EMCORE (NASDAQ:EMKR) Rating Increased to Buy at Craig Hallum

EMCORE (NASDAQ:EMKR) was upgraded by research analysts at Craig Hallum from a “hold” rating to a “buy” rating in a report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $3.00 price objective on the semiconductor company’s stock, up from their prior price objective of $1.00. Craig Hallum’s target price points to a potential upside of 26.58% from the stock’s previous close.

Separately, StockNews.com raised EMCORE from a “sell” rating to a “hold” rating in a report on Monday, September 16th.

EMCORE Stock Up 3.0 %

EMKR stock opened at $2.37 on Wednesday. EMCORE has a 1-year low of $0.78 and a 1-year high of $7.20. The stock has a market cap of $19.59 million, a price-to-earnings ratio of -0.27 and a beta of 1.51. The company has a current ratio of 2.88, a quick ratio of 1.64 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $1.15 and its 200 day moving average is $4.19.

EMCORE (NASDAQ:EMKR) last posted its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.30). EMCORE had a negative net margin of 81.08% and a negative return on equity of 25.05%. The company had revenue of $20.44 million for the quarter, compared to analysts’ expectations of $20.00 million. Sell-side analysts predict that EMCORE will post -0.25 EPS for the current fiscal year.

Hedge Funds Weigh In On EMCORE

A hedge fund recently raised its stake in EMCORE stock. Archon Capital Management LLC increased its stake in EMCORE Co. (NASDAQ:EMKR) by 65.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,552,577 shares of the semiconductor company’s stock after acquiring an additional 4,951,568 shares during the period. EMCORE comprises about 1.5% of Archon Capital Management LLC’s holdings, making the stock its 22nd largest holding. Archon Capital Management LLC owned approximately 162.39% of EMCORE worth $4,331,000 as of its most recent filing with the Securities and Exchange Commission. 65.66% of the stock is owned by hedge funds and other institutional investors.

About EMCORE

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.