GigPeak Inc (GIG) Short Interest Up 0.8% in September
GigPeak Inc (NYSE:GIG) was the target of a significant growth in short interest in September. As of September 15th, there was short interest totalling 2,032,687 shares, a growth of 0.8% from the August 31st total of 2,016,419 shares. Approximately 3.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 665,851 shares, the days-to-cover ratio is presently 3.1 days.
A number of analysts have recently commented on GIG shares. TheStreet upgraded GigPeak from a “hold” rating to a “buy” rating in a research report on Friday, June 3rd. Zacks Investment Research raised GigPeak from a “hold” rating to a “buy” rating and set a $2.50 price target on the stock in a research note on Wednesday, September 21st. Raymond James Financial Inc. initiated coverage on GigPeak in a research note on Thursday, June 16th. They issued an “outperform” rating and a $3.50 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.50 price target on shares of GigPeak in a research note on Tuesday, July 26th. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $3.00 price target (down from $4.00) on shares of GigPeak in a research note on Tuesday, June 28th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. GigPeak currently has a consensus rating of “Buy” and a consensus price target of $3.87.
Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of GigPeak by 79.1% in the second quarter. Dimensional Fund Advisors LP now owns 677,845 shares of the company’s stock worth $1,329,000 after buying an additional 299,451 shares during the period. Victory Capital Management Inc. acquired a new position in shares of GigPeak during the second quarter worth about $539,000. Alambic Investment Management L.P. increased its position in shares of GigPeak by 146.0% in the second quarter. Alambic Investment Management L.P. now owns 278,700 shares of the company’s stock worth $546,000 after buying an additional 165,400 shares during the period. Emerald Acquisition Ltd. acquired a new position in shares of GigPeak during the second quarter worth about $176,000. Finally, California State Teachers Retirement System acquired a new position in shares of GigPeak during the second quarter worth about $191,000.
GigPeak (NYSE:GIG) opened at 2.35 on Friday. The stock has a 50 day moving average price of $2.11 and a 200 day moving average price of $2.31. The firm has a market cap of $158.53 million and a price-to-earnings ratio of 87.04. GigPeak has a 52 week low of $1.63 and a 52 week high of $3.42.
GigPeak (NYSE:GIG) last issued its earnings results on Monday, July 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $15.40 million for the quarter, compared to analysts’ expectations of $15.21 million. The business’s quarterly revenue was up 57.1% on a year-over-year basis. During the same period last year, the company posted $0.06 earnings per share. Equities research analysts expect that GigPeak will post $0.18 EPS for the current year.
GigPeak, Inc, formerly GigOptix, Inc is a semiconductor designer, developer and supplier of a range of analog, digital and mixed signal components to enable information streaming over the telecom networks, datacom infrastructure and consumer electronics links. The Company’s business is made up of two product lines: High-Speed Communications (HSC) product line and Industrial product line.
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