Zacks Investment Research upgraded shares of Emcore Corp. (NASDAQ:EMKR) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $6.25 target price on the stock.
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. “
Separately, B. Riley reiterated a buy rating and set a $7.00 target price on shares of Emcore Corp. in a research note on Tuesday, August 9th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $7.81.
Emcore Corp. (NASDAQ:EMKR) opened at 5.59 on Tuesday. The company has a 50-day moving average of $5.22 and a 200-day moving average of $5.55. The stock has a market capitalization of $146.11 million, a price-to-earnings ratio of 19.08 and a beta of 0.83. Emcore Corp. has a 52-week low of $4.90 and a 52-week high of $8.52.
Several large investors have recently bought and sold shares of EMKR. Engineers Gate Manager LP raised its stake in Emcore Corp. by 1.4% in the second quarter. Engineers Gate Manager LP now owns 26,611 shares of the company’s stock valued at $158,000 after buying an additional 368 shares in the last quarter. BlackRock Fund Advisors raised its stake in Emcore Corp. by 21.6% in the second quarter. BlackRock Fund Advisors now owns 600,814 shares of the company’s stock valued at $3,569,000 after buying an additional 106,729 shares in the last quarter. BlackRock Investment Management LLC raised its stake in Emcore Corp. by 17.7% in the second quarter. BlackRock Investment Management LLC now owns 85,938 shares of the company’s stock valued at $510,000 after buying an additional 12,906 shares in the last quarter. Paradigm Capital Management Inc. NY raised its stake in Emcore Corp. by 94.7% in the second quarter. Paradigm Capital Management Inc. NY now owns 1,191,684 shares of the company’s stock valued at $7,079,000 after buying an additional 579,721 shares in the last quarter. Finally, Royce & Associates LP raised its stake in Emcore Corp. by 36.1% in the second quarter. Royce & Associates LP now owns 1,054,998 shares of the company’s stock valued at $6,267,000 after buying an additional 279,800 shares in the last quarter. 61.56% of the stock is currently owned by institutional investors and hedge funds.
Emcore Corp. 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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