GigPeak Inc (NYSE:GIG) shares traded up 2.8% on Monday after the company announced better than expected quarterly earnings. The company traded as high as $2.61 and last traded at $2.61, with a volume of 793,669 shares. The stock had previously closed at $2.54.
The company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.01. The business earned $15.80 million during the quarter, compared to the consensus estimate of $15.52 million. During the same period in the previous year, the company posted $0.06 EPS. The company’s revenue for the quarter was up 51.6% compared to the same quarter last year.
Several research analysts have recently issued reports on the company. B. Riley reissued a “buy” rating and issued a $4.50 price target on shares of GigPeak in a research note on Wednesday, July 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $3.50 target price on shares of GigPeak in a research note on Tuesday, July 26th. TheStreet raised GigPeak from a “hold” rating to a “buy” rating in a research note on Tuesday, October 4th. Zacks Investment Research raised GigPeak from a “sell” rating to a “hold” rating in a research note on Tuesday, August 9th. Finally, Cowen and Company reaffirmed an “outperform” rating and set a $3.00 target price (down previously from $4.00) on shares of GigPeak in a research note on Tuesday, June 28th. Twelve research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus price target of $3.87.
A number of large investors have recently made changes to their positions in GIG. BlackRock Fund Advisors increased its stake in shares of GigPeak by 1,417.2% in the second quarter. BlackRock Fund Advisors now owns 1,205,058 shares of the company’s stock valued at $2,362,000 after buying an additional 1,125,631 shares in the last quarter. Northpointe Capital LLC acquired a new stake in shares of GigPeak during the second quarter valued at about $2,156,000. Allianz Asset Management AG acquired a new stake in shares of GigPeak during the second quarter valued at about $1,260,000. Vanguard Group Inc. increased its stake in shares of GigPeak by 45.8% in the second quarter. Vanguard Group Inc. now owns 1,876,050 shares of the company’s stock valued at $3,677,000 after buying an additional 589,612 shares in the last quarter. Finally, State Street Corp increased its stake in shares of GigPeak by 1,810.6% in the second quarter. State Street Corp now owns 502,480 shares of the company’s stock valued at $985,000 after buying an additional 476,180 shares in the last quarter.
The firm has a market capitalization of $176.07 million and a PE ratio of 96.67. The stock has a 50 day moving average of $2.29 and a 200 day moving average of $2.30.
GigPeak, Inc, formerly GigOptix, Inc is a semiconductor designer, developer and supplier of a range of analog, digital and mixed signal components to enable information streaming over the telecom networks, datacom infrastructure and consumer electronics links. The Company’s business is made up of two product lines: High-Speed Communications (HSC) product line and Industrial product line.
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