Fabrinet (NYSE:FN) Sees Large Decline in Short Interest

Posted by Defense World Staff on Jul 7th, 2023

Fabrinet (NYSE:FN – Free Report) saw a significant decrease in short interest in June. As of June 15th, there was short interest totalling 947,700 shares, a decrease of 18.3% from the May 31st total of 1,160,000 shares. Approximately 2.6% of the company’s shares are short sold. Based on an average daily volume of 397,000 shares, the days-to-cover ratio is presently 2.4 days.

Insider Buying and Selling

In other Fabrinet news, Director Homa Bahrami sold 1,400 shares of Fabrinet stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $98.05, for a total transaction of $137,270.00. Following the completion of the sale, the director now directly owns 32,739 shares of the company’s stock, valued at approximately $3,210,058.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.50% of the stock is owned by insiders.

Institutional Trading of Fabrinet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FN. Signaturefd LLC increased its stake in shares of Fabrinet by 14.7% in the fourth quarter. Signaturefd LLC now owns 672 shares of the technology company’s stock worth $86,000 after acquiring an additional 86 shares during the period. Commonwealth Equity Services LLC grew its position in Fabrinet by 2.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 3,262 shares of the technology company’s stock worth $418,000 after purchasing an additional 89 shares during the period. NewEdge Advisors LLC raised its stake in shares of Fabrinet by 39.9% during the 1st quarter. NewEdge Advisors LLC now owns 417 shares of the technology company’s stock valued at $50,000 after buying an additional 119 shares during the last quarter. Evergreen Capital Management LLC lifted its holdings in shares of Fabrinet by 6.2% in the 1st quarter. Evergreen Capital Management LLC now owns 2,142 shares of the technology company’s stock valued at $225,000 after buying an additional 125 shares during the period. Finally, Royal Bank of Canada boosted its stake in shares of Fabrinet by 2.0% in the third quarter. Royal Bank of Canada now owns 6,466 shares of the technology company’s stock worth $617,000 after buying an additional 126 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Wall Street Analyst Weigh In

FN has been the subject of several research reports. Lake Street Capital began coverage on shares of Fabrinet in a research report on Friday, April 21st. They issued a “buy” rating and a $130.00 price target for the company. Northland Securities dropped their target price on Fabrinet from $155.00 to $135.00 in a research report on Tuesday, May 9th. StockNews.com started coverage on Fabrinet in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Needham & Company LLC raised their price objective on Fabrinet from $120.00 to $150.00 in a research report on Monday, June 12th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Fabrinet from $161.00 to $130.00 and set an “overweight” rating for the company in a report on Wednesday, April 19th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $122.57.

Fabrinet Stock Down 0.2 %

FN opened at $126.69 on Friday. The company has a market cap of $4.60 billion, a P/E ratio of 19.25 and a beta of 1.15. The firm’s 50-day moving average price is $111.45 and its 200-day moving average price is $117.11. Fabrinet has a 52-week low of $78.54 and a 52-week high of $140.18.

Fabrinet (NYSE:FN – Free Report) last issued its quarterly earnings results on Monday, May 8th. The technology company reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.05. Fabrinet had a net margin of 9.44% and a return on equity of 18.55%. The business had revenue of $665.28 million for the quarter, compared to analyst estimates of $650.88 million. On average, research analysts anticipate that Fabrinet will post 6.85 EPS for the current fiscal year.

About Fabrinet

(Free Report)

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.