Applied Optoelectronics (NASDAQ:AAOI) Trading Down 5.9% - Here's What Happened

Applied Optoelectronics, Inc. (NASDAQ:AAOI - Get Free Report) dropped 5.9% on Friday . The company traded as low as $15.83 and last traded at $15.93. Approximately 3,049,054 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 3,402,215 shares. The stock had previously closed at $16.92.

Analyst Ratings Changes

AAOI has been the subject of a number of recent research reports. B. Riley raised Applied Optoelectronics from a "sell" rating to a "neutral" rating and set a $13.00 target price for the company in a research note on Friday, March 7th. Raymond James lowered their target price on Applied Optoelectronics from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Wall Street Zen lowered Applied Optoelectronics from a "hold" rating to a "sell" rating in a research note on Saturday, June 7th. Northland Securities boosted their target price on Applied Optoelectronics to $50.00 and gave the company a "buy" rating in a research note on Friday. Finally, Rosenblatt Securities boosted their target price on Applied Optoelectronics to $30.00 and gave the company a "buy" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Applied Optoelectronics presently has a consensus rating of "Hold" and a consensus price target of $24.00.

Applied Optoelectronics Price Performance

The business has a 50-day simple moving average of $15.15 and a 200 day simple moving average of $23.02. The firm has a market cap of $949.25 million, a P/E ratio of -8.30 and a beta of 2.64. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.06 and a current ratio of 1.61.

Applied Optoelectronics (NASDAQ:AAOI - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported ($0.02) EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.02. The business had revenue of $99.86 million during the quarter, compared to analyst estimates of $99.37 million. Applied Optoelectronics had a negative return on equity of 22.36% and a negative net margin of 38.61%. Applied Optoelectronics's quarterly revenue was up 145.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.31) EPS. On average, analysts anticipate that Applied Optoelectronics, Inc. will post -1.18 earnings per share for the current fiscal year.

Insider Transactions at Applied Optoelectronics

In other news, CEO Chih-Hsiang (Thompson) Lin bought 21,200 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was purchased at an average price of $18.22 per share, with a total value of $386,264.00. Following the transaction, the chief executive officer now owns 1,659,025 shares of the company's stock, valued at approximately $30,227,435.50. The trade was a 1.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David C. Kuo sold 11,426 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $19.10, for a total value of $218,236.60. Following the completion of the transaction, the insider now directly owns 153,900 shares of the company's stock, valued at $2,939,490. This represents a 6.91% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,263 shares of company stock valued at $694,470. Corporate insiders own 4.50% of the company's stock.

Institutional Trading of Applied Optoelectronics

Several hedge funds and other institutional investors have recently made changes to their positions in AAOI. Rhumbline Advisers grew its stake in shares of Applied Optoelectronics by 9.1% in the 4th quarter. Rhumbline Advisers now owns 60,348 shares of the semiconductor company's stock worth $2,224,000 after buying an additional 5,035 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Applied Optoelectronics by 131.5% in the 4th quarter. New York State Common Retirement Fund now owns 12,500 shares of the semiconductor company's stock worth $461,000 after buying an additional 7,100 shares during the last quarter. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Applied Optoelectronics in the 4th quarter worth approximately $27,645,000. Bank of New York Mellon Corp grew its stake in shares of Applied Optoelectronics by 25.6% in the 4th quarter. Bank of New York Mellon Corp now owns 125,131 shares of the semiconductor company's stock worth $4,612,000 after buying an additional 25,482 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Applied Optoelectronics by 8.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 118,249 shares of the semiconductor company's stock worth $4,359,000 after buying an additional 9,435 shares during the last quarter. Hedge funds and other institutional investors own 61.72% of the company's stock.

About Applied Optoelectronics

Applied Optoelectronics, Inc designs, manufactures, and sells fiber-optic networking products in the United States, Taiwan, and China. It offers optical modules, optical filters, lasers, laser components, subassemblies, transmitters and transceivers, turn-key equipment, headend, node, distribution equipment, and amplifiers.