EMCORE (NASDAQ:EMKR) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of EMCORE (NASDAQ:EMKR) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

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. “

Several other analysts have also issued reports on EMKR. Northland Securities set a $5.00 price target on shares of EMCORE and gave the stock a buy rating in a research report on Friday, July 12th. B. Riley upgraded shares of EMCORE from a neutral rating to a buy rating in a research report on Thursday, May 2nd. ValuEngine upgraded shares of Valmont Industries from a sell rating to a hold rating in a research report on Friday, July 12th. Finally, Lake Street Capital set a $5.00 price target on shares of EMCORE and gave the stock a buy rating in a research report on Friday, July 12th. Two analysts have rated the stock with a sell rating and three have given a buy rating to the company. EMCORE currently has an average rating of Hold and a consensus price target of $5.05.

Shares of NASDAQ:EMKR opened at $2.83 on Wednesday. The stock’s 50 day simple moving average is $3.35. EMCORE has a 12-month low of $2.68 and a 12-month high of $5.54.

EMCORE (NASDAQ:EMKR) last posted its quarterly earnings results on Wednesday, May 8th. The semiconductor company reported ($0.10) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.02. The business had revenue of $21.75 million for the quarter, compared to analyst estimates of $22.56 million. EMCORE had a negative net margin of 27.99% and a negative return on equity of 16.56%. Sell-side analysts expect that EMCORE will post -0.44 earnings per share for the current year.

Large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its stake in EMCORE by 3.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 989,531 shares of the semiconductor company’s stock valued at $4,156,000 after purchasing an additional 35,659 shares during the last quarter. Virtu Financial LLC lifted its stake in EMCORE by 40.5% in the 1st quarter. Virtu Financial LLC now owns 15,380 shares of the semiconductor company’s stock valued at $56,000 after purchasing an additional 4,436 shares during the last quarter. Geode Capital Management LLC lifted its stake in EMCORE by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 191,027 shares of the semiconductor company’s stock valued at $802,000 after purchasing an additional 2,643 shares during the last quarter. California Public Employees Retirement System lifted its stake in EMCORE by 7.5% in the 4th quarter. California Public Employees Retirement System now owns 153,472 shares of the semiconductor company’s stock valued at $645,000 after purchasing an additional 10,691 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in EMCORE by 1.2% in the 4th quarter. BlackRock Inc. now owns 278,001 shares of the semiconductor company’s stock valued at $1,168,000 after purchasing an additional 3,379 shares during the last quarter. 60.34% of the stock is owned by institutional investors and hedge funds.

EMCORE Company Profile

EMCORE Corporation, together with its subsidiaries, provides advanced mixed-signal optics products in California. It offers broadband products comprising cable television; laser, receiver, and photodetector component products; radio frequency over glass FTTP products; satellite/microwave communications products; and wireless communications products.

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