Finisar Corporation (NASDAQ:FNSR) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 12,683,827 shares, an increase of 27.0% from the October 13th total of 9,985,188 shares. Based on an average trading volume of 3,617,545 shares, the days-to-cover ratio is currently 3.5 days. Approximately 11.3% of the company’s stock are sold short.
In related news, Chairman Jerry S. Rawls sold 20,000 shares of Finisar Corporation stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $22.89, for a total transaction of $457,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Roger C. Ferguson sold 2,726 shares of Finisar Corporation stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $21.46, for a total value of $58,499.96. Following the transaction, the director now owns 44,034 shares of the company’s stock, valued at approximately $944,969.64. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Fortaleza Asset Management Inc. acquired a new position in Finisar Corporation during the second quarter valued at approximately $138,000. PNC Financial Services Group Inc. raised its position in Finisar Corporation by 43.9% during the second quarter. PNC Financial Services Group Inc. now owns 5,912 shares of the technology company’s stock valued at $153,000 after purchasing an additional 1,805 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new position in Finisar Corporation during the second quarter valued at approximately $202,000. Westside Investment Management Inc. raised its position in Finisar Corporation by 33.3% during the second quarter. Westside Investment Management Inc. now owns 8,000 shares of the technology company’s stock valued at $218,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new position in Finisar Corporation during the second quarter valued at approximately $217,000. Institutional investors and hedge funds own 88.14% of the company’s stock.
Finisar Corporation (FNSR) opened at $19.02 on Tuesday. Finisar Corporation has a 1 year low of $18.10 and a 1 year high of $36.85. The company has a market cap of $2,159.31, a P/E ratio of 11.35, a price-to-earnings-growth ratio of 1.31 and a beta of 1.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 6.24 and a current ratio of 7.66.
Finisar Corporation (NASDAQ:FNSR) last announced its quarterly earnings data on Thursday, September 7th. The technology company reported $0.40 EPS for the quarter, meeting the consensus estimate of $0.40. Finisar Corporation had a net margin of 16.92% and a return on equity of 13.11%. The business had revenue of $341.80 million during the quarter, compared to the consensus estimate of $341.22 million. During the same period in the previous year, the business earned $0.38 earnings per share. The company’s revenue was up .1% on a year-over-year basis. equities research analysts anticipate that Finisar Corporation will post 1.05 EPS for the current year.
A number of equities analysts recently commented on FNSR shares. William Blair reiterated an “outperform” rating on shares of Finisar Corporation in a report on Thursday, September 14th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $32.00 price target (down previously from $37.00) on shares of Finisar Corporation in a report on Friday, September 8th. MKM Partners reiterated a “buy” rating and set a $31.00 price target (down previously from $33.00) on shares of Finisar Corporation in a report on Monday, September 11th. Piper Jaffray Companies reiterated a “buy” rating and set a $26.00 price target on shares of Finisar Corporation in a report on Sunday, September 17th. Finally, Northland Securities reiterated a “buy” rating and set a $40.00 price target on shares of Finisar Corporation in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $32.60.
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About Finisar Corporation
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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