Frequency Electronics (NASDAQ:FEIM) Stock Price Down 7.7% – Here’s What Happened

Frequency Electronics, Inc. (NASDAQ:FEIM) traded down 7.7% during mid-day trading on Wednesday. The stock traded as low as $80.76 and last traded at $80.41. Approximately 150,894 shares traded hands during trading, a decline of 39% from the average daily volume of 247,003 shares. The stock had previously closed at $87.13.

Wall Street Analysts Forecast Growth

FEIM has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Frequency Electronics from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 16th. Wall Street Zen upgraded shares of Frequency Electronics from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. Finally, Freedom Broker lowered Frequency Electronics from a “buy” rating to a “hold” rating and upped their target price for the company from $77.00 to $91.00 in a research note on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Frequency Electronics currently has an average rating of “Moderate Buy” and a consensus target price of $59.67.

Frequency Electronics Price Performance

The firm has a market capitalization of $853.36 million, a price-to-earnings ratio of 303.30 and a beta of 0.65. The company’s 50-day moving average is $73.76 and its 200-day moving average is $65.52.

Frequency Electronics (NASDAQ:FEIM) last released its quarterly earnings data on Thursday, September 10th. The communications equipment provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.26. The company had revenue of $23.45 million during the quarter, compared to the consensus estimate of $17.85 million. Frequency Electronics had a net margin of 3.68% and a return on equity of 3.63%.

Institutional Investors Weigh In On Frequency Electronics

A number of institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in Frequency Electronics by 29.8% during the third quarter. Farther Finance Advisors LLC now owns 666 shares of the communications equipment provider’s stock worth $56,000 after buying an additional 153 shares in the last quarter. Zevenbergen Capital Investments LLC acquired a new position in Frequency Electronics in the 3rd quarter valued at $222,000. Ausbil Investment Management Ltd grew its stake in shares of Frequency Electronics by 19.1% in the third quarter. Ausbil Investment Management Ltd now owns 9,335 shares of the communications equipment provider’s stock worth $789,000 after acquiring an additional 1,500 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Frequency Electronics during the 2nd quarter worth approximately $362,000. Finally, IFP Advisors Inc lifted its holdings in shares of Frequency Electronics by 46.0% during the 2nd quarter. IFP Advisors Inc now owns 1,905 shares of the communications equipment provider’s stock worth $126,000 after acquiring an additional 600 shares during the period. 58.60% of the stock is currently owned by institutional investors and hedge funds.

Frequency Electronics Company Profile

Frequency Electronics, Inc (NASDAQ: FEIM) designs and manufactures precision timing, frequency-control and synchronization products. Its technologies are used to generate, stabilize and distribute highly accurate timing signals for systems that require reliable frequency performance.

The company’s products include crystal oscillators, atomic frequency standards, frequency synthesizers, GPS- and GNSS-disciplined timing devices, and time-and-frequency distribution systems. These products support applications in aerospace and defense, satellite communications, telecommunications, and other commercial and industrial markets.

Founded in 1961, Frequency Electronics serves customers in the United States and international markets.