EMCORE (NASDAQ:EMKR) Price Target Cut to $1.00

EMCORE (NASDAQ:EMKR) had its price objective lowered by Craig Hallum from $2.00 to $1.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has a hold rating on the semiconductor company’s stock.

EMKR has been the topic of several other reports. Northland Capmk lowered shares of EMCORE from a strong-buy rating to a hold rating in a report on Thursday, May 9th. Alliance Global Partners restated a neutral rating on shares of EMCORE in a report on Thursday, May 9th. Finally, StockNews.com lowered shares of EMCORE from a hold rating to a sell rating in a report on Thursday, August 1st.

EMCORE Price Performance

Shares of EMKR traded up $0.01 during mid-day trading on Thursday, hitting $0.93. 140,083 shares of the company traded hands, compared to its average volume of 414,812. EMCORE has a one year low of $0.78 and a one year high of $8.30. The company has a current ratio of 3.27, a quick ratio of 1.85 and a debt-to-equity ratio of 0.11. The business has a 50-day moving average of $1.11 and a 200 day moving average of $16.93. The stock has a market capitalization of $7.70 million, a price-to-earnings ratio of -0.11 and a beta of 1.51.

EMCORE (NASDAQ:EMKR) last announced its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.51. EMCORE had a negative net margin of 68.57% and a negative return on equity of 27.56%. The business had revenue of $19.63 million for the quarter, compared to analyst estimates of $24.00 million. As a group, equities analysts expect that EMCORE will post -0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EMCORE

A hedge fund recently raised its stake in EMCORE stock. Archon Capital Management LLC lifted its stake in shares of EMCORE Co. (NASDAQ:EMKR) by 65.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,552,577 shares of the semiconductor company’s stock after acquiring an additional 4,951,568 shares during the period. EMCORE makes up about 1.5% of Archon Capital Management LLC’s investment portfolio, making the stock its 22nd largest holding. Archon Capital Management LLC owned about 162.39% of EMCORE worth $4,331,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 65.66% of the company’s stock.

About EMCORE

EMCORE Corporation, together with its subsidiaries, designs and manufactures fiber optic gyro, ring laser gyro, and micro electromechanical system-based inertial sensors and systems in the United States and internationally. It offers navigation system and inertial sensing products, such as gyroscopes and multi-axis sensors, inertial measurement units, fiber optic gyroscopes, quartz micro electromechanical systems, inertial navigation systems, tactical navigation, and naval and amphibious navigation, as well as radar positioning and pointing systems, and battlefield/artillery survey systems.