Finisar (FNSR) Sees Large Increase in Short Interest

Finisar (NASDAQ:FNSR) was the recipient of a large growth in short interest during the month of April. As of April 13th, there was short interest totalling 27,057,569 shares, a growth of 7.0% from the March 30th total of 25,288,890 shares. Currently, 24.0% of the shares of the company are short sold. Based on an average daily volume of 4,553,106 shares, the days-to-cover ratio is presently 5.9 days.

Several equities research analysts have recently commented on FNSR shares. Goldman Sachs set a $15.00 price target on shares of Finisar and gave the company a “sell” rating in a research report on Friday, March 9th. Needham & Company LLC lowered shares of Finisar from a “buy” rating to a “hold” rating and increased their target price for the stock from $16.64 to $29.41 in a report on Friday, March 9th. Zacks Investment Research raised shares of Finisar from a “sell” rating to a “hold” rating in a report on Thursday, February 8th. Stifel Nicolaus reduced their target price on shares of Finisar from $24.00 to $22.00 and set a “buy” rating for the company in a report on Friday, March 9th. Finally, Northland Securities set a $33.00 target price on shares of Finisar and gave the stock a “buy” rating in a report on Friday, December 29th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $24.56.

Finisar stock opened at $15.60 on Friday. The company has a market capitalization of $1,832.82, a P/E ratio of 9.02, a PEG ratio of 2.43 and a beta of 1.17. Finisar has a 12-month low of $14.25 and a 12-month high of $28.99. The company has a quick ratio of 3.24, a current ratio of 4.06 and a debt-to-equity ratio of 0.29.

Finisar (NASDAQ:FNSR) last posted its quarterly earnings results on Thursday, March 8th. The technology company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.03). Finisar had a return on equity of 5.97% and a net margin of 7.35%. The business had revenue of $332.40 million during the quarter, compared to the consensus estimate of $333.15 million. During the same quarter in the previous year, the company earned $0.59 earnings per share. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. analysts forecast that Finisar will post 0.47 EPS for the current year.

In other news, Director Roger C. Ferguson sold 3,000 shares of the company’s stock in a transaction dated Thursday, March 22nd. The shares were sold at an average price of $17.30, for a total transaction of $51,900.00. Following the completion of the sale, the director now owns 28,784 shares of the company’s stock, valued at approximately $497,963.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jerry S. Rawls sold 30,209 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $17.94, for a total transaction of $541,949.46. The disclosure for this sale can be found here. Insiders have sold a total of 71,209 shares of company stock valued at $1,162,329 in the last ninety days. Insiders own 1.02% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Alliancebernstein L.P. boosted its stake in Finisar by 1,459.2% in the 4th quarter. Alliancebernstein L.P. now owns 3,152,517 shares of the technology company’s stock worth $64,154,000 after purchasing an additional 2,950,327 shares during the period. DnB Asset Management AS boosted its stake in Finisar by 22.9% in the 4th quarter. DnB Asset Management AS now owns 2,248,526 shares of the technology company’s stock worth $45,758,000 after purchasing an additional 419,120 shares during the period. Snow Capital Management LP boosted its stake in Finisar by 20.5% in the 4th quarter. Snow Capital Management LP now owns 2,163,902 shares of the technology company’s stock worth $44,035,000 after purchasing an additional 368,382 shares during the period. Franklin Resources Inc. bought a new position in Finisar in the 4th quarter worth approximately $30,515,000. Finally, Geode Capital Management LLC boosted its stake in Finisar by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 995,439 shares of the technology company’s stock worth $20,257,000 after purchasing an additional 4,718 shares during the period. Institutional investors and hedge funds own 95.68% of the company’s stock.

Finisar Company Profile

Finisar Corporation provides optical subsystems and components for data communication and telecommunication applications in the United States, China, Malaysia, and internationally. The company's optical subsystems primarily include transmitters, receivers, transceivers, transponders, and active optical cables, which provide the fundamental optical-electrical, or optoelectronic interface for interconnecting the electronic equipment used in networks comprising switches, routers, and servers used in wireline networks, as well as antennas and base stations used in wireless networks.

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