Short Interest in EMCORE Co. (NASDAQ:EMKR) Grows By 329.4%

EMCORE Co. (NASDAQ:EMKR) was the target of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 301,900 shares, a growth of 329.4% from the September 30th total of 70,300 shares. Currently, 4.6% of the shares of the company are sold short. Based on an average daily trading volume, of 738,400 shares, the short-interest ratio is presently 0.4 days.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. StockNews.com upgraded EMCORE from a “sell” rating to a “hold” rating in a research note on Monday, September 16th. Craig Hallum upgraded shares of EMCORE from a “hold” rating to a “buy” rating and boosted their target price for the company from $1.00 to $3.00 in a research report on Wednesday, October 2nd.

Hedge Funds Weigh In On EMCORE

An institutional investor recently raised its position in EMCORE stock. Kovack Advisors Inc. boosted its position in shares of EMCORE Co. (NASDAQ:EMKR) by 10.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 887,400 shares of the semiconductor company’s stock after buying an additional 83,100 shares during the period. Kovack Advisors Inc. owned 11.48% of EMCORE worth $306,000 at the end of the most recent quarter. 65.66% of the stock is owned by hedge funds and other institutional investors.

EMCORE Stock Performance

EMKR remained flat at $2.13 on Friday. 115,069 shares of the company’s stock were exchanged, compared to its average volume of 522,396. The company has a 50-day moving average price of $1.56 and a 200-day moving average price of $1.51. The company has a market cap of $17.61 million, a P/E ratio of -0.24 and a beta of 1.56. EMCORE has a one year low of $0.78 and a one year high of $7.20. The company has a current ratio of 2.88, a quick ratio of 1.64 and a debt-to-equity ratio of 0.14.

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

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.