Applied Optoelectronics (NASDAQ:AAOI) Stock Price Down 6.4% – Here’s What Happened

Shares of Applied Optoelectronics, Inc. (NASDAQ:AAOI) fell 6.4% during mid-day trading on Wednesday . The stock traded as low as $34.52 and last traded at $34.64. 1,058,320 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 2,637,886 shares. The stock had previously closed at $37.02.

Analysts Set New Price Targets

A number of analysts recently commented on the company. B. Riley decreased their price target on Applied Optoelectronics from $12.00 to $9.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Rosenblatt Securities lifted their target price on Applied Optoelectronics from $20.00 to $27.50 and gave the stock a “buy” rating in a research note on Friday, November 8th. Northland Securities boosted their price target on shares of Applied Optoelectronics from $18.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. B. Riley Financial restated a “neutral” rating and set a $9.00 price objective on shares of Applied Optoelectronics in a report on Thursday, August 8th. Finally, Raymond James boosted their target price on shares of Applied Optoelectronics from $17.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.70.

Applied Optoelectronics Stock Down 1.6 %

The firm has a market capitalization of $1.64 billion, a P/E ratio of -17.68 and a beta of 1.96. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.06 and a current ratio of 1.61. The stock has a 50 day moving average of $20.51 and a 200-day moving average of $13.71.

Insider Buying and Selling

In other Applied Optoelectronics news, insider Hung-Lun (Fred) Chang sold 20,323 shares of Applied Optoelectronics stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $30.35, for a total transaction of $616,803.05. Following the completion of the transaction, the insider now owns 195,572 shares of the company’s stock, valued at $5,935,610.20. The trade was a 9.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider David C. Kuo sold 10,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $26.93, for a total transaction of $269,300.00. Following the completion of the sale, the insider now directly owns 118,122 shares in the company, valued at approximately $3,181,025.46. The trade was a 7.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,817 shares of company stock valued at $1,687,174. Company insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Applied Optoelectronics

Several hedge funds have recently bought and sold shares of the company. CANADA LIFE ASSURANCE Co bought a new position in Applied Optoelectronics in the 1st quarter valued at $46,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Applied Optoelectronics by 272.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,281 shares of the semiconductor company’s stock valued at $77,000 after buying an additional 6,787 shares during the period. Pingora Partners LLC bought a new stake in Applied Optoelectronics during the third quarter valued at $82,000. FMR LLC grew its position in Applied Optoelectronics by 3,290.6% during the third quarter. FMR LLC now owns 6,137 shares of the semiconductor company’s stock worth $88,000 after buying an additional 5,956 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in Applied Optoelectronics in the 2nd quarter worth about $89,000. Hedge funds and other institutional investors own 61.72% of the company’s stock.

About Applied Optoelectronics

Applied Optoelectronics, Inc designs, manufactures, and sells fiber-optic networking products in the United States, Taiwan, and China. It offers optical modules, optical filters, lasers, laser components, subassemblies, transmitters and transceivers, turn-key equipment, headend, node, distribution equipment, and amplifiers.