EMCORE (NASDAQ:EMKR) Stock Rating Upgraded by Craig Hallum

EMCORE (NASDAQ:EMKR) was upgraded by research analysts at Craig Hallum from a “hold” rating to a “buy” rating in a research report issued on Wednesday, MarketBeat reports. The brokerage currently has a $3.00 price target on the semiconductor company’s stock, up from their previous price target of $1.00. Craig Hallum’s target price would suggest a potential upside of 26.58% from the company’s previous close.

Separately, StockNews.com upgraded shares of EMCORE from a “sell” rating to a “hold” rating in a report on Monday, September 16th.

EMCORE Price Performance

Shares of EMCORE stock opened at $2.37 on Wednesday. The company has a market cap of $19.59 million, a PE ratio of -0.27 and a beta of 1.51. The business has a 50 day moving average of $1.15 and a 200 day moving average of $4.19. EMCORE has a 52 week low of $0.78 and a 52 week high of $7.20. The company has a quick ratio of 1.64, a current ratio of 2.88 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 company had revenue of $20.44 million during the quarter, compared to the consensus estimate of $20.00 million. EMCORE had a negative return on equity of 25.05% and a negative net margin of 81.08%. As a group, equities research analysts forecast that EMCORE will post -0.25 earnings per share for the current year.

Hedge Funds Weigh In On EMCORE

An institutional investor recently raised its position in EMCORE stock. Archon Capital Management LLC increased its holdings in shares of EMCORE Co. (NASDAQ:EMKR) by 65.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,552,577 shares of the semiconductor company’s stock after acquiring an additional 4,951,568 shares during the period. EMCORE makes up 1.5% of Archon Capital Management LLC’s investment portfolio, making the stock its 22nd largest holding. Archon Capital Management LLC owned about 162.39% of EMCORE worth $4,331,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 65.66% of the company’s stock.

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.