Zacks Investment Research Downgrades NeoPhotonics Corp. (NPTN) to Strong Sell
NeoPhotonics Corp. (NYSE:NPTN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday.
According to Zacks, “NeoPhotonics Corporation is engaged in the design and manufacture of photonic integrated circuit, or PIC, based modules and subsystems for bandwidth-intensive, high-speed communications networks. Products offered by the Company includes high-speed products that enable data transmission at 10Gbps, 40Gbps and 100Gbps, agility products such as ROADMs that dynamically allocate bandwidth to adjust for volatile traffic patterns, and access products that provide high-bandwidth connections to more devices and people over fixed and wireless networks. “
Other equities research analysts also recently issued reports about the stock. Needham & Company LLC raised their price target on shares of NeoPhotonics Corp. from $20.00 to $22.00 and gave the company a “strong-buy” rating in a research note on Monday, September 12th. B. Riley restated a “neutral” rating and issued a $12.75 price target on shares of NeoPhotonics Corp. in a research note on Tuesday, August 9th. Piper Jaffray Cos. restated an “overweight” rating and issued a $17.00 price target on shares of NeoPhotonics Corp. in a research note on Wednesday, September 7th. Finally, Craig Hallum restated a “buy” rating on shares of NeoPhotonics Corp. in a research note on Sunday, July 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $16.04.
Shares of NeoPhotonics Corp. (NYSE:NPTN) opened at 11.60 on Thursday. The firm has a 50-day moving average of $14.78 and a 200 day moving average of $12.79. The company’s market cap is $487.63 million. NeoPhotonics Corp. has a 52 week low of $7.61 and a 52 week high of $18.51.
NeoPhotonics Corp. (NYSE:NPTN) last released its earnings results on Thursday, November 3rd. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.14 by $0.08. NeoPhotonics Corp. had a negative net margin of 0.46% and a positive return on equity of 4.18%. The firm earned $103.30 million during the quarter, compared to the consensus estimate of $104.04 million. During the same period in the prior year, the business earned $0.11 earnings per share. NeoPhotonics Corp.’s quarterly revenue was up 23.6% compared to the same quarter last year. Equities analysts anticipate that NeoPhotonics Corp. will post $0.54 earnings per share for the current fiscal year.
In other news, CEO Timothy Storrs Jenks sold 22,666 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $15.04, for a total value of $340,896.64. Following the transaction, the chief executive officer now owns 193,157 shares in the company, valued at approximately $2,905,081.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Yuen Wupen sold 3,400 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $15.00, for a total transaction of $51,000.00. Following the completion of the transaction, the vice president now owns 21,908 shares in the company, valued at approximately $328,620. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of NPTN. Northpointe Capital LLC increased its position in shares of NeoPhotonics Corp. by 383.9% in the second quarter. Northpointe Capital LLC now owns 1,580,654 shares of the company’s stock worth $15,064,000 after buying an additional 1,253,978 shares during the period. Wellington Management Group LLP purchased a new position in shares of NeoPhotonics Corp. during the first quarter worth about $11,871,000. Dimensional Fund Advisors LP increased its position in shares of NeoPhotonics Corp. by 40.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,902,415 shares of the company’s stock worth $18,130,000 after buying an additional 544,861 shares during the period. Emerald Acquisition Ltd. purchased a new position in shares of NeoPhotonics Corp. during the second quarter worth about $3,144,000. Finally, Spark Investment Management LLC increased its position in shares of NeoPhotonics Corp. by 756.4% in the second quarter. Spark Investment Management LLC now owns 361,400 shares of the company’s stock worth $3,444,000 after buying an additional 319,200 shares during the period. Hedge funds and other institutional investors own 79.34% of the company’s stock.
About NeoPhotonics Corp.
NeoPhotonics Corporation develops, manufactures and markets optoelectronic products that transmit, receive and switch digital optical signals for communications networks. The Company develops and manufactures Transmitter Products, Receiver Products and Switch Products that are used in ultra-high speed digital optical communications, high speed switching and provisioning, and access connections for wireless and fiber-to-the-home communications networks.
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