Finisar (FNSR) Sees Unusually-High Trading Volume

Shares of Finisar Co. (NASDAQ:FNSR) saw unusually-strong trading volume on Friday . Approximately 23,730,719 shares changed hands during trading, an increase of 659% from the previous session’s volume of 3,128,611 shares.The stock last traded at $21.79 and had previously closed at $18.88.

Several equities analysts have recently commented on FNSR shares. BidaskClub raised shares of Finisar from a “hold” rating to a “buy” rating in a research report on Thursday, August 23rd. Cascend Securities started coverage on shares of Finisar in a research report on Friday, July 13th. They set a “buy” rating and a $25.00 price target on the stock. Zacks Investment Research raised shares of Finisar from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Tuesday, October 16th. ValuEngine raised shares of Finisar from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley cut shares of Finisar from an “overweight” rating to an “equal weight” rating and set a $20.00 price target on the stock. in a research report on Thursday, September 13th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Finisar has an average rating of “Hold” and a consensus target price of $23.46.

The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.98 and a current ratio of 3.65. The firm has a market capitalization of $2.00 billion, a PE ratio of 68.09, a PEG ratio of 2.95 and a beta of 1.42.

Finisar (NASDAQ:FNSR) last issued its earnings results on Thursday, September 6th. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.06. Finisar had a negative net margin of 6.71% and a positive return on equity of 1.24%. The firm had revenue of $317.30 million for the quarter, compared to analysts’ expectations of $315.77 million. During the same quarter last year, the company posted $0.40 earnings per share. Finisar’s revenue was down 7.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Finisar Co. will post 0.47 earnings per share for the current fiscal year.

In other Finisar news, Director Jerry S. Rawls sold 40,000 shares of the firm’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $18.80, for a total value of $752,000.00. Following the transaction, the director now owns 456,171 shares of the company’s stock, valued at $8,576,014.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jerry S. Rawls sold 30,208 shares of the firm’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $16.77, for a total transaction of $506,588.16. Following the completion of the transaction, the director now directly owns 486,379 shares in the company, valued at approximately $8,156,575.83. The disclosure for this sale can be found here. Insiders sold 113,208 shares of company stock worth $2,083,508 in the last three months. 1.11% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of FNSR. Alliancebernstein L.P. lifted its holdings in Finisar by 111.2% in the third quarter. Alliancebernstein L.P. now owns 8,278,822 shares of the technology company’s stock worth $157,712,000 after acquiring an additional 4,359,557 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Finisar by 102.3% in the second quarter. Bank of New York Mellon Corp now owns 4,936,130 shares of the technology company’s stock valued at $88,850,000 after purchasing an additional 2,496,574 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Finisar by 17.5% in the second quarter. Dimensional Fund Advisors LP now owns 8,915,553 shares of the technology company’s stock valued at $160,479,000 after purchasing an additional 1,328,867 shares during the period. Victory Capital Management Inc. increased its stake in shares of Finisar by 670.5% in the third quarter. Victory Capital Management Inc. now owns 1,113,828 shares of the technology company’s stock valued at $21,218,000 after purchasing an additional 969,261 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Finisar by 4,319.7% in the first quarter. Principal Financial Group Inc. now owns 890,383 shares of the technology company’s stock valued at $14,077,000 after purchasing an additional 870,237 shares during the period.

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About Finisar (NASDAQ:FNSR)

Finisar Corporation provides components and subsystems to networking equipment manufacturers, data center operators, telecom service providers, consumer electronics, and automotive companies in the United States, China, Malaysia, and internationally. The company's optical subsystems primarily include transmitters, receivers, transceivers, transponders, and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in wireline networks comprising switches, routers, and servers, as well as wireless networks, such as antennas and base stations.

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