Applied Optoelectronics (NASDAQ:AAOI) Trading Down 6.6% Following Analyst Downgrade

Applied Optoelectronics Inc (NASDAQ:AAOI)’s stock price was down 6.6% during trading on Thursday after Piper Sandler lowered their price target on the stock from to . The company traded as low as $6.94 and last traded at $6.96, approximately 936,919 shares were traded during mid-day trading. An increase of 5% from the average daily volume of 894,465 shares. The stock had previously closed at $7.45.

A number of other research firms have also commented on AAOI. B. Riley reduced their price target on shares of Applied Optoelectronics from $9.10 to $8.60 and set a “neutral” rating on the stock in a research report on Friday, February 28th. ValuEngine lowered shares of Applied Optoelectronics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Rosenblatt Securities restated a “buy” rating and issued a $11.50 price target on shares of Applied Optoelectronics in a research report on Wednesday, March 11th. BidaskClub upgraded shares of Applied Optoelectronics from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. Finally, Zacks Investment Research lowered shares of Applied Optoelectronics from a “hold” rating to a “sell” rating in a research report on Tuesday, March 17th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $10.09.

In other news, CFO Stefan J. Murry sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $12.16, for a total transaction of $72,960.00. Following the transaction, the chief financial officer now directly owns 114,291 shares in the company, valued at $1,389,778.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.90% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. State Street Corp lifted its position in shares of Applied Optoelectronics by 0.8% during the third quarter. State Street Corp now owns 548,152 shares of the semiconductor company’s stock worth $6,150,000 after purchasing an additional 4,235 shares in the last quarter. Investment Counselors of Maryland LLC lifted its holdings in Applied Optoelectronics by 0.9% in the fourth quarter. Investment Counselors of Maryland LLC now owns 475,861 shares of the semiconductor company’s stock valued at $5,653,000 after buying an additional 4,303 shares during the period. Point72 Asset Management L.P. lifted its holdings in Applied Optoelectronics by 39.7% in the third quarter. Point72 Asset Management L.P. now owns 419,100 shares of the semiconductor company’s stock valued at $4,702,000 after buying an additional 119,100 shares during the period. Geode Capital Management LLC lifted its holdings in Applied Optoelectronics by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 283,908 shares of the semiconductor company’s stock valued at $3,372,000 after buying an additional 12,174 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Applied Optoelectronics by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 150,996 shares of the semiconductor company’s stock valued at $1,794,000 after buying an additional 919 shares during the period. Institutional investors own 59.62% of the company’s stock.

The company’s fifty day moving average is $9.32 and its two-hundred day moving average is $10.77. The firm has a market capitalization of $145.66 million, a price-to-earnings ratio of -2.11 and a beta of 1.99. The company has a quick ratio of 1.18, a current ratio of 2.11 and a debt-to-equity ratio of 0.37.

Applied Optoelectronics (NASDAQ:AAOI) last announced its quarterly earnings data on Thursday, February 27th. The semiconductor company reported ($0.18) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.19. Applied Optoelectronics had a negative net margin of 34.60% and a negative return on equity of 9.54%. The business had revenue of $48.66 million for the quarter, compared to analyst estimates of $48.09 million. On average, equities research analysts expect that Applied Optoelectronics Inc will post -1.45 EPS for the current year.

Applied Optoelectronics Company Profile (NASDAQ:AAOI)

Applied Optoelectronics, Inc designs, manufactures, and sells various fiber-optic networking products worldwide. It offers optical modules, lasers, transmitters and transceivers, and turn-key equipment, as well as headend, node, and distribution equipment. The company sells its products to Internet data center operators, cable television and telecommunications equipment manufacturers, and Internet service providers through its direct and indirect sales channels.

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