Applied Micro Circuits Corp. (AMCC) Sees Large Volume Increase
Shares of Applied Micro Circuits Corp. (NASDAQ:AMCC) saw strong trading volume on Wednesday . 785,026 shares traded hands during mid-day trading, an increase of 61% from the previous session’s volume of 486,294 shares.The stock last traded at $7.10 and had previously closed at $6.91.
A number of research analysts have commented on the company. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of Applied Micro Circuits Corp. in a research report on Friday, April 29th. Drexel Hamilton reiterated a “buy” rating on shares of Applied Micro Circuits Corp. in a research report on Saturday, April 30th. Zacks Investment Research lowered Applied Micro Circuits Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, May 4th. Topeka Capital Markets increased their price objective on Applied Micro Circuits Corp. from $6.00 to $6.50 and gave the company a “hold” rating in a research report on Friday, April 29th. Finally, Canaccord Genuity restated a “buy” rating on shares of Applied Micro Circuits Corp. in a research report on Monday, April 18th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Applied Micro Circuits Corp. currently has an average rating of “Hold” and a consensus price target of $8.50.
The firm’s market cap is $600.51 million. The firm has a 50-day moving average of $6.57 and a 200-day moving average of $6.13.
Applied Micro Circuits Corp. (NASDAQ:AMCC) last released its earnings results on Thursday, April 28th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.01. The business had revenue of $41.11 million for the quarter, compared to the consensus estimate of $41.04 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. Equities research analysts predict that Applied Micro Circuits Corp. will post $0.02 EPS for the current year.
A number of large investors have added to or reduced their stakes in AMCC. Wells Fargo & Company MN boosted its stake in Applied Micro Circuits Corp. by 9.6% in the fourth quarter. Wells Fargo & Company MN now owns 2,765,732 shares of the company’s stock valued at $17,617,000 after buying an additional 241,874 shares during the last quarter. Russell Frank Co increased its position in shares of Applied Micro Circuits Corp. by 54.8% in the fourth quarter. Russell Frank Co now owns 435,928 shares of the company’s stock valued at $2,864,000 after buying an additional 154,234 shares during the period. Finally, Nationwide Fund Advisors increased its position in shares of Applied Micro Circuits Corp. by 266.1% in the fourth quarter. Nationwide Fund Advisors now owns 191,204 shares of the company’s stock valued at $1,218,000 after buying an additional 138,970 shares during the period.
Applied Micro Circuits Corporation (AMCC) provides silicon solutions for cloud infrastructure and data centers, as well as connectivity products for edge, metro and long haul communications equipment. The Company’s products are used in a variety of communications and other networking applications, such as the infrastructure for data centers, wide area networks, carrier access networks, and enterprise networks.
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