Frequency Electronics (NASDAQ:FEIM) Shares Up 14.1% – Here’s Why

Frequency Electronics, Inc. (NASDAQ:FEIM)’s stock price rose 14.1% on Tuesday . The stock traded as high as $68.24 and last traded at $68.83. Approximately 123,402 shares were traded during trading, a decline of 46% from the average session volume of 226,788 shares. The stock had previously closed at $60.30.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FEIM. Freedom Capital raised Frequency Electronics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Weiss Ratings lowered shares of Frequency Electronics from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, July 20th. Finally, Wall Street Zen upgraded shares of Frequency Electronics from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $43.67.

Frequency Electronics Price Performance

The stock’s 50-day moving average price is $67.05 and its 200 day moving average price is $57.71. The firm has a market cap of $693.07 million, a P/E ratio of -780.87 and a beta of 0.73.

Frequency Electronics (NASDAQ:FEIM) last announced its earnings results on Wednesday, July 15th. The communications equipment provider reported ($0.50) EPS for the quarter, missing the consensus estimate of $0.26 by ($0.76). The business had revenue of $15.40 million for the quarter, compared to analyst estimates of $18.57 million. Frequency Electronics had a negative return on equity of 1.56% and a negative net margin of 1.43%.

Hedge Funds Weigh In On Frequency Electronics

Large investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new stake in shares of Frequency Electronics in the first quarter valued at about $183,000. Goldman Sachs Group Inc. boosted its position in Frequency Electronics by 67.3% during the first quarter. Goldman Sachs Group Inc. now owns 54,528 shares of the communications equipment provider’s stock valued at $853,000 after purchasing an additional 21,934 shares during the last quarter. Jane Street Group LLC boosted 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 purchasing an additional 5,909 shares during the last quarter. Geode Capital Management LLC grew its stake in Frequency Electronics by 82.3% in 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 purchasing an additional 79,181 shares in the last quarter. Finally, Rhumbline Advisers bought a new position in Frequency Electronics in the second quarter valued at approximately $224,000. 58.60% of the stock is currently owned by institutional investors and hedge funds.

About Frequency Electronics

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.