Photronics, Inc. (NASDAQ:PLAB) Sees Large Decrease in Short Interest

Photronics, Inc. (NASDAQ:PLAB) was the recipient of a large drop in short interest in April. As of April 15th, there was short interest totalling 1,590,000 shares, a drop of 22.8% from the March 31st total of 2,060,000 shares. Based on an average daily trading volume, of 505,600 shares, the days-to-cover ratio is presently 3.1 days. Currently, 2.6% of the shares of the company are short sold.

Shares of NASDAQ PLAB traded down $0.30 during trading on Tuesday, reaching $12.64. The company had a trading volume of 434,720 shares, compared to its average volume of 485,375. The company has a quick ratio of 3.10, a current ratio of 3.50 and a debt-to-equity ratio of 0.06. The stock has a market cap of $801.19 million, a PE ratio of 23.85 and a beta of 0.91. Photronics has a 12-month low of $8.64 and a 12-month high of $13.56. The business’s 50-day moving average is $12.62 and its 200 day moving average is $11.81.

Photronics (NASDAQ:PLAB) last released its quarterly earnings data on Wednesday, February 24th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Photronics had a return on equity of 3.60% and a net margin of 5.55%. The business had revenue of $152.07 million for the quarter, compared to analysts’ expectations of $150.05 million. On average, analysts anticipate that Photronics will post 0.79 earnings per share for the current year.

A number of research firms have commented on PLAB. Stifel Nicolaus reaffirmed a “hold” rating and set a $13.00 price target on shares of Photronics in a research report on Wednesday, March 3rd. Zacks Investment Research upgraded shares of Photronics from a “sell” rating to a “hold” rating in a research report on Wednesday, February 10th.

In other news, insider Kang Jyh Lee sold 10,000 shares of the firm’s stock in a transaction on Thursday, March 18th. The stock was sold at an average price of $12.34, for a total transaction of $123,400.00. Following the completion of the sale, the insider now directly owns 181,175 shares of the company’s stock, valued at approximately $2,235,699.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.82% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PLAB. Bedel Financial Consulting Inc. bought a new stake in shares of Photronics in the first quarter worth $32,000. Founders Capital Management purchased a new position in shares of Photronics in the 4th quarter worth $50,000. Arlington Partners LLC bought a new stake in shares of Photronics in the 1st quarter valued at approximately $84,000. Advisory Services Network LLC raised its stake in shares of Photronics by 1,493.3% in the fourth quarter. Advisory Services Network LLC now owns 9,560 shares of the semiconductor company’s stock valued at $107,000 after acquiring an additional 8,960 shares during the period. Finally, XTX Markets LLC bought a new position in Photronics in the 4th quarter valued at $113,000. Institutional investors and hedge funds own 86.18% of the company’s stock.

Photronics Company Profile

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, Korea, Europe, China, and internationally. The company offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, FDP substrates, and other types of electrical and optical components.

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