Fabrinet (NYSE:FN) Shares Gap Down – Time to Sell?

Fabrinet (NYSE:FN)’s share price gapped down before the market opened on Monday . The stock had previously closed at $220.00, but opened at $215.29. Fabrinet shares last traded at $218.40, with a volume of 37,806 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FN. Needham & Company LLC reiterated a “buy” rating and issued a $280.00 price objective on shares of Fabrinet in a report on Monday. JPMorgan Chase & Co. cut their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Barclays cut their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Finally, Fox Advisors began coverage on Fabrinet in a report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Fabrinet currently has a consensus rating of “Hold” and an average price target of $246.63.

Fabrinet Stock Performance

The business has a 50 day moving average price of $219.08 and a two-hundred day moving average price of $230.48. The company has a market cap of $8.08 billion, a P/E ratio of 24.91 and a beta of 0.89.

Fabrinet (NYSE:FN) last released its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. As a group, research analysts expect that Fabrinet will post 9.4 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Huntington National Bank raised its position in Fabrinet by 70.4% during the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after purchasing an additional 57 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Fabrinet during the 3rd quarter valued at approximately $52,000. Quarry LP raised its position in Fabrinet by 315.8% during the 4th quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after purchasing an additional 180 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Fabrinet during the 3rd quarter valued at approximately $61,000. Finally, Orion Capital Management LLC bought a new position in Fabrinet during the 4th quarter valued at approximately $62,000. Institutional investors own 97.38% of the company’s stock.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.