Photronics (NASDAQ:PLAB) Shares Gap Down on Disappointing Earnings

Shares of Photronics, Inc. (NASDAQ:PLABGet Free Report) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $28.26, but opened at $23.63. Photronics shares last traded at $24.20, with a volume of 198,635 shares trading hands.

The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.09). The firm had revenue of $217.00 million for the quarter, compared to analyst estimates of $231.00 million. Photronics had a return on equity of 9.73% and a net margin of 15.14%. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.54 EPS.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut shares of Photronics from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 22nd.

View Our Latest Research Report on Photronics

Institutional Investors Weigh In On Photronics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLAB. Delphi Management Inc. MA bought a new position in shares of Photronics in the 1st quarter valued at about $1,507,000. Virtu Financial LLC bought a new position in shares of Photronics in the 1st quarter valued at about $216,000. EMC Capital Management bought a new position in shares of Photronics in the 1st quarter valued at about $313,000. Janus Henderson Group PLC boosted its stake in shares of Photronics by 5.4% in the 1st quarter. Janus Henderson Group PLC now owns 149,828 shares of the semiconductor company’s stock valued at $4,243,000 after purchasing an additional 7,708 shares during the last quarter. Finally, Caxton Associates LP bought a new position in shares of Photronics in the 1st quarter valued at about $268,000. Institutional investors and hedge funds own 88.38% of the company’s stock.

Photronics Trading Down 2.2 %

The company has a market cap of $1.63 billion, a P/E ratio of 11.92 and a beta of 1.41. The firm’s 50 day moving average price is $28.06 and its 200-day moving average price is $27.71.

Photronics Company Profile

(Get Free Report)

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, and internationally. It offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, and FDP substrates.

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