Hoya (OTCMKTS:HOCPY) Shares Gap Down - Here's Why

Key Points

• Hoya Corp. shares experienced a significant drop, opening at $116.65 after closing at $127.50, reflecting a notable gap down in pre-market trading.
• Wall Street analysts showed optimism by upgrading Hoya's shares from a "hold" to a "strong-buy" rating, indicating increased confidence in the company's performance.
• The company reported a net margin of 23.22% and a return on equity of 20.43%, with earnings meeting analyst expectations at $1.05 per share for the last quarter.

Hoya Corp. (OTCMKTS:HOCPY - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $127.50, but opened at $116.65. Hoya shares last traded at $116.06, with a volume of 42,207 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on HOCPY. Erste Group Bank upgraded shares of Hoya from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 23rd. The Goldman Sachs Group raised Hoya from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 23rd.

Hoya Trading Up 0.2%

The stock has a 50 day simple moving average of $120.12 and a 200-day simple moving average of $119.94. The company has a current ratio of 4.90, a quick ratio of 4.21 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $42.54 billion, a P/E ratio of 31.00, a P/E/G ratio of 2.32 and a beta of 0.91.

Hoya (OTCMKTS:HOCPY - Get Free Report) last announced its earnings results on Friday, August 1st. The technology company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $1.04 by $0.01. Hoya had a net margin of 23.57% and a return on equity of 21.24%. The business had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.47 billion. On average, equities research analysts forecast that Hoya Corp. will post 3.66 EPS for the current fiscal year.

Hoya Company Profile

HOYA Corporation, a med-tech company, provides high-tech and medical products worldwide. It operates through three segments: Life Care, Telecommunication, and Other. The company offers life care products, including eyeglass and contact lenses; medical endoscopes; intraocular lenses; laparoscopic surgical instruments; automatic endoscope cleaning equipment; and other medical related products, such as prosthetic ceramic fillers and metallic implants for orthopedics.