Coherent, Inc. (COHR) Sees Significant Increase in Short Interest
Coherent, Inc. (NASDAQ:COHR) was the target of a large growth in short interest in the month of August. As of August 15th, there was short interest totalling 1,490,748 shares, a growth of 65.2% from the July 31st total of 902,438 shares. Based on an average daily volume of 1,119,051 shares, the days-to-cover ratio is presently 1.3 days. Approximately 6.1% of the shares of the stock are sold short.
Coherent (NASDAQ:COHR) opened at 220.05 on Monday. Coherent has a 52-week low of $100.01 and a 52-week high of $278.39. The stock’s 50 day moving average price is $241.26 and its 200-day moving average price is $222.09. The company has a market capitalization of $5.42 billion, a P/E ratio of 33.13 and a beta of 0.72.
Coherent (NASDAQ:COHR) last released its quarterly earnings data on Tuesday, August 1st. The scientific and technical instruments company reported $3.36 earnings per share for the quarter, missing the consensus estimate of $3.45 by $0.09. Coherent had a net margin of 11.08% and a return on equity of 24.98%. The firm had revenue of $464.10 million during the quarter, compared to analysts’ expectations of $466.90 million. During the same period in the previous year, the business earned $1.07 earnings per share. The business’s revenue for the quarter was up 112.1% on a year-over-year basis. Analysts predict that Coherent will post $12.27 earnings per share for the current fiscal year.
In other Coherent news, Director Stephen A. Skaggs sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $217.58, for a total value of $108,790.00. Following the completion of the transaction, the director now directly owns 11,500 shares in the company, valued at approximately $2,502,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in COHR. Syntal Capital Partners LLC increased its position in Coherent by 53.2% in the first quarter. Syntal Capital Partners LLC now owns 4,250 shares of the scientific and technical instruments company’s stock valued at $874,000 after buying an additional 1,476 shares during the last quarter. State Treasurer State of Michigan bought a new position in Coherent during the first quarter valued at $2,056,000. Kornitzer Capital Management Inc. KS increased its position in Coherent by 125.5% in the first quarter. Kornitzer Capital Management Inc. KS now owns 33,765 shares of the scientific and technical instruments company’s stock valued at $6,943,000 after buying an additional 18,790 shares during the last quarter. Oregon Public Employees Retirement Fund bought a new position in Coherent during the first quarter valued at $843,000. Finally, Emerald Advisers Inc. PA bought a new position in Coherent during the first quarter valued at $12,017,000. 92.40% of the stock is owned by institutional investors.
Several research firms have weighed in on COHR. ValuEngine downgraded Coherent from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Benchmark Co. restated a “buy” rating on shares of Coherent in a research note on Wednesday, May 10th. Longbow Research restated a “buy” rating and issued a $325.00 price target on shares of Coherent in a research note on Wednesday, June 28th. Susquehanna Bancshares Inc upgraded Coherent from a “neutral” rating to a “positive” rating and upped their price target for the stock from $255.00 to $275.00 in a research note on Thursday, August 3rd. Finally, Needham & Company LLC upped their price target on Coherent from $215.00 to $265.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $268.88.
Coherent Company Profile
Coherent, Inc is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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