Fabrinet (NYSE:FN) Short Interest Update

Fabrinet (NYSE:FN) was the recipient of a significant drop in short interest in January. As of January 31st, there was short interest totalling 1,890,000 shares, a drop of 8.7% from the January 15th total of 2,070,000 shares. Based on an average trading volume of 609,500 shares, the days-to-cover ratio is currently 3.1 days. Approximately 5.3% of the company’s stock are short sold.

Fabrinet Stock Up 4.3 %

NYSE:FN traded up $9.26 on Monday, hitting $223.29. The stock had a trading volume of 617,109 shares, compared to its average volume of 830,313. The business’s 50-day simple moving average is $227.23 and its two-hundred day simple moving average is $233.57. The stock has a market cap of $8.10 billion, a price-to-earnings ratio of 24.98 and a beta of 0.92. Fabrinet has a 52-week low of $159.69 and a 52-week high of $281.79.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate 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, equities research analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on FN. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and reduced their price target for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. JPMorgan Chase & Co. decreased their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. Rosenblatt Securities increased their price objective on Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday, February 4th. Barclays decreased their target price on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $243.29.

Hedge Funds Weigh In On Fabrinet

Several institutional investors and hedge funds have recently bought and sold shares of FN. Legacy Wealth Asset Management LLC lifted its position in shares of Fabrinet by 3.2% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock valued at $325,000 after acquiring an additional 43 shares in the last quarter. Cynosure Group LLC lifted its holdings in Fabrinet by 3.4% in the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock worth $369,000 after purchasing an additional 51 shares in the last quarter. Assetmark Inc. grew its holdings in Fabrinet by 12.0% during the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock valued at $106,000 after buying an additional 52 shares in the last quarter. Trust Point Inc. grew its holdings in Fabrinet by 4.7% during the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after buying an additional 57 shares in the last quarter. Finally, Huntington National Bank raised its position in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares during the last quarter. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Company Profile

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.