Frequency Electronics (NASDAQ:FEIM) Shares Down 12.2% – Here’s What Happened

Shares of Frequency Electronics, Inc. (NASDAQ:FEIM) were down 12.2% during trading on Thursday. The company traded as low as $59.54 and last traded at $59.8740. 205,098 shares traded hands during trading, a decline of 17% from the average daily volume of 248,143 shares. The stock had previously closed at $68.19.

Analysts Set New Price Targets

FEIM has been the topic of a number of recent research reports. Wall Street Zen raised shares of Frequency Electronics from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Freedom Broker lowered shares of Frequency Electronics from a “buy” rating to a “hold” rating and increased their price target for the stock from $77.00 to $91.00 in a research note on Monday, September 14th. Finally, Weiss Ratings cut shares of Frequency Electronics from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.67.

Frequency Electronics Price Performance

The stock has a 50 day simple moving average of $72.90 and a 200-day simple moving average of $67.14. The firm has a market cap of $723.31 million, a PE ratio of 256.72 and a beta of 0.65.

Frequency Electronics (NASDAQ:FEIM) last released its earnings results on Thursday, September 10th. The communications equipment provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.26. The firm had revenue of $23.45 million for the quarter, compared to analysts’ expectations of $17.85 million. Frequency Electronics had a return on equity of 3.63% and a net margin of 3.68%.

Institutional Trading of Frequency Electronics

Institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC increased its position in shares of Frequency Electronics by 29.8% during the third quarter. Farther Finance Advisors LLC now owns 666 shares of the communications equipment provider’s stock valued at $56,000 after acquiring an additional 153 shares in the last quarter. State of Wyoming purchased a new position in Frequency Electronics in the 2nd quarter worth approximately $63,000. Legal & General Group Plc purchased a new position in Frequency Electronics in the 2nd quarter worth approximately $106,000. IFP Advisors Inc raised its holdings in Frequency Electronics by 46.0% in 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 last quarter. Finally, Zevenbergen Capital Investments LLC bought a new position in Frequency Electronics in the 3rd quarter valued at approximately $222,000. 58.60% of the stock is owned by hedge funds and other institutional investors.

Frequency Electronics Company Profile

Frequency Electronics, Inc (NASDAQ: FEIM) develops and manufactures precision timing and frequency-control products for demanding communications, aerospace, defense and commercial applications. Its technologies are designed to generate, stabilize and distribute highly accurate timing signals used by electronic systems and networks.

The company’s product portfolio includes crystal oscillators, frequency synthesizers, timing and synchronization systems, GPS/GNSS-disciplined timing products, atomic frequency references and related components.