EMCORE Co. (NASDAQ:EMKR) Sees Large Drop in Short Interest

EMCORE Co. (NASDAQ:EMKR) was the recipient of a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 20,700 shares, a drop of 72.0% from the January 15th total of 74,000 shares. Based on an average trading volume of 259,100 shares, the short-interest ratio is presently 0.1 days. Currently, 0.3% of the shares of the company are sold short.

EMCORE Price Performance

Shares of NASDAQ EMKR remained flat at $3.07 during mid-day trading on Wednesday. The stock had a trading volume of 227,643 shares, compared to its average volume of 126,859. The stock’s 50-day moving average is $3.01 and its 200-day moving average is $2.23. The firm has a market capitalization of $27.88 million, a price-to-earnings ratio of -1.05 and a beta of 1.70. EMCORE has a fifty-two week low of $0.78 and a fifty-two week high of $4.86.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. acquired a new position in shares of EMCORE in the 4th quarter worth approximately $39,000. Virtu Financial LLC purchased a new stake in EMCORE in the fourth quarter valued at approximately $88,000. Kovack Advisors Inc. lifted its stake in EMCORE by 29.7% during the third quarter. Kovack Advisors Inc. now owns 79,720 shares of the semiconductor company’s stock worth $176,000 after purchasing an additional 18,250 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of 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 buying an additional 11,985 shares during the period. Finally, Gardner Lewis Asset Management L P acquired a new stake in shares of EMCORE in the fourth quarter valued at $1,758,000. Hedge funds and other institutional investors own 65.66% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Craig Hallum cut EMCORE from a “strong-buy” rating to a “hold” rating in a report on Friday, November 8th. StockNews.com began coverage on EMCORE in a research report on Thursday, February 6th. They set a “hold” rating on the stock.

About EMCORE

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.