EMCORE (EMKR) Receives “Neutral” Rating from B. Riley

B. Riley reiterated their neutral rating on shares of EMCORE (NASDAQ:EMKR) in a report released on Friday morning, MarketBeat.com reports. B. Riley currently has a $8.75 price target on the semiconductor company’s stock, down from their previous price target of $10.50.

Other research analysts also recently issued research reports about the stock. Northland Securities set a $13.00 price objective on shares of EMCORE and gave the company a buy rating in a research report on Monday, October 16th. BidaskClub downgraded shares of EMCORE from a buy rating to a hold rating in a research report on Saturday, August 5th. Finally, Zacks Investment Research downgraded shares of EMCORE from a hold rating to a sell rating in a report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $11.44.

EMCORE (NASDAQ:EMKR) opened at $7.40 on Friday. EMCORE has a 12-month low of $6.20 and a 12-month high of $12.20. The company has a market cap of $198.91, a PE ratio of 19.47 and a beta of 0.45.

In related news, CEO Jeffrey Rittichier sold 9,189 shares of EMCORE stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $8.45, for a total transaction of $77,647.05. Following the completion of the sale, the chief executive officer now owns 288,505 shares of the company’s stock, valued at approximately $2,437,867.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.77% of the company’s stock.

Several hedge funds have recently made changes to their positions in EMKR. Gotham Asset Management LLC bought a new stake in shares of EMCORE during the 2nd quarter worth about $111,000. Voya Investment Management LLC bought a new stake in EMCORE in the 2nd quarter valued at about $112,000. Highbridge Capital Management LLC boosted its holdings in EMCORE by 130.9% in the 3rd quarter. Highbridge Capital Management LLC now owns 25,574 shares of the semiconductor company’s stock valued at $119,000 after purchasing an additional 14,499 shares during the period. American International Group Inc. boosted its holdings in EMCORE by 7.1% in the 1st quarter. American International Group Inc. now owns 16,093 shares of the semiconductor company’s stock valued at $145,000 after purchasing an additional 1,063 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in EMCORE in the 3rd quarter valued at about $151,000. 78.34% of the stock is owned by institutional investors and hedge funds.

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EMCORE Company Profile

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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