EMCORE (EMKR) Stock Price Down 15.5% After Earnings Miss
EMCORE Corporation (NASDAQ:EMKR) was down 15.5% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $5.80 and last traded at $6.25. Approximately 2,284,100 shares changed hands during trading, an increase of 597% from the average daily volume of 327,848 shares. The stock had previously closed at $7.40.
The semiconductor company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.02). EMCORE had a return on equity of 9.25% and a net margin of 6.73%. The business had revenue of $29.20 million during the quarter, compared to analyst estimates of $30.29 million. During the same quarter last year, the company posted $0.10 EPS. EMCORE’s quarterly revenue was up 14.1% compared to the same quarter last year.
EMKR has been the topic of several recent research reports. Zacks Investment Research lowered EMCORE from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Northland Securities set a $13.00 price objective on EMCORE and gave the stock a “buy” rating in a research report on Monday, October 16th. Finally, B. Riley restated a “neutral” rating and issued a $8.75 price objective (down previously from $10.50) on shares of EMCORE in a research report on Friday, December 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. EMCORE presently has a consensus rating of “Hold” and a consensus target price of $11.44.
Several large investors have recently made changes to their positions in EMKR. Northpointe Capital LLC purchased a new position in shares of EMCORE during the 2nd quarter valued at approximately $3,202,000. RK Capital Management LLC lifted its position in shares of EMCORE by 40.1% during the 2nd quarter. RK Capital Management LLC now owns 1,037,938 shares of the semiconductor company’s stock valued at $11,054,000 after buying an additional 296,840 shares in the last quarter. Paradigm Capital Management Inc. NY lifted its position in shares of EMCORE by 13.5% during the 3rd quarter. Paradigm Capital Management Inc. NY now owns 2,312,800 shares of the semiconductor company’s stock valued at $18,965,000 after buying an additional 274,700 shares in the last quarter. Unterberg Capital LLC raised its stake in EMCORE by 79.2% in the 3rd quarter. Unterberg Capital LLC now owns 430,000 shares of the semiconductor company’s stock valued at $3,526,000 after purchasing an additional 190,000 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in EMCORE by 2,579.5% in the 2nd quarter. Victory Capital Management Inc. now owns 164,415 shares of the semiconductor company’s stock valued at $1,751,000 after purchasing an additional 158,279 shares during the last quarter. Hedge funds and other institutional investors own 78.34% of the company’s stock.
The firm has a market cap of $198.91, a P/E ratio of 19.47 and a beta of 0.45.
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EMCORE Company Profile
EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.
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