Acacia Communications, Inc. (ACIA) Sees Large Volume Increase
Shares of Acacia Communications, Inc. (NASDAQ:ACIA) saw unusually-high trading volume on Wednesday . Approximately 1,552,570 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 1,585,225 shares.The stock last traded at $106.31 and had previously closed at $110.89.
ACIA has been the subject of several analyst reports. Deutsche Bank AG restated a “buy” rating and issued a $90.00 target price (up previously from $60.00) on shares of Acacia Communications in a report on Monday, August 15th. Needham & Company LLC raised their target price on shares of Acacia Communications from $65.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, August 12th. Bank of America Corp. initiated coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They issued a “buy” rating and a $44.00 target price for the company. Goldman Sachs Group Inc. initiated coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 target price for the company. Finally, Cowen and Company initiated coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 target price for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $65.20.
The company has a 50-day moving average of $72.75 and a 200-day moving average of $55.35. The company has a market cap of $3.71 billion and a P/E ratio of 69.21.
Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings results on Thursday, August 11th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.30 by $0.47. The company earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. Acacia Communications’s revenue was up 101.0% on a year-over-year basis. On average, analysts forecast that Acacia Communications, Inc. will post $2.68 earnings per share for the current fiscal year.
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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