Zacks Investment Research Upgrades Applied Optoelectronics Inc. (AAOI) to Strong-Buy
Applied Optoelectronics Inc. (NASDAQ:AAOI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday. The firm presently has a $26.00 price objective on the stock. Zacks Investment Research’s price objective suggests a potential upside of 10.26% from the company’s previous close.
According to Zacks, “Applied Optoelectronics, Inc. designs, develops and manufactures advanced optical devices, packaged optical components, optical subsystems, laser transmitters and fiber optic transceivers. The company’s products are used in fiber optic communications equipment for FTTH, point-to-point telecom, datacom and access networks and systems supporting cable television, network infrastructure. Applied Optoelectronics, Inc. is headquartered in Sugar Land, Texas. “
A number of other equities research analysts have also recently weighed in on the company. Roth Capital reiterated a “buy” rating on shares of Applied Optoelectronics in a report on Tuesday, August 2nd. TheStreet upgraded Applied Optoelectronics from a “hold” rating to a “buy” rating in a report on Monday, October 3rd. Craig Hallum increased their target price on Applied Optoelectronics from $18.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, August 25th. Finally, Piper Jaffray Cos. reiterated an “overweight” rating and set a $27.00 target price (up previously from $24.00) on shares of Applied Optoelectronics in a report on Friday, October 7th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Applied Optoelectronics presently has an average rating of “Buy” and a consensus price target of $24.67.
Shares of Applied Optoelectronics (NASDAQ:AAOI) opened at 23.58 on Wednesday. The company has a 50 day moving average price of $21.33 and a 200 day moving average price of $14.91. Applied Optoelectronics has a 12-month low of $8.08 and a 12-month high of $24.18. The stock has a market cap of $404.40 million, a P/E ratio of 21.36 and a beta of 2.37.
Applied Optoelectronics (NASDAQ:AAOI) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.10. The business had revenue of $70.10 million for the quarter, compared to analysts’ expectations of $64 million. Applied Optoelectronics had a return on equity of 6.06% and a net margin of 8.61%. The company’s revenue was up 22.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS. Analysts anticipate that Applied Optoelectronics will post $1.03 earnings per share for the current fiscal year.
In related news, CFO Stefan J. Murry sold 3,660 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $19.05, for a total value of $69,723.00. Following the transaction, the chief financial officer now directly owns 35,093 shares of the company’s stock, valued at approximately $668,521.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 8.19% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Morgan Stanley raised its position in shares of Applied Optoelectronics by 582.5% in the third quarter. Morgan Stanley now owns 50,907 shares of the company’s stock valued at $1,130,000 after buying an additional 43,448 shares during the period. Hilltop Park Associates LLC purchased a new position in shares of Applied Optoelectronics during the third quarter valued at $444,000. Northern Trust Corp raised its position in shares of Applied Optoelectronics by 0.8% in the third quarter. Northern Trust Corp now owns 159,223 shares of the company’s stock valued at $3,536,000 after buying an additional 1,256 shares during the period. California State Teachers Retirement System raised its position in shares of Applied Optoelectronics by 0.9% in the third quarter. California State Teachers Retirement System now owns 34,892 shares of the company’s stock valued at $775,000 after buying an additional 300 shares during the period. Finally, HAP Trading LLC purchased a new position in shares of Applied Optoelectronics during the third quarter valued at $2,696,000. 78.69% of the stock is currently owned by institutional investors and hedge funds.
Applied Optoelectronics Company Profile
Applied Optoelectronics, Inc is a vertically integrated provider of fiber-optic networking products. The Company offers its products for approximately three networking end markets, such as Internet data center; cable television (CATV), and fiber-to-the-home (FTTH). The Company designs and manufactures a range of optical communications products at varying levels of integration, from components, subassemblies and modules to turnkey equipment.
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