Kopin (NASDAQ:KOPN) Releases Quarterly Earnings Results

Key Points

• Kopin Corporation reported a quarterly earnings per share (EPS) of ($0.03), missing analysts' estimates by $0.02.
• The company's revenue of $8.46 million for the quarter fell short of the consensus estimate of $10.57 million.
• Institutional investors significantly increased their holdings in Kopin, with Geode Capital Management raising its stake by 106.8% in the second quarter.

Kopin (NASDAQ:KOPN - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02), Zacks reports. Kopin had a negative return on equity of 66.91% and a negative net margin of 29.47%. The company had revenue of $8.46 million for the quarter, compared to the consensus estimate of $10.57 million.

Kopin Price Performance

Shares of Kopin stock traded up $0.06 during trading hours on Friday, hitting $1.97. 2,766,490 shares of the company's stock traded hands, compared to its average volume of 2,965,071. Kopin has a 12-month low of $0.56 and a 12-month high of $2.50. The stock has a market capitalization of $320.74 million, a price-to-earnings ratio of -21.89 and a beta of 2.74. The company has a fifty day simple moving average of $1.77 and a 200-day simple moving average of $1.48.

Institutional Investors Weigh In On Kopin

Large investors have recently made changes to their positions in the business. Legal & General Group Plc purchased a new stake in shares of Kopin during the 2nd quarter valued at $25,000. Prudential Financial Inc. bought a new position in shares of Kopin during the 2nd quarter worth $25,000. Bank of America Corp DE grew its stake in shares of Kopin by 2,303.5% during the 2nd quarter. Bank of America Corp DE now owns 49,008 shares of the company's stock worth $75,000 after acquiring an additional 46,969 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Kopin during the 2nd quarter worth $87,000. Finally, New York State Common Retirement Fund bought a new position in shares of Kopin during the 2nd quarter worth $95,000. 30.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on KOPN shares. Wall Street Zen downgraded Kopin from a "hold" rating to a "sell" rating in a report on Saturday. Canaccord Genuity Group decreased their price target on Kopin from $2.50 to $2.25 and set a "buy" rating for the company in a report on Monday, April 21st.

About Kopin

Kopin Corporation, together with its subsidiaries, invents, develops, manufactures, and sells microdisplays, subassemblies, and related components for defense, enterprise, industrial, and consumer products in the United States, the Asia-Pacific, Europe, and internationally. It offers miniature active-matrix liquid crystal displays, liquid crystal on silicon displays/spatial light modulators, organic light emitting diode displays, microLED display technologies, application specific integrated circuits, backlights, and optical lenses; and head-mounted and hand-held VR products.