Photronics (NASDAQ:PLAB) Shares Gap Up to $15.04

Photronics, Inc. (NASDAQ:PLABGet Rating)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $15.04, but opened at $16.32. Photronics shares last traded at $15.74, with a volume of 24,303 shares trading hands.

Several brokerages have recently issued reports on PLAB. Stifel Nicolaus upgraded Photronics from a “hold” rating to a “buy” rating and upped their price objective for the company from $19.00 to $21.00 in a research report on Monday, April 11th. Zacks Investment Research downgraded shares of Photronics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 27th. Finally, began coverage on shares of Photronics in a research note on Thursday, March 31st. They set a “strong-buy” rating on the stock.

The company has a current ratio of 3.13, a quick ratio of 2.80 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 14.03 and a beta of 0.98. The business has a 50 day simple moving average of $15.96 and a 200-day simple moving average of $16.69.

Photronics (NASDAQ:PLABGet Rating) last announced its quarterly earnings data on Wednesday, February 23rd. The semiconductor company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.07. Photronics had a net margin of 10.05% and a return on equity of 6.66%. The business had revenue of $189.80 million for the quarter, compared to analyst estimates of $183.10 million. During the same period in the prior year, the firm posted $0.13 EPS. The company’s revenue was up 24.8% on a year-over-year basis. Research analysts predict that Photronics, Inc. will post 1.49 EPS for the current year.

In other Photronics news, Director Mitchell G. Tyson sold 2,000 shares of the business’s stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $18.39, for a total transaction of $36,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher J. Progler sold 11,481 shares of the company’s stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $16.54, for a total value of $189,895.74. Following the sale, the executive vice president now owns 159,593 shares of the company’s stock, valued at $2,639,668.22. The disclosure for this sale can be found here. Insiders have sold 27,481 shares of company stock valued at $470,276 in the last ninety days. 3.70% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PLAB. Covestor Ltd grew its stake in Photronics by 587.5% during the first quarter. Covestor Ltd now owns 2,427 shares of the semiconductor company’s stock worth $41,000 after buying an additional 2,074 shares during the period. Federated Hermes Inc. boosted its position in Photronics by 77.5% during the 1st quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 1,222 shares during the period. National Bank of Canada FI purchased a new stake in Photronics during the 1st quarter worth $48,000. Lazard Asset Management LLC purchased a new position in Photronics in the first quarter valued at about $59,000. Finally, Advisor Group Holdings Inc. lifted its stake in shares of Photronics by 211.9% during the third quarter. Advisor Group Holdings Inc. now owns 4,432 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 3,011 shares in the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

Photronics Company Profile (NASDAQ:PLAB)

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, Korea, Europe, China, and internationally. The company offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, FDP substrates, and other types of electrical and optical components.

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