EMCORE (NASDAQ:EMKR) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of EMCORE (NASDAQ:EMKRGet Rating) from a hold rating to a sell rating in a research report sent to investors on Tuesday, Zacks.com reports.

According to Zacks, “EMCORE Corporation offers a broad portfolio of compound semiconductor- based products for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE’s Fiber Optic segment offers optical components, subsystems and systems for high-speed data and telecommunications networks, cable television and fiber-to-the-premises. EMCORE’s Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide solar cells, Covered Interconnect Cells and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar power concentrator systems. “

A number of other research analysts have also recently issued reports on the stock. Lake Street Capital lowered EMCORE from a buy rating to a hold rating and lowered their target price for the company from $11.00 to $4.50 in a report on Thursday, February 10th. StockNews.com initiated coverage on shares of EMCORE in a report on Thursday, March 31st. They issued a hold rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $9.58.

Shares of EMKR stock opened at $3.25 on Tuesday. The business’s fifty day moving average price is $3.60 and its 200 day moving average price is $5.44. The firm has a market capitalization of $121.94 million, a PE ratio of 6.77 and a beta of 1.33. EMCORE has a 1-year low of $3.04 and a 1-year high of $10.87.

EMCORE (NASDAQ:EMKRGet Rating) last issued its earnings results on Wednesday, May 4th. The semiconductor company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). EMCORE had a return on equity of 10.92% and a net margin of 11.69%. During the same quarter in the previous year, the business earned $0.15 EPS. On average, equities research analysts anticipate that EMCORE will post 0.13 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in EMKR. Royal Bank of Canada raised its position in shares of EMCORE by 74.4% in the 2nd quarter. Royal Bank of Canada now owns 3,500 shares of the semiconductor company’s stock worth $32,000 after buying an additional 1,493 shares during the period. Citigroup Inc. lifted its position in EMCORE by 134.8% during the 3rd quarter. Citigroup Inc. now owns 4,080 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 2,342 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of EMCORE by 4.2% during the fourth quarter. Wells Fargo & Company MN now owns 97,877 shares of the semiconductor company’s stock worth $682,000 after buying an additional 3,906 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of EMCORE by 4.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 92,717 shares of the semiconductor company’s stock worth $648,000 after buying an additional 4,063 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in EMCORE by 33.8% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 18,815 shares of the semiconductor company’s stock valued at $141,000 after acquiring an additional 4,750 shares in the last quarter. Institutional investors and hedge funds own 73.63% of the company’s stock.

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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