EMCORE (NASDAQ:EMKR) Stock Passes Above 200 Day Moving Average – Here’s Why

Shares of EMCORE Co. (NASDAQ:EMKR) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.99 and traded as high as $3.11. EMCORE shares last traded at $3.10, with a volume of 120,529 shares.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on EMCORE in a research report on Monday, May 5th. They issued a “hold” rating for the company.

EMCORE Stock Up 1.0%

The stock has a market capitalization of $28.15 million, a P/E ratio of -1.06 and a beta of 1.70. The firm has a 50-day moving average of $3.10 and a 200 day moving average of $2.99.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of EMKR. Newbridge Financial Services Group Inc. bought a new position in EMCORE in the fourth quarter worth $39,000. Virtu Financial LLC bought a new position in EMCORE in the fourth quarter worth $88,000. Gardner Lewis Asset Management L P bought a new position in EMCORE in the fourth quarter worth $1,758,000. Geode Capital Management LLC raised its stake in EMCORE by 18.3% during the fourth quarter. Geode Capital Management LLC now owns 77,410 shares of the semiconductor company’s stock worth $232,000 after acquiring an additional 11,985 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of EMCORE by 6.4% during the fourth quarter. Renaissance Technologies LLC now owns 158,658 shares of the semiconductor company’s stock valued at $476,000 after acquiring an additional 9,500 shares during the period. 65.66% of the stock is owned by institutional investors.

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.