Fabrinet (NYSE:FN) Sees Significant Growth in Short Interest

Fabrinet (NYSE:FN) saw a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 1,550,000 shares, a growth of 14.8% from the March 31st total of 1,350,000 shares. Approximately 4.3% of the company’s stock are sold short. Based on an average daily trading volume, of 492,900 shares, the short-interest ratio is presently 3.1 days.

Fabrinet Price Performance

Shares of NYSE:FN opened at $173.22 on Wednesday. The company’s fifty day moving average price is $191.08 and its 200 day moving average price is $185.19. Fabrinet has a 12 month low of $90.19 and a 12 month high of $229.02. The firm has a market capitalization of $6.29 billion, a P/E ratio of 25.01 and a beta of 1.04.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $1.89 EPS for the quarter, topping the consensus estimate of $1.84 by $0.05. The firm had revenue of $712.69 million for the quarter, compared to analyst estimates of $699.76 million. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. On average, sell-side analysts anticipate that Fabrinet will post 7.59 EPS for the current year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $205.52, for a total value of $2,055,200.00. Following the completion of the transaction, the director now owns 25,981 shares of the company’s stock, valued at approximately $5,339,615.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Norden Group LLC increased its stake in Fabrinet by 33.2% in the first quarter. Norden Group LLC now owns 2,032 shares of the technology company’s stock valued at $384,000 after purchasing an additional 506 shares during the period. Van ECK Associates Corp increased its stake in Fabrinet by 36.5% in the first quarter. Van ECK Associates Corp now owns 14,296 shares of the technology company’s stock valued at $2,702,000 after purchasing an additional 3,824 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Fabrinet by 19.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 67,823 shares of the technology company’s stock valued at $12,820,000 after purchasing an additional 11,035 shares during the period. Commonwealth Equity Services LLC increased its stake in Fabrinet by 11.0% in the first quarter. Commonwealth Equity Services LLC now owns 3,598 shares of the technology company’s stock valued at $680,000 after purchasing an additional 358 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Fabrinet by 0.3% in the first quarter. Principal Financial Group Inc. now owns 199,590 shares of the technology company’s stock valued at $37,727,000 after purchasing an additional 682 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FN. Northland Securities raised shares of Fabrinet from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $200.00 to $220.00 in a research report on Thursday, March 21st. JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Needham & Company LLC decreased their price objective on shares of Fabrinet from $230.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $230.00 price objective on shares of Fabrinet in a research report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $159.57.

About Fabrinet

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.