Acacia Communications Inc. (NASDAQ:ACIA) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 2,227,919 shares, an increase of 32.5% from the August 31st total of 1,681,041 shares. Currently, 30.1% of the company’s shares are sold short. Based on an average daily volume of 1,939,272 shares, the days-to-cover ratio is presently 1.1 days.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 102.00 on Wednesday. The firm has a 50-day moving average of $110.47 and a 200-day moving average of $70.56. The company has a market cap of $3.65 billion and a price-to-earnings ratio of 68.09. Acacia Communications has a one year low of $27.05 and a one year high of $128.73.
Acacia Communications (NASDAQ:ACIA) last issued its earnings results on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.47. The company had revenue of $116.20 million for the quarter, compared to the consensus estimate of $57.90 million. The business’s revenue for the quarter was up 101.0% compared to the same quarter last year. Equities research analysts forecast that Acacia Communications will post $2.72 EPS for the current fiscal year.
ACIA has been the topic of a number of analyst reports. Bank of America Corp. reiterated a “buy” rating and issued a $130.00 target price (up previously from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Deutsche Bank AG reissued a “buy” rating and issued a $125.00 price target on shares of Acacia Communications in a report on Wednesday, September 28th. Zacks Investment Research raised shares of Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price target on the stock in a report on Tuesday, September 13th. Needham & Company LLC began coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They issued a “buy” rating and a $48.00 price target on the stock. Finally, Goldman Sachs Group Inc. began coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 price target on the stock. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Acacia Communications presently has an average rating of “Buy” and a consensus price target of $94.83.
Institutional investors have recently modified their holdings of the company. Matrix VIII US Management Co. LLC bought a new position in shares of Acacia Communications during the second quarter worth $482,937,000. Nationwide Fund Advisors bought a new position in shares of Acacia Communications during the second quarter worth $547,000. JPMorgan Chase & Co. bought a new position in shares of Acacia Communications during the second quarter worth $1,244,000. Geneva Advisors LLC bought a new position in shares of Acacia Communications during the second quarter worth $292,000. Finally, Turner Investments L.P. bought a new position in shares of Acacia Communications during the second quarter worth $300,000. Hedge funds and other institutional investors own 48.58% of the company’s stock.
Acacia Communications Company Profile
Acacia Communications, Inc is engaged in delivering coherent optical interconnect products. The Company offers its products for communications networks, relied upon by cloud infrastructure operators, and content and communication service providers. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits (DSP ASICs) and silicon photonic integrated circuits (silicon PICs), which it has integrated into families of optical interconnect modules with transmission speeds ranging from 40 to 400 gigabits per second (Gbps) for use in metro and inter-data center markets.
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