EMCORE (NASDAQ:EMKR) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of EMCORE (NASDAQ:EMKR) from a hold rating to a buy rating in a research note published on Thursday morning, Zacks.com reports. The firm currently has $4.00 price objective on the semiconductor company’s stock.

According to Zacks, “EMCORE Corporation offers a broad portfolio of compound semiconductor- based products for the broadband, fiber optic, satellite and terrestrial solar power markets. EMCORE’s Fiber Optic segment offers optical components, subsystems and systems for high-speed data and telecommunications networks, cable television and fiber-to-the-premises. EMCORE’s Photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency Gallium Arsenide solar cells, Covered Interconnect Cells and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar power concentrator systems. “

Other equities research analysts also recently issued research reports about the stock. Northland Securities reissued a buy rating and issued a $4.50 target price on shares of EMCORE in a research note on Thursday, December 5th. B. Riley initiated coverage on shares of EMCORE in a research note on Tuesday, February 4th. They set a buy rating and a $4.70 price target for the company. Five investment analysts have rated the stock with a buy rating, EMCORE presently has a consensus rating of Buy and a consensus target price of $4.55.

Shares of EMCORE stock traded down $0.07 on Thursday, reaching $3.36. The company had a trading volume of 96,400 shares, compared to its average volume of 89,826. The firm has a market cap of $99.74 million, a price-to-earnings ratio of -3.00 and a beta of 0.29. The firm’s 50-day moving average price is $3.31 and its two-hundred day moving average price is $3.07. EMCORE has a 1 year low of $2.65 and a 1 year high of $4.31.

EMCORE (NASDAQ:EMKR) last released its quarterly earnings results on Wednesday, February 5th. The semiconductor company reported ($0.06) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.13. The company had revenue of $25.48 million for the quarter, compared to analyst estimates of $26.00 million. EMCORE had a negative return on equity of 21.72% and a negative net margin of 35.81%. Equities analysts expect that EMCORE will post -0.61 EPS for the current fiscal year.

In other EMCORE news, Director Stephen L. Domenik bought 10,000 shares of the business’s stock in a transaction dated Thursday, February 13th. The shares were purchased at an average price of $3.36 per share, with a total value of $33,600.00. Corporate insiders own 1.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of EMKR. BlackRock Inc. grew its holdings in shares of EMCORE by 3.3% in the second quarter. BlackRock Inc. now owns 282,281 shares of the semiconductor company’s stock worth $928,000 after purchasing an additional 9,000 shares during the last quarter. Vanguard Group Inc. increased its stake in EMCORE by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,276,870 shares of the semiconductor company’s stock worth $4,201,000 after buying an additional 4,855 shares during the period. Millennium Management LLC increased its stake in EMCORE by 673.5% in the 3rd quarter. Millennium Management LLC now owns 132,540 shares of the semiconductor company’s stock worth $406,000 after buying an additional 115,405 shares during the period. Simplex Trading LLC bought a new stake in EMCORE during the 4th quarter valued at about $26,000. Finally, B. Riley Financial Inc. bought a new stake in EMCORE during the 4th quarter valued at about $304,000. 52.54% of the stock is owned by hedge funds and other institutional investors.

EMCORE Company Profile

EMCORE Corporation, together with its subsidiaries, provides advanced mixed-signal optics products in California. It offers broadband products comprising cable television; laser, receiver, and photodetector component products; radio frequency over glass FTTP products; satellite/microwave communications products; and wireless communications products.

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