EMCORE (NASDAQ:EMKR) had its target price lowered by equities research analysts at B. Riley from $8.50 to $7.00 in a research note issued on Thursday. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. B. Riley’s price target points to a potential upside of 15.32% from the stock’s previous close.
Other research analysts also recently issued reports about the company. Northland Securities reaffirmed a “hold” rating and set a $7.50 price target on shares of EMCORE in a research note on Wednesday. Zacks Investment Research downgraded EMCORE from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $9.63.
Shares of EMCORE (NASDAQ:EMKR) opened at $6.07 on Thursday. EMCORE has a 52-week low of $5.80 and a 52-week high of $12.20. The company has a market capitalization of $198.91, a PE ratio of 19.47 and a beta of 0.45.
EMCORE (NASDAQ:EMKR) last posted its quarterly earnings results on Tuesday, December 5th. The semiconductor company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). EMCORE had a return on equity of 9.25% and a net margin of 6.73%. The firm had revenue of $29.20 million for the quarter, compared to analyst estimates of $30.29 million. During the same period last year, the company posted $0.10 earnings per share. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. equities analysts forecast that EMCORE will post 0.4 earnings per share for the current year.
In other news, CEO Jeffrey Rittichier sold 9,189 shares of the stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $8.45, for a total value of $77,647.05. Following the completion of the sale, the chief executive officer now directly owns 288,505 shares of the company’s stock, valued at $2,437,867.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.77% of the company’s stock.
Several institutional investors have recently modified their holdings of EMKR. Vanguard Group Inc. raised its stake in shares of EMCORE by 6.0% in the first quarter. Vanguard Group Inc. now owns 1,107,447 shares of the semiconductor company’s stock worth $9,967,000 after purchasing an additional 63,020 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of EMCORE by 3.6% in the first quarter. Geode Capital Management LLC now owns 212,423 shares of the semiconductor company’s stock worth $1,911,000 after purchasing an additional 7,376 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of EMCORE by 47.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 50,590 shares of the semiconductor company’s stock worth $456,000 after purchasing an additional 16,300 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of EMCORE by 73.7% in the first quarter. Goldman Sachs Group Inc. now owns 39,548 shares of the semiconductor company’s stock worth $356,000 after purchasing an additional 16,774 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of EMCORE by 2.6% in the second quarter. Rhumbline Advisers now owns 32,677 shares of the semiconductor company’s stock worth $348,000 after purchasing an additional 825 shares during the last quarter. 78.34% of the stock is owned by hedge funds and other institutional investors.
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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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