Ichor (NASDAQ:ICHR) Sets New 12-Month Low Following Weak Earnings

Key Points

• Ichor Holdings (NASDAQ:ICHR) stock hit a new 52-week low of $13.12 following a downgrade from Oppenheimer, which reduced its price target from $25.00 to $21.00.
• Multiple brokerages have downgraded Ichor's stock, with Wall Street Zen lowering it to a sell rating and B. Riley changing it to a neutral rating with a price target of $18.00.
• CEO Jeff Andreson purchased 10,000 shares at $16.86 each, increasing his ownership in the company by 3.63%, while institutional investors own approximately 94.81% of the company’s stock.

Ichor Holdings, Ltd. (NASDAQ:ICHR - Get Free Report) shares hit a new 52-week low during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $13.12 and last traded at $14.06, with a volume of 4814733 shares. The stock had previously closed at $20.14.

The technology company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.11). Ichor had a negative net margin of 2.23% and a negative return on equity of 0.77%. The business had revenue of $240.29 million during the quarter, compared to analysts' expectations of $234.51 million. During the same period in the previous year, the business earned $0.05 EPS. The business's revenue was up 18.2% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. TD Cowen lowered their price target on Ichor from $28.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday. B. Riley cut Ichor from a "buy" rating to a "neutral" rating and set a $18.00 price target on the stock. in a report on Tuesday. Stifel Nicolaus set a $23.00 price target on Ichor and gave the company a "buy" rating in a report on Tuesday. Needham & Company LLC reissued a "hold" rating on shares of Ichor in a report on Tuesday, May 6th. Finally, Oppenheimer set a $21.00 price objective on Ichor and gave the company a "market perform" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $23.80.

Hedge Funds Weigh In On Ichor

A number of large investors have recently bought and sold shares of ICHR. GAMMA Investing LLC increased its stake in Ichor by 95.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,619 shares of the technology company's stock worth $32,000 after purchasing an additional 789 shares during the period. Nisa Investment Advisors LLC increased its stake in Ichor by 1,060.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,753 shares of the technology company's stock worth $34,000 after purchasing an additional 1,602 shares during the period. Central Pacific Bank Trust Division purchased a new position in Ichor in the 2nd quarter worth approximately $37,000. Quarry LP increased its stake in Ichor by 54.9% in the 4th quarter. Quarry LP now owns 2,426 shares of the technology company's stock worth $78,000 after purchasing an additional 860 shares during the period. Finally, CWM LLC increased its stake in Ichor by 105.6% in the 2nd quarter. CWM LLC now owns 4,532 shares of the technology company's stock worth $89,000 after purchasing an additional 2,328 shares during the period. 94.81% of the stock is owned by hedge funds and other institutional investors.

Ichor Stock Up 4.6%

The company has a current ratio of 3.22, a quick ratio of 1.32 and a debt-to-equity ratio of 0.17. The stock has a 50 day simple moving average of $19.85 and a 200 day simple moving average of $22.54. The firm has a market capitalization of $598.06 million, a PE ratio of -28.48 and a beta of 1.75.

About Ichor

Ichor Holdings, Ltd. engages in the design, engineering, and manufacture of fluid delivery subsystems and components for semiconductor capital equipment in the United States and internationally. It primarily offers gas and chemical delivery systems and subsystems that are used in the manufacturing of semiconductor devices.