Infinera Co. (NASDAQ:INFN) Sees Significant Drop in Short Interest

Infinera Co. (NASDAQ:INFN) was the recipient of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 27,830,000 shares, a decrease of 5.1% from the October 15th total of 29,320,000 shares. Based on an average daily volume of 7,130,000 shares, the days-to-cover ratio is presently 3.9 days.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INFN. Berenberg Bank raised shares of Infinera to a “hold” rating in a research report on Monday, August 5th. Rosenblatt Securities reiterated a “neutral” rating and issued a $6.65 target price on shares of Infinera in a research note on Wednesday, November 6th. StockNews.com upgraded Infinera from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. lifted their price objective on Infinera from $5.00 to $6.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Finally, B. Riley lowered Infinera from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Infinera presently has a consensus rating of “Hold” and a consensus price target of $7.09.

Institutional Investors Weigh In On Infinera

A number of institutional investors have recently made changes to their positions in INFN. Geode Capital Management LLC increased its stake in shares of Infinera by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,829,486 shares of the communications equipment provider’s stock valued at $32,605,000 after acquiring an additional 47,925 shares during the last quarter. Sand Grove Capital Management LLP bought a new position in shares of Infinera during the third quarter worth $12,517,000. Janus Henderson Group PLC grew its holdings in shares of Infinera by 332.0% in the 3rd quarter. Janus Henderson Group PLC now owns 350,520 shares of the communications equipment provider’s stock valued at $2,364,000 after buying an additional 269,372 shares during the period. Bardin Hill Management Partners LP bought a new position in Infinera during the third quarter worth about $1,576,000. Finally, Boussard & Gavaudan Investment Management LLP grew its stake in Infinera by 3,666.0% in the third quarter. Boussard & Gavaudan Investment Management LLP now owns 188,298 shares of the communications equipment provider’s stock valued at $1,253,000 after acquiring an additional 183,298 shares during the period. 97.54% of the stock is owned by institutional investors and hedge funds.

Infinera Stock Performance

NASDAQ:INFN opened at $6.64 on Monday. The firm has a 50 day moving average of $6.69 and a 200-day moving average of $6.06. Infinera has a 1 year low of $3.79 and a 1 year high of $6.92. The stock has a market capitalization of $1.57 billion, a P/E ratio of -13.83 and a beta of 1.71. The company has a current ratio of 1.58, a quick ratio of 0.97 and a debt-to-equity ratio of 4.98.

Infinera (NASDAQ:INFN) last announced its quarterly earnings data on Tuesday, November 5th. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.07). Infinera had a negative return on equity of 45.12% and a negative net margin of 7.62%. The firm had revenue of $354.40 million for the quarter, compared to the consensus estimate of $401.96 million. As a group, sell-side analysts anticipate that Infinera will post -0.22 EPS for the current fiscal year.

Infinera Company Profile

Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company's product portfolio includes Infinera Groove series for modular and sled-based platforms to support a various transport network applications; Infinera 7300 series, an SDN-ready coherent optical transport system; Infinera FlexILS open optical line system that connects various Infinera and third-party terminal equipment platforms over long-distance fiber optic cable providing switching, multiplexing, amplification, and management channels; and Infinera 7090 and 7100 series for transport platforms.