Short Interest in Fabrinet (NYSE:FN) Decreases By 10.8%

Fabrinet (NYSE:FN) saw a significant drop in short interest in July. As of July 31st, there was short interest totalling 1,410,000 shares, a drop of 10.8% from the July 15th total of 1,580,000 shares. Currently, 3.9% of the company’s stock are short sold. Based on an average daily volume of 400,000 shares, the days-to-cover ratio is currently 3.5 days.

Insiders Place Their Bets

In related news, Director Frank H. Levinson sold 6,000 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $241.71, for a total value of $1,450,260.00. Following the completion of the sale, the director now directly owns 5,709 shares of the company’s stock, valued at $1,379,922.39. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FN. Opal Wealth Advisors LLC purchased a new stake in Fabrinet during the 2nd quarter worth approximately $28,000. GAMMA Investing LLC bought a new stake in shares of Fabrinet in the fourth quarter worth $34,000. Banque Cantonale Vaudoise acquired a new stake in Fabrinet in the second quarter valued at $35,000. Parallel Advisors LLC boosted its stake in Fabrinet by 59.7% during the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock valued at $39,000 after acquiring an additional 77 shares during the last quarter. Finally, Kimelman & Baird LLC acquired a new position in Fabrinet during the 2nd quarter worth $49,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FN. JPMorgan Chase & Co. increased their price objective on Fabrinet from $230.00 to $240.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. B. Riley lifted their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research report on Tuesday. Needham & Company LLC upped their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday. Jefferies Financial Group initiated coverage on shares of Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price on the stock. Finally, Rosenblatt Securities boosted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $186.78.

Fabrinet Stock Performance

Fabrinet stock traded up $39.35 during trading on Tuesday, reaching $270.90. The company had a trading volume of 531,875 shares, compared to its average volume of 434,200. The firm has a market capitalization of $9.79 billion, a price-to-earnings ratio of 36.19 and a beta of 0.96. Fabrinet has a 12-month low of $116.63 and a 12-month high of $275.00. The stock’s 50 day moving average price is $233.10 and its two-hundred day moving average price is $213.85.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.35. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. The business had revenue of $753.26 million for the quarter, compared to analyst estimates of $732.63 million. During the same period in the previous year, the company posted $1.68 EPS. The company’s revenue was up 14.8% compared to the same quarter last year. As a group, research analysts expect that Fabrinet will post 7.95 earnings per share for the current year.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.