EMCORE (NASDAQ:EMKR) Lowered to “Sell” at Zacks Investment Research

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Zacks Investment Research cut shares of EMCORE (NASDAQ:EMKR) from a hold rating to a sell rating in a research report sent to investors on Monday, 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. “

A number of other equities analysts also recently weighed in on the stock. B. Riley raised shares of EMCORE from a neutral rating to a buy rating and set a $5.45 target price for the company in a research note on Tuesday, April 2nd. Northland Securities reaffirmed a buy rating and issued a $6.00 price target on shares of EMCORE in a research note on Monday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $5.55.

Shares of NASDAQ EMKR opened at $3.51 on Monday. EMCORE has a twelve month low of $3.25 and a twelve month high of $5.65.

EMCORE (NASDAQ:EMKR) last announced its earnings results on Wednesday, May 8th. The semiconductor company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. EMCORE had a negative net margin of 27.99% and a negative return on equity of 16.56%. The business had revenue of $21.75 million during the quarter, compared to the consensus estimate of $22.56 million. Sell-side analysts forecast that EMCORE will post -0.33 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Jefferies Group LLC bought a new stake in EMCORE in the first quarter valued at $37,000. Charles Schwab Investment Management Inc. bought a new stake in EMCORE in the first quarter valued at $41,000. Brandywine Global Investment Management LLC bought a new stake in EMCORE in the fourth quarter valued at $63,000. Virtu Financial LLC increased its stake in EMCORE by 40.5% in the first quarter. Virtu Financial LLC now owns 15,380 shares of the semiconductor company’s stock valued at $56,000 after purchasing an additional 4,436 shares in the last quarter. Finally, GMT Capital Corp bought a new stake in EMCORE in the first quarter valued at $100,000. 60.34% of the stock is owned by hedge funds and other institutional investors.

About EMCORE

EMCORE Corporation, together with its subsidiaries, provides advanced mixed-signal optics products in California. It offers broadband products comprising cable television; laser, receiver, and photodetector component products; radio frequency over glass FTTP products; satellite/microwave communications products; and wireless communications products.

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