EMCORE (NASDAQ:EMKR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $4.75 price target on the semiconductor company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 15.85% from the company’s previous close.
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. “
A number of other analysts have also recently weighed in on the stock. B. Riley cut shares of EMCORE from a “buy” rating to a “neutral” rating and lowered their target price for the company from $6.00 to $5.75 in a research note on Friday, November 9th. Lake Street Capital set a $6.00 price target on shares of EMCORE and gave the company a “buy” rating in a research report on Thursday, December 6th. Finally, ValuEngine upgraded shares of EMCORE from a “sell” rating to a “hold” rating in a research report on Monday, November 26th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $5.38.
EMCORE (NASDAQ:EMKR) last posted its earnings results on Wednesday, February 6th. The semiconductor company reported ($0.11) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.11). The business had revenue of $24.00 million for the quarter, compared to analysts’ expectations of $24.01 million. EMCORE had a negative net margin of 26.77% and a negative return on equity of 15.85%. On average, equities analysts expect that EMCORE will post -0.31 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in EMKR. Millennium Management LLC acquired a new position in EMCORE in the second quarter valued at about $2,134,000. S Squared Technology LLC boosted its position in EMCORE by 22.2% in the third quarter. S Squared Technology LLC now owns 625,145 shares of the semiconductor company’s stock valued at $2,969,000 after buying an additional 113,500 shares in the last quarter. Bridgeway Capital Management Inc. boosted its position in EMCORE by 81.6% in the third quarter. Bridgeway Capital Management Inc. now owns 195,902 shares of the semiconductor company’s stock valued at $931,000 after buying an additional 88,000 shares in the last quarter. Renaissance Technologies LLC boosted its position in EMCORE by 9.0% in the third quarter. Renaissance Technologies LLC now owns 658,912 shares of the semiconductor company’s stock valued at $3,130,000 after buying an additional 54,200 shares in the last quarter. Finally, Vanguard Group Inc boosted its position in EMCORE by 4.5% in the third quarter. Vanguard Group Inc now owns 1,239,996 shares of the semiconductor company’s stock valued at $5,890,000 after buying an additional 53,325 shares in the last quarter. Hedge funds and other institutional investors own 64.37% of the company’s stock.
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.
Further Reading: Debt-To-Equity Ratio
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