Applied Optoelectronics (NASDAQ:AAOI) Shares Up 9.9% – Time to Buy?

Shares of Applied Optoelectronics, Inc. (NASDAQ:AAOI) rose 9.9% during trading on Wednesday . The stock traded as high as $28.81 and last traded at $29.05. Approximately 1,992,269 shares traded hands during trading, a decline of 30% from the average daily volume of 2,852,682 shares. The stock had previously closed at $26.43.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AAOI shares. Rosenblatt Securities raised their price target on shares of Applied Optoelectronics from $27.50 to $44.00 and gave the company a “buy” rating in a report on Friday, December 13th. B. Riley lowered shares of Applied Optoelectronics from a “neutral” rating to a “sell” rating and set a $14.00 price target on the stock. in a report on Tuesday, December 10th. StockNews.com raised Applied Optoelectronics to a “sell” rating in a research report on Friday, January 31st. Northland Securities reissued an “outperform” rating and issued a $40.00 price objective (up previously from $25.00) on shares of Applied Optoelectronics in a research report on Wednesday, December 18th. Finally, Raymond James boosted their target price on Applied Optoelectronics from $17.00 to $39.00 and gave the stock an “outperform” rating in a research note on Friday, December 20th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $29.20.

Applied Optoelectronics Stock Down 1.7 %

The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -13.13 and a beta of 2.36. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.36. The company’s 50 day moving average price is $31.51 and its 200 day moving average price is $23.30.

Insider Buying and Selling

In related news, Director Richard B. Black sold 10,000 shares of Applied Optoelectronics stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $29.00, for a total transaction of $290,000.00. Following the completion of the sale, the director now owns 157,813 shares of the company’s stock, valued at $4,576,577. The trade was a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Stefan J. Murry sold 2,298 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $35.17, for a total value of $80,820.66. Following the completion of the sale, the chief financial officer now owns 209,831 shares in the company, valued at approximately $7,379,756.27. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,250 shares of company stock worth $1,976,264 in the last 90 days. Insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Applied Optoelectronics

Institutional investors have recently modified their holdings of the stock. Corebridge Financial Inc. boosted its stake in shares of Applied Optoelectronics by 2.4% in the fourth quarter. Corebridge Financial Inc. now owns 20,253 shares of the semiconductor company’s stock worth $747,000 after buying an additional 471 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Applied Optoelectronics by 3.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 14,667 shares of the semiconductor company’s stock valued at $210,000 after purchasing an additional 483 shares during the period. Arizona State Retirement System raised its position in shares of Applied Optoelectronics by 5.7% in the fourth quarter. Arizona State Retirement System now owns 11,246 shares of the semiconductor company’s stock worth $415,000 after acquiring an additional 603 shares during the period. Summit Investment Advisors Inc. boosted its stake in shares of Applied Optoelectronics by 17.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,262 shares of the semiconductor company’s stock worth $157,000 after acquiring an additional 637 shares in the last quarter. Finally, Virtu Financial LLC grew its position in shares of Applied Optoelectronics by 3.6% during the 4th quarter. Virtu Financial LLC now owns 25,529 shares of the semiconductor company’s stock valued at $941,000 after acquiring an additional 895 shares during the period. Hedge funds and other institutional investors own 61.72% of the company’s stock.

About Applied Optoelectronics

Applied Optoelectronics, Inc designs, manufactures, and sells fiber-optic networking products in the United States, Taiwan, and China. It offers optical modules, optical filters, lasers, laser components, subassemblies, transmitters and transceivers, turn-key equipment, headend, node, distribution equipment, and amplifiers.