Applied Optoelectronics (NASDAQ:AAOI) Shares Gap Down - Here's What Happened

Applied Optoelectronics, Inc. (NASDAQ:AAOI - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $36.86, but opened at $35.97. Applied Optoelectronics shares last traded at $35.71, with a volume of 688,115 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Northland Securities restated an "outperform" rating and issued a $40.00 price objective (up from $25.00) on shares of Applied Optoelectronics in a report on Wednesday, December 18th. B. Riley downgraded shares of Applied Optoelectronics from a "neutral" rating to a "sell" rating and set a $14.00 price target on the stock. in a research note on Tuesday, December 10th. StockNews.com raised Applied Optoelectronics to a "sell" rating in a research note on Friday, October 25th. Raymond James raised their price target on shares of Applied Optoelectronics from $17.00 to $39.00 and gave the company an "outperform" rating in a research report on Friday, December 20th. Finally, Rosenblatt Securities lifted their price target on shares of Applied Optoelectronics from $27.50 to $44.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Applied Optoelectronics presently has a consensus rating of "Hold" and an average target price of $29.20.

Applied Optoelectronics Price Performance

The company has a market cap of $1.67 billion, a price-to-earnings ratio of -17.28 and a beta of 2.37. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.36. The company has a fifty day simple moving average of $31.38 and a two-hundred day simple moving average of $18.37.

Insider Activity at Applied Optoelectronics

In other news, Director Richard B. Black sold 10,000 shares of the firm's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $35.27, for a total value of $352,700.00. Following the transaction, the director now directly owns 167,813 shares in the company, valued at $5,918,764.51. This trade represents a 5.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Min-Chu (Mike) Chen sold 9,790 shares of the business's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $40.00, for a total value of $391,600.00. Following the sale, the director now owns 165,054 shares of the company's stock, valued at $6,602,160. The trade was a 5.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,769 shares of company stock valued at $3,015,537. 5.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Applied Optoelectronics

Institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Applied Optoelectronics by 272.1% in 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 last quarter. Pingora Partners LLC bought a new stake in shares of Applied Optoelectronics in the 3rd quarter valued at approximately $82,000. FMR LLC raised its position in shares of Applied Optoelectronics by 3,290.6% during the 3rd quarter. FMR LLC now owns 6,137 shares of the semiconductor company's stock valued at $88,000 after acquiring an additional 5,956 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Applied Optoelectronics during the 2nd quarter valued at approximately $89,000. Finally, The Manufacturers Life Insurance Company bought a new position in Applied Optoelectronics during the second quarter worth $118,000. 61.72% of the stock is owned by institutional investors and hedge funds.

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.