EMCORE (NASDAQ:EMKR) Stock Rating Lowered by Zacks Investment Research

EMCORE (NASDAQ:EMKR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

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. “

Separately, Craig Hallum initiated coverage on shares of EMCORE in a research report on Wednesday, March 10th. They set a “buy” rating and a $10.50 price objective on the stock.

EMKR stock opened at $6.16 on Tuesday. The stock has a market capitalization of $224.46 million, a P/E ratio of -24.64 and a beta of 1.24. EMCORE has a 1-year low of $2.04 and a 1-year high of $8.20. The business has a fifty day moving average price of $6.50 and a 200-day moving average price of $4.93.

EMCORE (NASDAQ:EMKR) last issued its earnings results on Thursday, February 4th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.06. The business had revenue of $33.43 million during the quarter, compared to analyst estimates of $33.27 million. EMCORE had a negative return on equity of 9.18% and a negative net margin of 6.33%. Analysts expect that EMCORE will post 0.19 EPS for the current year.

Hedge funds have recently bought and sold shares of the business. Cannell Capital LLC grew its stake in shares of EMCORE by 4.9% during the 4th quarter. Cannell Capital LLC now owns 2,922,329 shares of the semiconductor company’s stock valued at $15,927,000 after purchasing an additional 137,789 shares during the period. Needham Investment Management LLC grew its position in EMCORE by 8.3% during the fourth quarter. Needham Investment Management LLC now owns 1,500,000 shares of the semiconductor company’s stock valued at $8,175,000 after buying an additional 115,000 shares during the period. Worth Venture Partners LLC grew its position in EMCORE by 229.9% during the fourth quarter. Worth Venture Partners LLC now owns 585,833 shares of the semiconductor company’s stock valued at $3,193,000 after buying an additional 408,248 shares during the period. AWM Investment Company Inc. increased its holdings in EMCORE by 392.8% during the fourth quarter. AWM Investment Company Inc. now owns 392,801 shares of the semiconductor company’s stock valued at $2,141,000 after buying an additional 313,093 shares during the last quarter. Finally, BlackRock Inc. raised its position in EMCORE by 7.9% in the fourth quarter. BlackRock Inc. now owns 308,568 shares of the semiconductor company’s stock worth $1,682,000 after acquiring an additional 22,490 shares during the period. 54.34% of the stock is currently owned by institutional investors.

About EMCORE

EMCORE Corporation, together with its subsidiaries, provides advanced mixed-signal optics products in the United States, Canada, Asia, Europe, and internationally. The company offers cable television (CATV) products, including forward and return-path analog lasers, receivers, photodetectors, and subassembly components; and analog and digital fiber-optic transmitters, quadrature amplitude modulation transmitters, optical switches, and CATV fiber amplifiers.

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