EMCORE Co. (NASDAQ:EMKR) Short Interest Down 59.0% in October

EMCORE Co. (NASDAQ:EMKR) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 123,700 shares, a drop of 59.0% from the October 15th total of 301,900 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average daily volume of 817,200 shares, the short-interest ratio is currently 0.2 days.

Hedge Funds Weigh In On EMCORE

A hedge fund recently raised its stake in EMCORE stock. Kovack Advisors Inc. lifted its position in EMCORE Co. (NASDAQ:EMKR) by 29.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 79,720 shares of the semiconductor company’s stock after buying an additional 18,250 shares during the quarter. Kovack Advisors Inc. owned approximately 0.88% of EMCORE worth $176,000 at the end of the most recent reporting period. 65.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. StockNews.com upgraded shares of EMCORE from a “sell” rating to a “hold” rating in a report on Monday, September 16th. Craig Hallum downgraded EMCORE from a “strong-buy” rating to a “hold” rating in a report on Friday, November 8th.

EMCORE Stock Performance

EMKR traded up $0.01 during trading on Thursday, reaching $2.96. 395,019 shares of the company’s stock were exchanged, compared to its average volume of 531,299. The stock has a market capitalization of $26.85 million, a P/E ratio of -0.34 and a beta of 1.57. EMCORE has a 1 year low of $0.78 and a 1 year high of $7.20. The company’s fifty day simple moving average is $1.95 and its 200-day simple moving average is $1.47. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.88 and a quick ratio of 1.64.

EMCORE Company Profile

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.