Finisar Co. (FNSR) Short Interest Down 17.8% in December
Finisar Co. (NASDAQ:FNSR) was the target of a large decline in short interest during the month of December. As of December 29th, there was short interest totalling 12,574,499 shares, a decline of 17.8% from the December 15th total of 15,297,297 shares. Approximately 11.2% of the shares of the company are short sold. Based on an average trading volume of 3,953,352 shares, the days-to-cover ratio is presently 3.2 days.
In related news, EVP John H. Clark sold 6,186 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $24.90, for a total transaction of $154,031.40. Following the transaction, the executive vice president now directly owns 146,053 shares of the company’s stock, valued at approximately $3,636,719.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kurt Adzema sold 20,025 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $22.15, for a total value of $443,553.75. The disclosure for this sale can be found here. Insiders have sold a total of 52,369 shares of company stock worth $1,189,715 over the last three months. 1.02% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Finisar by 103.4% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,728 shares of the technology company’s stock valued at $127,000 after acquiring an additional 2,912 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Finisar by 43.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock valued at $153,000 after acquiring an additional 1,805 shares during the period. Cheyne Capital Management UK LLP bought a new stake in shares of Finisar during the 3rd quarter valued at $155,000. Cubist Systematic Strategies LLC lifted its position in shares of Finisar by 598.3% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 7,004 shares of the technology company’s stock valued at $155,000 after acquiring an additional 6,001 shares during the period. Finally, Koch Industries Inc. bought a new stake in shares of Finisar during the 2nd quarter valued at $201,000. Hedge funds and other institutional investors own 91.28% of the company’s stock.
Finisar (NASDAQ:FNSR) last released its earnings results on Thursday, December 7th. The technology company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. The firm had revenue of $332.21 million during the quarter, compared to the consensus estimate of $331.69 million. Finisar had a return on equity of 9.51% and a net margin of 14.33%. sell-side analysts anticipate that Finisar will post 0.73 earnings per share for the current year.
FNSR has been the topic of a number of recent analyst reports. Goldman Sachs Group lowered Finisar from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $22.74 to $16.00 in a report on Monday. B. Riley lowered Finisar from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $31.00 to $22.00 in a report on Wednesday, November 29th. TheStreet lowered Finisar from a “b” rating to a “c+” rating in a report on Thursday, November 2nd. Zacks Investment Research lowered Finisar from a “hold” rating to a “sell” rating in a report on Wednesday, December 13th. Finally, Needham & Company LLC lowered Finisar from a “strong-buy” rating to a “buy” rating and decreased their price objective for the company from $34.00 to $25.00 in a report on Monday, December 4th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $27.75.
Finisar Corporation (Finisar) is a provider of optical subsystems and components that are used in data communication and telecommunication applications. The Company’s optical subsystems consist of transmitters, receivers, transceivers, transponders and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in these networks, including the switches, routers, and servers used in wireline networks.
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