Atomera (NASDAQ:ATOM) Shares Down 4.1% – Here’s Why

Shares of Atomera Incorporated (NASDAQ:ATOM) dropped 4.1% on Wednesday . The company traded as low as $6.27 and last traded at $6.34. Approximately 1,278,110 shares changed hands during trading, an increase of 58% from the average daily volume of 807,581 shares. The stock had previously closed at $6.61.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Atomera from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Atomera currently has an average rating of “Sell”.

Atomera Trading Up 38.9%

The firm has a market capitalization of $332.99 million, a P/E ratio of -13.23 and a beta of 1.07. The business’s 50 day simple moving average is $4.93 and its two-hundred day simple moving average is $3.53.

Atomera (NASDAQ:ATOM) last issued its earnings results on Thursday, February 12th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.14). The firm had revenue of $0.05 million during the quarter, compared to the consensus estimate of $0.10 million.

Hedge Funds Weigh In On Atomera

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company bought a new stake in shares of Atomera in the 2nd quarter worth $53,000. HRT Financial LP bought a new position in shares of Atomera during the fourth quarter valued at $29,000. Alliancebernstein L.P. purchased a new stake in shares of Atomera during the third quarter valued at $61,000. JPMorgan Chase & Co. boosted its position in shares of Atomera by 3,414.6% during the second quarter. JPMorgan Chase & Co. now owns 14,234 shares of the technology company’s stock valued at $72,000 after buying an additional 13,829 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Atomera in the 2nd quarter worth about $81,000. 30.79% of the stock is owned by institutional investors.

Atomera Company Profile

Atomera Inc is a materials engineering company that develops and licenses advanced thin film technologies for the semiconductor industry. Its flagship offering, Mears Silicon Technology (MST), is designed to enhance transistor performance, improve power efficiency and boost device yields. Atomera’s solutions are integrated into existing fabrication processes without major changes to equipment or materials flows, enabling foundries and integrated device manufacturers to adopt the technology with minimal disruption.

At the core of Atomera’s business model is the licensing and patent-licensing of MST.