Fabrinet (NYSE:FN) Short Interest Up 18.2% in May

Fabrinet (NYSE:FN - Get Free Report) was the recipient of a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 1,820,000 shares, a growth of 18.2% from the April 30th total of 1,540,000 shares. Based on an average daily trading volume, of 846,900 shares, the short-interest ratio is presently 2.1 days. Approximately 5.1% of the shares of the company are short sold.

Fabrinet Stock Performance

FN traded down $2.40 during trading on Friday, reaching $234.82. The stock had a trading volume of 654,109 shares, compared to its average volume of 633,354. The stock has a market cap of $8.41 billion, a PE ratio of 26.27 and a beta of 0.98. Fabrinet has a one year low of $148.55 and a one year high of $281.79. The business has a 50-day moving average of $208.46 and a 200-day moving average of $217.48.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. The business had revenue of $871.80 million for the quarter, compared to analysts' expectations of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The firm's revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.39 earnings per share. Equities research analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FN shares. Barclays set a $234.00 price target on shares of Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. upped their price target on shares of Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Rosenblatt Securities upped their price target on shares of Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Finally, Fox Advisors started coverage on shares of Fabrinet in a report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price target on the stock. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $239.29.

Insider Transactions at Fabrinet

In related news, Director Rollance E. Olson sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the transaction, the director now owns 23,201 shares in the company, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Harpal Gill sold 18,675 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total value of $4,482,000.00. Following the completion of the transaction, the chief operating officer now owns 18,068 shares in the company, valued at approximately $4,336,320. The trade was a 50.83% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.38% of the company's stock.

Institutional Trading of Fabrinet

Institutional investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise purchased a new stake in Fabrinet during the first quarter valued at about $29,000. Berbice Capital Management LLC purchased a new stake in Fabrinet during the first quarter valued at about $30,000. Wayfinding Financial LLC purchased a new stake in Fabrinet during the first quarter valued at about $30,000. Private Trust Co. NA boosted its position in Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after buying an additional 51 shares during the period. Finally, SBI Securities Co. Ltd. boosted its position in Fabrinet by 93.5% during the first quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company's stock valued at $36,000 after buying an additional 87 shares during the period. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.