EMCORE Co. (NASDAQ:EMKR) Sees Large Drop in Short Interest

EMCORE Co. (NASDAQ:EMKR) was the recipient of a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 20,700 shares, a decrease of 72.0% from the January 15th total of 74,000 shares. Based on an average daily trading volume, of 259,100 shares, the short-interest ratio is currently 0.1 days. Currently, 0.3% of the company’s stock are short sold.

Institutional Investors Weigh In On EMCORE

Hedge funds and other institutional investors have recently modified their holdings of the company. Newbridge Financial Services Group Inc. purchased a new position in EMCORE in the fourth quarter valued at $39,000. Virtu Financial LLC acquired a new position in shares of EMCORE during the 4th quarter worth about $88,000. Kovack Advisors Inc. boosted its position in shares of EMCORE by 29.7% during the 3rd quarter. Kovack Advisors Inc. now owns 79,720 shares of the semiconductor company’s stock worth $176,000 after acquiring an additional 18,250 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of EMCORE by 18.3% in the 4th quarter. Geode Capital Management LLC now owns 77,410 shares of the semiconductor company’s stock valued at $232,000 after acquiring an additional 11,985 shares during the last quarter. Finally, Gardner Lewis Asset Management L P acquired a new stake in shares of EMCORE during the 4th quarter worth about $1,758,000. 65.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on EMKR shares. StockNews.com assumed coverage on shares of EMCORE in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Craig Hallum lowered EMCORE from a “strong-buy” rating to a “hold” rating in a report on Friday, November 8th.

EMCORE Price Performance

NASDAQ:EMKR remained flat at $3.07 during mid-day trading on Wednesday. 227,643 shares of the company traded hands, compared to its average volume of 126,859. EMCORE has a 52-week low of $0.78 and a 52-week high of $4.86. The firm’s fifty day simple moving average is $3.01 and its 200-day simple moving average is $2.23. The company has a market capitalization of $27.88 million, a P/E ratio of -1.05 and a beta of 1.70.

EMCORE Company Profile

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.