EMCORE Co. (NASDAQ:EMKR) Sees Large Decline in Short Interest

EMCORE Co. (NASDAQ:EMKR) was the target of a large decrease in short interest in the month of September. As of September 15th, there was short interest totalling 43,300 shares, a decrease of 38.1% from the August 31st total of 70,000 shares. Based on an average daily volume of 363,700 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.6% of the shares of the stock are sold short.

Hedge Funds Weigh In On EMCORE

A hedge fund recently raised its position in EMCORE stock. Kovack Advisors Inc. boosted its holdings in shares of EMCORE Co. (NASDAQ:EMKR) by 10.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 887,400 shares of the semiconductor company’s stock after acquiring an additional 83,100 shares during the period. Kovack Advisors Inc. owned 11.48% of EMCORE worth $306,000 at the end of the most recent reporting period. Institutional investors own 65.66% of the company’s stock.

EMCORE Stock Up 3.1 %

EMKR stock traded up $0.04 on Thursday, hitting $1.16. 36,569 shares of the company’s stock were exchanged, compared to its average volume of 360,391. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.64 and a current ratio of 2.88. The stock has a market cap of $9.59 million, a P/E ratio of -0.13 and a beta of 1.51. The firm has a 50 day moving average price of $1.08 and a two-hundred day moving average price of $5.49. EMCORE has a 12-month low of $0.78 and a 12-month high of $7.20.

EMCORE (NASDAQ:EMKR) last issued its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.30). EMCORE had a negative return on equity of 25.05% and a negative net margin of 81.08%. The firm had revenue of $20.44 million for the quarter, compared to analyst estimates of $20.00 million. As a group, equities research analysts expect that EMCORE will post -0.25 EPS for the current fiscal year.

Analysts Set New Price Targets

EMKR has been the topic of several recent research reports. Craig Hallum decreased their price objective on EMCORE from $2.00 to $1.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. StockNews.com raised EMCORE from a “sell” rating to a “hold” rating in a research report on Monday, September 16th.

EMCORE Company Profile

EMCORE Corporation, together with its subsidiaries, designs and manufactures fiber optic gyro, ring laser gyro, and micro electromechanical system-based inertial sensors and systems in the United States and internationally. It offers navigation system and inertial sensing products, such as gyroscopes and multi-axis sensors, inertial measurement units, fiber optic gyroscopes, quartz micro electromechanical systems, inertial navigation systems, tactical navigation, and naval and amphibious navigation, as well as radar positioning and pointing systems, and battlefield/artillery survey systems.