EMCORE (EMKR) Shares Down 5% on Disappointing Earnings

EMCORE Co. (NASDAQ:EMKR) shares fell 5% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $4.90 and last traded at $5.32. 300,322 shares traded hands during trading, an increase of 12% from the average session volume of 268,504 shares. The stock had previously closed at $5.60.

The semiconductor company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $24.04 million for the quarter, compared to the consensus estimate of $24.75 million. EMCORE had a net margin of 5.48% and a return on equity of 6.64%. The firm’s revenue for the quarter was down 20.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.13 EPS.

A number of research firms have recently weighed in on EMKR. Lake Street Capital restated a “buy” rating and set a $7.00 price target (down previously from $10.00) on shares of EMCORE in a report on Wednesday. Northland Securities reiterated a “hold” rating and issued a $6.00 target price on shares of EMCORE in a research note on Wednesday. Finally, B. Riley lowered their target price on shares of EMCORE from $8.50 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, December 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $6.67.

In related news, CEO Jeffrey Rittichier sold 49,422 shares of the firm’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $7.05, for a total value of $348,425.10. Following the transaction, the chief executive officer now directly owns 366,007 shares in the company, valued at approximately $2,580,349.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.99% of the company’s stock.

A number of large investors have recently bought and sold shares of EMKR. P.A.W. Capital Corp grew its stake in EMCORE by 112.5% in the 4th quarter. P.A.W. Capital Corp now owns 680,000 shares of the semiconductor company’s stock valued at $4,386,000 after buying an additional 360,000 shares during the last quarter. Paradigm Capital Management Inc. NY grew its stake in EMCORE by 13.5% in the 3rd quarter. Paradigm Capital Management Inc. NY now owns 2,312,800 shares of the semiconductor company’s stock valued at $18,965,000 after buying an additional 274,700 shares during the last quarter. Northpointe Capital LLC grew its stake in EMCORE by 72.3% in the 3rd quarter. Northpointe Capital LLC now owns 518,004 shares of the semiconductor company’s stock valued at $4,248,000 after buying an additional 217,358 shares during the last quarter. Unterberg Capital LLC grew its stake in EMCORE by 79.2% in the 3rd quarter. Unterberg Capital LLC now owns 430,000 shares of the semiconductor company’s stock valued at $3,526,000 after buying an additional 190,000 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. acquired a new position in EMCORE in the 3rd quarter valued at $757,000. Institutional investors and hedge funds own 75.41% of the company’s stock.

The company has a market capitalization of $152.32, a P/E ratio of 20.83, a PEG ratio of 1.27 and a beta of 0.14.

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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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