Acacia Communications Inc. (ACIA) Short Interest Up 32.5% in September
Acacia Communications Inc. (NASDAQ:ACIA) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 2,227,919 shares, a growth of 32.5% from the August 31st total of 1,681,041 shares. Approximately 30.1% of the company’s shares are short sold. Based on an average trading volume of 1,939,272 shares, the days-to-cover ratio is presently 1.1 days.
A number of institutional investors have recently modified their holdings of the company. Matrix VIII US Management Co. LLC acquired a new position in shares of Acacia Communications during the second quarter worth approximately $482,937,000. Geneva Advisors LLC acquired a new position in shares of Acacia Communications during the second quarter worth approximately $292,000. Lebenthal Lisanti Capital Growth LLC acquired a new position in shares of Acacia Communications during the second quarter worth approximately $329,000. CI Global Investments Inc. acquired a new position in shares of Acacia Communications during the second quarter worth approximately $899,000. Finally, Turner Investments L.P. acquired a new position in shares of Acacia Communications during the second quarter worth approximately $300,000. Institutional investors own 48.58% of the company’s stock.
ACIA has been the topic of a number of research analyst reports. Deutsche Bank AG reaffirmed a “buy” rating and set a $90.00 price target (up previously from $60.00) on shares of Acacia Communications in a research report on Monday, August 15th. Bank of America Corp. reaffirmed a “buy” rating and set a $130.00 price target (up previously from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Zacks Investment Research raised shares of Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price target on the stock in a research report on Tuesday, September 13th. Needham & Company LLC upped their price target on shares of Acacia Communications from $48.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 25th. Finally, Cowen and Company began coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price objective on the stock. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $94.83.
Acacia Communications (NASDAQ:ACIA) opened at 102.00 on Wednesday. The stock’s 50 day moving average is $110.47 and its 200 day moving average is $70.56. Acacia Communications has a one year low of $27.05 and a one year high of $128.73. The firm has a market cap of $3.65 billion and a price-to-earnings ratio of 68.09.
Acacia Communications (NASDAQ:ACIA) last issued its earnings results on Thursday, August 11th. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.47. The business earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. The company’s revenue was up 101.0% on a year-over-year basis. On average, analysts predict that Acacia Communications will post $2.72 earnings per share for the current fiscal year.
About Acacia Communications
Acacia Communications, Inc is engaged in delivering coherent optical interconnect products. The Company offers its products for communications networks, relied upon by cloud infrastructure operators, and content and communication service providers. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits (DSP ASICs) and silicon photonic integrated circuits (silicon PICs), which it has integrated into families of optical interconnect modules with transmission speeds ranging from 40 to 400 gigabits per second (Gbps) for use in metro and inter-data center markets.
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