Shares of GigPeak Inc (NYSE:GIG) rose 2.8% during mid-day trading on Monday following a stronger than expected earnings report. The stock traded as high as $2.61 and last traded at $2.61, with a volume of 793,669 shares changing hands. The stock had previously closed at $2.54.

The company reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.01. The company had revenue of $15.80 million for the quarter, compared to analysts’ expectations of $15.52 million. The company’s quarterly revenue was up 51.6% compared to the same quarter last year. During the same period last year, the business earned $0.06 EPS.

GIG has been the subject of several research analyst reports. Zacks Investment Research raised shares of GigPeak from a “hold” rating to a “buy” rating and set a $2.50 target price for the company in a research note on Wednesday, September 21st. TheStreet lowered shares of GigPeak from a “buy” rating to a “hold” rating in a research note on Wednesday, August 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $3.50 target price on shares of GigPeak in a research note on Tuesday, July 26th. Cowen and Company reaffirmed an “outperform” rating and set a $3.00 target price (down previously from $4.00) on shares of GigPeak in a research note on Tuesday, June 28th. Finally, B. Riley reaffirmed a “buy” rating and set a $4.50 target price on shares of GigPeak in a research note on Wednesday, July 20th. Twelve equities research analysts have rated the stock with a buy rating, GigPeak currently has a consensus rating of “Buy” and a consensus target price of $3.87.

Several hedge funds have recently modified their holdings of the company. Perkins Capital Management Inc. purchased a new stake in shares of GigPeak during the second quarter worth about $135,000. Teachers Advisors Inc. bought a new position in GigPeak during the second quarter worth $141,000. Schwab Charles Investment Management Inc. bought a new position in GigPeak during the second quarter worth $145,000. TFS Capital LLC boosted its position in GigPeak by 49.3% in the second quarter. TFS Capital LLC now owns 84,747 shares of the company’s stock worth $166,000 after buying an additional 27,992 shares in the last quarter. Finally, Emerald Acquisition Ltd. bought a new position in GigPeak during the second quarter worth $176,000.

The firm has a 50-day moving average price of $2.31 and a 200-day moving average price of $2.30. The company has a market capitalization of $172.03 million and a PE ratio of 94.44.

About GigPeak

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.

5 Day Chart for NYSE:GIG

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