Short Interest in Fabrinet (NYSE:FN) Expands By 30.8%

Fabrinet (NYSE:FN) was the target of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,870,000 shares, a growth of 30.8% from the October 31st total of 1,430,000 shares. Approximately 5.2% of the shares of the stock are sold short. Based on an average daily volume of 639,000 shares, the days-to-cover ratio is presently 2.9 days.

Insider Buying and Selling

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.38% of the stock is currently owned by company insiders.

Institutional Trading of Fabrinet

Institutional investors have recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC bought a new position in shares of Fabrinet in the 2nd quarter worth about $28,000. Huntington National Bank grew its stake in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares during the period. Banque Cantonale Vaudoise bought a new stake in Fabrinet in the second quarter worth approximately $35,000. Kimelman & Baird LLC acquired a new position in Fabrinet in the second quarter valued at approximately $49,000. Finally, NBC Securities Inc. boosted its holdings in shares of Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after buying an additional 183 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Needham & Company LLC initiated coverage on Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Barclays initiated coverage on shares of Fabrinet in a report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target on the stock. Rosenblatt Securities increased their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $252.14.

Fabrinet Stock Performance

Shares of NYSE FN opened at $234.58 on Monday. Fabrinet has a 52-week low of $159.30 and a 52-week high of $278.38. The firm has a 50 day moving average price of $244.01 and a two-hundred day moving average price of $238.06. The stock has a market cap of $8.51 billion, a P/E ratio of 27.76 and a beta of 0.95.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. Fabrinet’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.78 earnings per share. Analysts predict that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.