Fabrinet (NYSE:FN) Short Interest Up 30.8% in November

Fabrinet (NYSE:FN) was the target of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,870,000 shares, an increase of 30.8% from the October 31st total of 1,430,000 shares. Based on an average daily trading volume, of 639,000 shares, the days-to-cover ratio is currently 2.9 days. Currently, 5.2% of the company’s stock are short sold.

Fabrinet Stock Performance

Fabrinet stock opened at $234.58 on Monday. Fabrinet has a fifty-two week low of $159.30 and a fifty-two week high of $278.38. The firm’s 50-day simple moving average is $244.01 and its 200 day simple moving average is $238.06. The stock has a market cap of $8.51 billion, a PE ratio of 27.76 and a beta of 0.95.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. The firm had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company’s revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.78 EPS. As a group, analysts predict that Fabrinet will post 9.1 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.38% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Driehaus Capital Management LLC grew its position in shares of Fabrinet by 183.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after acquiring an additional 179,943 shares during the period. Whale Rock Capital Management LLC lifted its stake in Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after purchasing an additional 175,684 shares during the last quarter. Clearbridge Investments LLC bought a new position in Fabrinet during the second quarter valued at $27,911,000. World Investment Advisors LLC bought a new stake in shares of Fabrinet in the third quarter valued at $20,187,000. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Fabrinet by 3,831.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 82,088 shares of the technology company’s stock valued at $19,465,000 after buying an additional 80,000 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FN. Rosenblatt Securities lifted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Barclays assumed coverage on shares of Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target on the stock. Finally, Needham & Company LLC assumed coverage on Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $252.14.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.