EMCORE (NASDAQ:EMKR) Stock Price Passes Above 200-Day Moving Average – Here’s Why

EMCORE Co. (NASDAQ:EMKR)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.03 and traded as high as $3.11. EMCORE shares last traded at $3.10, with a volume of 120,529 shares.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on shares of EMCORE in a research note on Wednesday. They issued a “hold” rating on the stock.

EMCORE Price Performance

The stock has a market capitalization of $28.15 million, a PE ratio of -1.06 and a beta of 1.70. The company has a 50 day moving average price of $3.10 and a 200-day moving average price of $3.03.

Institutional Investors Weigh In On EMCORE

A number of large investors have recently modified their holdings of the stock. Renaissance Technologies LLC raised its position in shares of EMCORE by 6.4% in the 4th quarter. Renaissance Technologies LLC now owns 158,658 shares of the semiconductor company’s stock worth $476,000 after acquiring an additional 9,500 shares in the last quarter. Geode Capital Management LLC lifted its position in EMCORE by 18.3% during the 4th quarter. Geode Capital Management LLC now owns 77,410 shares of the semiconductor company’s stock valued at $232,000 after acquiring an additional 11,985 shares during the period. Newbridge Financial Services Group Inc. bought a new stake in EMCORE during the fourth quarter worth about $39,000. Virtu Financial LLC purchased a new stake in EMCORE in the fourth quarter worth about $88,000. Finally, CSS LLC IL bought a new position in shares of EMCORE during the fourth quarter valued at approximately $164,000. Institutional investors own 65.66% of the company’s stock.

About EMCORE

EMCORE Corporation, together with its subsidiaries, designs and manufactures fiber optic gyro, ring laser gyro, and micro electromechanical system-based inertial sensors and systems in the United States and internationally. It offers navigation system and inertial sensing products, such as gyroscopes and multi-axis sensors, inertial measurement units, fiber optic gyroscopes, quartz micro electromechanical systems, inertial navigation systems, tactical navigation, and naval and amphibious navigation, as well as radar positioning and pointing systems, and battlefield/artillery survey systems.