management LLC now owns 282,864 shares of the semiconductor company’s stock valued at $2,319,000 after buying an additional 77,447 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in EMCORE by 56.2% during the third quarter. Wells Fargo & Company MN now owns 29,911 shares of the semiconductor company’s stock valued at $246,000 after buying an additional 10,765 shares in the last quarter. 66.05% of the stock is owned by institutional investors.

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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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