Finisar (FNSR) Shares Gap Down on Disappointing Earnings
Shares of Finisar Co. (NASDAQ:FNSR) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $20.65, but opened at $19.31. Finisar shares last traded at $19.31, with a volume of 18260038 shares traded.
The technology company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.03). The business had revenue of $332.40 million during the quarter, compared to the consensus estimate of $333.15 million. Finisar had a net margin of 7.35% and a return on equity of 6.00%. The business’s revenue was down 12.7% compared to the same quarter last year. During the same period last year, the company earned $0.59 EPS.
Several equities analysts have commented on FNSR shares. Goldman Sachs Group downgraded Finisar from a “neutral” rating to a “sell” rating and cut their price objective for the company from $22.74 to $16.00 in a research report on Monday, January 15th. B. Riley downgraded Finisar from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $31.00 to $22.00 in a research report on Wednesday, November 29th. Zacks Investment Research downgraded Finisar from a “hold” rating to a “sell” rating in a research report on Wednesday, December 13th. Craig Hallum reissued a “buy” rating on shares of Finisar in a research report on Tuesday, January 2nd. Finally, Loop Capital assumed coverage on Finisar in a research report on Monday, January 29th. They set a “hold” rating and a $19.00 price target on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Finisar presently has an average rating of “Hold” and a consensus target price of $26.25.
A number of hedge funds have recently modified their holdings of FNSR. Ladenburg Thalmann Financial Services Inc. boosted its position in Finisar by 103.4% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,728 shares of the technology company’s stock valued at $127,000 after purchasing an additional 2,912 shares in the last quarter. Cheyne Capital Management UK LLP bought a new stake in Finisar during the third quarter valued at about $155,000. Cubist Systematic Strategies LLC boosted its position in Finisar by 598.3% during the third quarter. Cubist Systematic Strategies LLC now owns 7,004 shares of the technology company’s stock valued at $155,000 after purchasing an additional 6,001 shares in the last quarter. First Mercantile Trust Co. bought a new stake in Finisar during the fourth quarter valued at about $158,000. Finally, Janney Montgomery Scott LLC bought a new stake in Finisar during the third quarter valued at about $217,000. 92.46% of the stock is currently owned by institutional investors.
The firm has a market capitalization of $2,100.00, a PE ratio of 15.70, a price-to-earnings-growth ratio of 2.21 and a beta of 1.02. The company has a current ratio of 7.81, a quick ratio of 6.31 and a debt-to-equity ratio of 0.44.
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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