In an analyst’s report made public by Jefferies on Friday, 11 September, Finisar Corporation (NASDAQ:FNSR) had its TP cut to $13.25. The company had revenue of $314.03 million for the quarter, compared to the consensus estimate of $318.71 million. The company has a 52-week high of $23.38. Also, Director Roger C. Ferguson sold 2,750 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. Raymond James increased their target price on Finisar from $25.00 to $27.00 and gave the company a strong-buy rating in a report on Thursday, June 11th.
Finisar Corporation (NASDAQ:FNSR) stock is down 18% today following first-quarter fiscal year 2016 (1QFY16) results reported by the company after markets closed yesterday. Telecom component/module revenue fell 1.9% Q/Q and 6.6% Y/Y to $80.7M. Previously, the analysts had a Buy rating on the counter. The sale was disclosed in a filing with the SEC, which is available through this link.
Finisar issued light guidance for the fiscal 2016 second quarter and is expecting earnings between 20 and 26 cents per share, on revenue between $304 million to $324 million. The Pennsylvania-based fund Penn Capital Management Co Inc is also positive about the stock, possessing 596,400 shares or 1.07% of their stock exposure. The stock has already traded 4x of the usual trading volume, as 4.72 million shares have already been traded, compared to 30-day average trading of 1.18 million shares on daily basis. The 50-day moving average is $16.58 and the 200 day moving average is recorded at $19.86. The shares were sold at an average price of $20.02, for a total transaction of $30,030.00.
Finisar Corporation provides optical subsystems and components that are found in data communication and telecommunication applications. The Company’s optical subsystems consist primarily of transmitters, receivers, transceivers, transponders and active optical cables that provide the fundamental optical-electrical, or optoelectronic, interface for interconnecting the electronic equipment used in building communication networks, including the switches, routers and servers used in wireline networks as well as the antennas and base stations for wireless networks. The Company furnishes optical transceivers and transponders that enable point to point communications on a fiber using one given wavelength that, with multiplexing technologies bundled, to supply multi-Gbps bandwidth over several wavelengths on the exact same fiber. The Company supplies products known as wavelength selective switches (NASDAQ:FNSR).