EMCORE Co. (NASDAQ:EMKR) Sees Large Growth in Short Interest

EMCORE Co. (NASDAQ:EMKRGet Rating) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 1,210,000 shares, a growth of 30.7% from the March 31st total of 925,900 shares. Based on an average daily volume of 456,800 shares, the days-to-cover ratio is currently 2.6 days. Approximately 3.4% of the company’s stock are short sold.

EMKR stock traded up $0.16 during midday trading on Monday, reaching $3.61. The stock had a trading volume of 30,851 shares, compared to its average volume of 439,126. The firm has a fifty day simple moving average of $3.69 and a two-hundred day simple moving average of $5.63. EMCORE has a 52-week low of $3.32 and a 52-week high of $10.87. The stock has a market cap of $134.57 million, a PE ratio of 5.36 and a beta of 1.38.

EMCORE (NASDAQ:EMKRGet Rating) last announced its quarterly earnings data on Wednesday, February 9th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.03). EMCORE had a return on equity of 16.36% and a net margin of 15.24%. The firm had revenue of $42.24 million during the quarter, compared to analysts’ expectations of $42.00 million. During the same quarter in the previous year, the business earned $0.08 earnings per share. As a group, research analysts forecast that EMCORE will post 0.13 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cannell Capital LLC grew its position in EMCORE by 4.5% during the 3rd quarter. Cannell Capital LLC now owns 2,676,347 shares of the semiconductor company’s stock worth $20,019,000 after purchasing an additional 116,465 shares during the period. BlackRock Inc. grew its holdings in EMCORE by 0.8% during the fourth quarter. BlackRock Inc. now owns 2,383,172 shares of the semiconductor company’s stock worth $16,633,000 after acquiring an additional 18,517 shares during the period. B. Riley Asset Management LLC purchased a new position in EMCORE during the fourth quarter valued at approximately $8,980,000. Dimensional Fund Advisors LP lifted its holdings in EMCORE by 3.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,269,555 shares of the semiconductor company’s stock valued at $8,861,000 after acquiring an additional 46,705 shares during the period. Finally, Penserra Capital Management LLC boosted its position in EMCORE by 53.3% in the 4th quarter. Penserra Capital Management LLC now owns 979,733 shares of the semiconductor company’s stock worth $6,838,000 after purchasing an additional 340,579 shares in the last quarter. 73.63% of the stock is owned by institutional investors.

Several research analysts recently weighed in on the company. Lake Street Capital downgraded EMCORE from a “buy” rating to a “hold” rating and dropped their target price for the stock from $11.00 to $4.50 in a research note on Thursday, February 10th. Zacks Investment Research upgraded EMCORE from a “sell” rating to a “hold” rating in a research note on Wednesday, April 13th. Finally, StockNews.com began coverage on shares of EMCORE in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $9.58.

About EMCORE (Get Rating)

EMCORE Corporation, together with its subsidiaries, provides advanced mixed-signal optics products in the United States, Canada, Asia, Europe, and internationally. It operates in two segments, Aerospace and Defense, and Broadband. The company offers navigation system and inertial sensing products, such as fiber optic gyros products that includes gyroscopes, inertial measurement units (IMU), and inertial navigation systems (INS), as well as QMEMS gyroscopes, accelerometers, IMUs, and INS products primarily for the aerospace and defense markets; and defense optoelectronics comprising optiva platform fiber optic transport systems and erbium doped fiber amplifiers, as well as ruggedized microwave flange-mount transmitters, receivers, and optical delay line products.

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