Coherent, Inc. (NASDAQ:COHR) Short Interest Update

Coherent, Inc. (NASDAQ:COHR) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 1,750,400 shares, an increase of 14.0% from the July 31st total of 1,535,200 shares. Approximately 7.4% of the company’s stock are short sold. Based on an average daily volume of 321,000 shares, the short-interest ratio is presently 5.5 days.

Institutional investors and hedge funds have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC acquired a new position in shares of Coherent during the second quarter valued at $28,000. Synovus Financial Corp lifted its holdings in Coherent by 400.0% in the first quarter. Synovus Financial Corp now owns 320 shares of the scientific and technical instruments company’s stock worth $45,000 after purchasing an additional 256 shares during the period. Cerebellum GP LLC acquired a new stake in Coherent in the second quarter worth about $48,000. Atria Investments LLC acquired a new stake in Coherent in the second quarter worth about $57,000. Finally, First Mercantile Trust Co. acquired a new stake in Coherent in the first quarter worth about $64,000. 99.40% of the stock is owned by institutional investors.

A number of research analysts have recently commented on COHR shares. TheStreet cut shares of Coherent from a “b-” rating to a “c+” rating in a research report on Wednesday, August 14th. Zacks Investment Research lowered shares of Coherent from a “hold” rating to a “strong sell” rating in a research note on Monday, August 5th. Benchmark restated a “buy” rating and issued a $165.00 price target on shares of Coherent in a research note on Wednesday, July 31st. BidaskClub upgraded shares of Coherent from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Finally, ValuEngine upgraded shares of Coherent from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. Coherent presently has an average rating of “Buy” and an average price target of $148.00.

Shares of NASDAQ:COHR traded up $0.28 during midday trading on Friday, reaching $166.13. The company had a trading volume of 87,879 shares, compared to its average volume of 298,102. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.97 and a quick ratio of 2.34. The stock’s fifty day moving average price is $144.48 and its 200-day moving average price is $137.73. The stock has a market capitalization of $3.95 billion, a P/E ratio of 12.74 and a beta of 1.78. Coherent has a one year low of $90.10 and a one year high of $189.39.

Coherent (NASDAQ:COHR) last released its earnings results on Tuesday, July 30th. The scientific and technical instruments company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.28. Coherent had a net margin of 8.12% and a return on equity of 13.38%. The firm had revenue of $339.17 million during the quarter, compared to analyst estimates of $348.61 million. During the same quarter in the previous year, the firm earned $3.51 earnings per share. The firm’s revenue for the quarter was down 29.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Coherent will post 4.92 earnings per share for the current year.

About Coherent

Coherent, Inc provides lasers, laser-based technologies, and laser-based system solutions for a range of scientific, commercial, and industrial applications. It operates through two segments, OEM Laser Sources and Industrial Lasers & Systems. The company designs, manufactures, markets, and services lasers, laser tools, precision optics, and related accessories; and laser measurement and control products.

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