Zacks Investment Research upgraded shares of Emcore Corp. (NASDAQ:EMKR) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $6.25 price objective on the 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. “
Separately, B. Riley reaffirmed a buy rating and issued a $7.00 target price on shares of Emcore Corp. in a report on Tuesday, August 9th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Emcore Corp. has a consensus rating of Buy and a consensus target price of $7.81.
Emcore Corp. (NASDAQ:EMKR) traded down 0.36% during trading on Tuesday, hitting $5.60. The company’s stock had a trading volume of 4,066 shares. The company has a 50-day moving average of $5.21 and a 200 day moving average of $5.55. Emcore Corp. has a one year low of $4.90 and a one year high of $8.52. The firm has a market cap of $146.37 million, a PE ratio of 19.11 and a beta of 0.84.
A number of hedge funds have recently added to or reduced their stakes in EMKR. Jacobs Levy Equity Management Inc. boosted its stake in Emcore Corp. by 123.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 183,463 shares of the company’s stock valued at $917,000 after buying an additional 101,491 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new stake in Emcore Corp. during the second quarter valued at approximately $289,000. Paradigm Capital Management Inc. NY boosted its stake in Emcore Corp. by 94.7% in the second quarter. Paradigm Capital Management Inc. NY now owns 1,191,684 shares of the company’s stock valued at $7,079,000 after buying an additional 579,721 shares during the last quarter. Royce & Associates LP boosted its stake in Emcore Corp. by 23.5% in the first quarter. Royce & Associates LP now owns 775,198 shares of the company’s stock valued at $3,876,000 after buying an additional 147,724 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Emcore Corp. by 13.8% in the first quarter. Geode Capital Management LLC now owns 184,196 shares of the company’s stock valued at $920,000 after buying an additional 22,332 shares during the last quarter. 61.56% of the stock is owned by hedge funds and other institutional investors.
About Emcore Corp.
EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.
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