Acacia Communications, Inc. (ACIA) Sees Unusually-High Trading Volume
Acacia Communications, Inc. (NASDAQ:ACIA) saw strong trading volume on Tuesday . 875,016 shares changed hands during mid-day trading, a decline of 12% from the previous session’s volume of 991,969 shares.The stock last traded at $58.14 and had previously closed at $57.09.
Several research analysts have weighed in on the company. Deutsche Bank AG boosted their price objective on Acacia Communications from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, July 14th. Needham & Company LLC began coverage on Acacia Communications in a research note on Tuesday, June 7th. They issued a “buy” rating and a $48.00 target price on the stock. Bank of America Corp. began coverage on Acacia Communications in a research note on Tuesday, June 7th. They issued a “buy” rating and a $44.00 target price on the stock. Cowen and Company began coverage on Acacia Communications in a research note on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 target price on the stock. Finally, Goldman Sachs Group Inc. began coverage on Acacia Communications in a research note on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $48.80.
The company has a market cap of $409.82 million and a P/E ratio of 52.20. The stock’s 50 day moving average price is $41.73 and its 200-day moving average price is $39.84.
In related news, major shareholder Ofs Fitel, Llc sold 95,100 shares of the firm’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $21.39, for a total transaction of $2,034,189.00. Following the completion of the transaction, the insider now owns 951,212 shares of the company’s stock, valued at approximately $20,346,424.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Mehrdad Givehchi sold 103,772 shares of the firm’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $21.39, for a total value of $2,219,683.08. Following the transaction, the vice president now directly owns 613,334 shares of the company’s stock, valued at approximately $13,119,214.26. The disclosure for this sale can be found here.
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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