Finisar Corp. (FNSR) Sees Strong Trading Volume
Shares of Finisar Corp. (NASDAQ:FNSR) saw unusually-strong trading volume on Wednesday . Approximately 1,582,773 shares were traded during mid-day trading, an increase of 70% from the previous session’s volume of 930,933 shares.The stock last traded at $19.29 and had previously closed at $19.93.
A number of analysts have weighed in on FNSR shares. Zacks Investment Research cut Finisar Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th. TheStreet upgraded Finisar Corp. from a “hold” rating to a “buy” rating in a research report on Monday, June 20th. MKM Partners reiterated a “neutral” rating and issued a $19.00 price target on shares of Finisar Corp. in a research report on Wednesday, June 15th. Jefferies Group reiterated a “hold” rating and issued a $19.00 price target (up from $18.00) on shares of Finisar Corp. in a research report on Friday, June 17th. Finally, Needham & Company LLC upped their price target on Finisar Corp. from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, June 20th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $19.04.
The stock has a market cap of $2.07 billion and a price-to-earnings ratio of 60.06. The stock’s 50-day moving average is $18.39 and its 200 day moving average is $16.62.
Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings results on Thursday, June 16th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. During the same period in the previous year, the business earned $0.25 EPS. The firm had revenue of $318.80 million for the quarter. The firm’s quarterly revenue was down .4% compared to the same quarter last year. On average, equities research analysts forecast that Finisar Corp. will post $1.28 EPS for the current fiscal year.
In other news, EVP Joseph A. Young sold 6,473 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $19.90, for a total transaction of $128,812.70. Following the completion of the sale, the executive vice president now owns 246,543 shares in the company, valued at approximately $4,906,205.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christopher Brown sold 18,576 shares of the business’s stock in a transaction that occurred on Monday, June 27th. The stock was sold at an average price of $18.08, for a total transaction of $335,854.08. Following the sale, the executive vice president now owns 154,570 shares of the company’s stock, valued at approximately $2,794,625.60. The disclosure for this sale can be found here.
Other hedge funds recently modified their holdings of the company. Employees Retirement System of Texas increased its stake in shares of Finisar Corp. by 62.0% in the fourth quarter. Employees Retirement System of Texas now owns 81,000 shares of the company’s stock valued at $1,178,000 after buying an additional 31,000 shares in the last quarter. Trexquant Investment LP increased its stake in shares of Finisar Corp. by 88.8% in the fourth quarter. Trexquant Investment LP now owns 85,903 shares of the company’s stock valued at $1,249,000 after buying an additional 40,403 shares in the last quarter. Finally, New York State Common Retirement Fund increased its stake in shares of Finisar Corp. by 2.3% in the fourth quarter. New York State Common Retirement Fund now owns 97,100 shares of the company’s stock valued at $1,412,000 after buying an additional 2,200 shares in the last quarter.
Finisar Corporation (Finisar) is a provider of optical subsystems and components that are used in data communication and telecommunication applications. The Company’s optical subsystems consist of transmitters, receivers, transceivers, transponders, optical engines and active optical cables that provide the fundamental optical-electrical, or optoelectronic, interface for interconnecting the electronic equipment used in communication networks, including the switches, routers and servers used in wireline networks, as well as the antennas and base stations used in wireless networks.
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