Photronics (NASDAQ:PLAB) Updates Q3 2022 Earnings Guidance

Photronics (NASDAQ:PLABGet Rating) updated its third quarter 2022 earnings guidance on Wednesday. The company provided earnings per share guidance of $0.45-$0.55 for the period, compared to the consensus earnings per share estimate of $0.37. The company issued revenue guidance of $205.00 million-$215.00 million, compared to the consensus revenue estimate of $196.40 million.

Several equities research analysts recently weighed in on the company. Stifel Nicolaus boosted their target price on Photronics from $21.00 to $23.00 in a research note on Wednesday, May 25th. DA Davidson boosted their target price on Photronics from $26.00 to $30.00 and gave the stock a buy rating in a research note on Thursday, May 26th. StockNews.com initiated coverage on Photronics in a research note on Thursday, March 31st. They issued a strong-buy rating for the company. Finally, Northland Securities boosted their price objective on Photronics from $25.00 to $26.00 and gave the company an outperform rating in a research note on Thursday, May 26th.

Shares of NASDAQ PLAB opened at $20.48 on Wednesday. The company has a current ratio of 3.42, a quick ratio of 3.10 and a debt-to-equity ratio of 0.07. Photronics has a twelve month low of $11.65 and a twelve month high of $23.04. The stock has a 50 day moving average of $17.13 and a two-hundred day moving average of $17.45. The stock has a market cap of $1.26 billion, a P/E ratio of 13.84 and a beta of 0.95.

Photronics (NASDAQ:PLABGet Rating) last issued its quarterly earnings data on Wednesday, May 25th. The semiconductor company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.14. Photronics had a return on equity of 8.45% and a net margin of 12.03%. The company had revenue of $204.50 million during the quarter, compared to analysts’ expectations of $192.37 million. During the same quarter in the previous year, the business earned $0.17 earnings per share. The firm’s revenue for the quarter was up 28.0% on a year-over-year basis. As a group, research analysts predict that Photronics will post 1.9 earnings per share for the current year.

In other news, Director Mitchell G. Tyson sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $17.00, for a total transaction of $34,000.00. Following the completion of the sale, the director now owns 74,379 shares in the company, valued at $1,264,443. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher J. Progler sold 11,481 shares of the company’s stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $16.54, for a total value of $189,895.74. Following the sale, the executive vice president now owns 159,593 shares of the company’s stock, valued at approximately $2,639,668.22. The disclosure for this sale can be found here. Insiders have sold 17,481 shares of company stock valued at $297,716 in the last 90 days. Company insiders own 3.70% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Range Financial Group LLC acquired a new position in Photronics during the first quarter worth $500,000. Worth Venture Partners LLC grew its holdings in Photronics by 1.2% during the first quarter. Worth Venture Partners LLC now owns 305,636 shares of the semiconductor company’s stock worth $5,187,000 after acquiring an additional 3,758 shares during the period. Point72 Hong Kong Ltd grew its holdings in Photronics by 3,942.6% in the first quarter. Point72 Hong Kong Ltd now owns 7,398 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 7,215 shares during the last quarter. Quantbot Technologies LP grew its holdings in Photronics by 157.0% in the first quarter. Quantbot Technologies LP now owns 28,815 shares of the semiconductor company’s stock valued at $488,000 after purchasing an additional 17,605 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in Photronics by 3.0% in the first quarter. Royal Bank of Canada now owns 103,673 shares of the semiconductor company’s stock valued at $1,759,000 after purchasing an additional 3,030 shares during the last quarter. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

Photronics Company Profile (Get Rating)

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, Korea, Europe, China, and internationally. The company offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, FDP substrates, and other types of electrical and optical components.

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