Frequency Electronics (NASDAQ:FEIM) Trading Down 8.5% – What’s Next?

Frequency Electronics, Inc. (NASDAQ:FEIM) shares fell 8.5% on Wednesday . The stock traded as low as $57.02 and last traded at $56.9240. 144,720 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 190,412 shares. The stock had previously closed at $62.22.

Wall Street Analysts Forecast Growth

FEIM has been the topic of several analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Frequency Electronics in a report on Monday, June 15th. Freedom Capital raised Frequency Electronics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen raised shares of Frequency Electronics from a “strong sell” rating to a “sell” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Frequency Electronics has an average rating of “Buy” and an average target price of $43.67.

Frequency Electronics Trading Down 7.2%

The company has a market capitalization of $568.13 million, a PE ratio of 77.06 and a beta of 0.71. The company’s 50 day moving average price is $64.88 and its 200-day moving average price is $56.51.

Hedge Funds Weigh In On Frequency Electronics

A number of large investors have recently modified their holdings of FEIM. Cubist Systematic Strategies LLC acquired a new position in shares of Frequency Electronics in the 1st quarter valued at about $183,000. Goldman Sachs Group Inc. raised its holdings in Frequency Electronics by 67.3% in the first quarter. Goldman Sachs Group Inc. now owns 54,528 shares of the communications equipment provider’s stock valued at $853,000 after buying an additional 21,934 shares during the period. Jane Street Group LLC lifted its position in Frequency Electronics by 27.2% during the first quarter. Jane Street Group LLC now owns 27,610 shares of the communications equipment provider’s stock valued at $432,000 after buying an additional 5,909 shares in the last quarter. Geode Capital Management LLC lifted its position in Frequency Electronics by 82.3% during the second quarter. Geode Capital Management LLC now owns 175,381 shares of the communications equipment provider’s stock valued at $3,984,000 after buying an additional 79,181 shares in the last quarter. Finally, Rhumbline Advisers purchased a new stake in Frequency Electronics during the second quarter worth approximately $224,000. 58.60% of the stock is currently owned by hedge funds and other institutional investors.

Frequency Electronics Company Profile

Frequency Electronics, Inc (NASDAQ:FEIM) is a U.S.-based designer and manufacturer of precision frequency control products and timing solutions. The company’s portfolio includes oven-controlled crystal oscillators (OCXOs), atomic frequency standards such as rubidium oscillators, GPS-disciplined oscillators (GPSDOs), microwave synthesizers, and integrated timing subsystems. These products are used to provide stable and accurate frequency and time references for applications that demand high performance and reliability.

FEI serves a broad range of markets, including telecommunications, aerospace and defense, satellite and space systems, test and measurement equipment, and critical infrastructure.