Rubicon Technology Inc. (RBCN) Short Interest Down 20.7% in September
Rubicon Technology Inc. (NASDAQ:RBCN) was the target of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 961,337 shares, a decline of 20.7% from the August 31st total of 1,211,548 shares. Based on an average daily trading volume, of 58,567 shares, the short-interest ratio is presently 16.4 days. Currently, 4.1% of the company’s shares are sold short.
Separately, Zacks Investment Research raised shares of Rubicon Technology from a “sell” rating to a “hold” rating in a research note on Wednesday, July 13th.
Rubicon Technology (NASDAQ:RBCN) opened at 0.6301 on Friday. The firm’s market cap is $16.90 million. Rubicon Technology has a one year low of $0.51 and a one year high of $1.78. The company’s 50-day moving average is $0.62 and its 200-day moving average is $0.68.
Rubicon Technology (NASDAQ:RBCN) last issued its quarterly earnings data on Tuesday, August 9th. The company reported ($0.31) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by $0.03. Rubicon Technology had a negative return on equity of 29.29% and a negative net margin of 489.27%. The business had revenue of $3.54 million for the quarter, compared to analysts’ expectations of $4.42 million. During the same period in the previous year, the firm posted ($0.33) EPS. The firm’s revenue for the quarter was down 50.3% compared to the same quarter last year. On average, analysts forecast that Rubicon Technology will post ($0.80) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of RBCN. Wolverine Asset Management LLC raised its position in shares of Rubicon Technology by 210.1% in the second quarter. Wolverine Asset Management LLC now owns 363,656 shares of the company’s stock valued at $247,000 after buying an additional 246,374 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Rubicon Technology by 27.1% in the first quarter. Renaissance Technologies LLC now owns 505,500 shares of the company’s stock valued at $369,000 after buying an additional 107,809 shares during the last quarter. Finally, Royce & Associates LP raised its position in shares of Rubicon Technology by 41.4% in the first quarter. Royce & Associates LP now owns 1,379,271 shares of the company’s stock valued at $1,007,000 after buying an additional 403,722 shares during the last quarter. 48.40% of the stock is owned by institutional investors.
About Rubicon Technology
Rubicon Technology, Inc is a vertically integrated, electronic materials provider specializing in monocrystalline sapphire for applications in light-emitting diodes (LEDs), optical systems and specialty electronic devices. The Company’s product lines include sapphire cores; four and six-inch sapphire wafers; four, six, and eight-inch patterned sapphire substrate (PSS) wafers, and optical sapphire components.
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