EMCORE (NASDAQ:EMKR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.

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 analysts have also commented on EMKR. Northland Securities set a $13.00 target price on EMCORE and gave the company a “buy” rating in a research report on Monday, October 16th. B. Riley reaffirmed a “neutral” rating and issued a $8.75 target price (down from $10.50) on shares of EMCORE in a research report on Friday, December 1st. Finally, Lake Street Capital reaffirmed a “buy” rating and issued a $10.00 target price on shares of EMCORE in a research report on Wednesday, December 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. EMCORE has a consensus rating of “Hold” and a consensus target price of $6.67.

Shares of EMCORE (NASDAQ EMKR) opened at $5.10 on Monday. EMCORE has a 12-month low of $4.90 and a 12-month high of $12.20. The company has a market capitalization of $141.44, a PE ratio of 21.25, a P/E/G ratio of 1.24 and a beta of 0.14.

EMCORE (NASDAQ:EMKR) last issued its earnings results on Tuesday, February 6th. The semiconductor company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). EMCORE had a net margin of 5.48% and a return on equity of 6.59%. The firm had revenue of $24.04 million during the quarter, compared to the consensus estimate of $24.75 million. During the same period in the previous year, the firm earned $0.13 earnings per share. The business’s quarterly revenue was down 20.3% on a year-over-year basis. equities analysts predict that EMCORE will post 0.35 EPS for the current year.

In related news, CEO Jeffrey Rittichier sold 49,422 shares of the business’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $7.05, for a total value of $348,425.10. Following the completion of the sale, the chief executive officer now directly owns 366,007 shares of the company’s stock, valued at approximately $2,580,349.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.99% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Wells Fargo & Company MN boosted its stake in EMCORE by 2.5% during the 2nd quarter. Wells Fargo & Company MN now owns 19,146 shares of the semiconductor company’s stock valued at $204,000 after purchasing an additional 466 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in EMCORE by 9.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,061 shares of the semiconductor company’s stock valued at $235,000 after purchasing an additional 1,914 shares during the last quarter. Nationwide Fund Advisors boosted its stake in EMCORE by 2.3% during the 2nd quarter. Nationwide Fund Advisors now owns 88,260 shares of the semiconductor company’s stock valued at $940,000 after purchasing an additional 2,018 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in EMCORE by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 187,452 shares of the semiconductor company’s stock valued at $1,996,000 after purchasing an additional 2,175 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in EMCORE by 4.1% during the 4th quarter. Geode Capital Management LLC now owns 245,535 shares of the semiconductor company’s stock valued at $1,582,000 after purchasing an additional 9,627 shares during the last quarter. Institutional investors and hedge funds own 74.22% of the company’s stock.

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About EMCORE

EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.

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