Fabrinet (NYSE:FN) Reaches New 1-Year Low - Here's What Happened

Fabrinet (NYSE:FN - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $148.55 and last traded at $156.98, with a volume of 517938 shares. The stock had previously closed at $172.56.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FN. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and decreased their target price for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Barclays lowered their price objective on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 4th. Fox Advisors started coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 target price for the company. JPMorgan Chase & Co. lowered their price target on Fabrinet from $275.00 to $265.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 4th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a research report on Monday, March 17th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $250.14.

Fabrinet Stock Up 15.8 %

The business has a fifty day moving average price of $207.93 and a 200-day moving average price of $227.76. The company has a market cap of $7.31 billion, a P/E ratio of 22.55 and a beta of 0.97.

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Fabrinet (NYSE:FN - Get Free Report) last released its quarterly 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, research analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds have recently bought and sold shares of the business. Merit Financial Group LLC bought a new position in shares of Fabrinet during the first quarter worth approximately $254,000. NBC Securities Inc. grew its position in Fabrinet by 163,200.0% during the first quarter. NBC Securities Inc. now owns 1,633 shares of the technology company's stock worth $322,000 after buying an additional 1,632 shares in the last quarter. Rhumbline Advisers increased its stake in Fabrinet by 1.3% during the 1st quarter. Rhumbline Advisers now owns 113,377 shares of the technology company's stock worth $22,393,000 after acquiring an additional 1,443 shares during the period. Parallel Advisors LLC raised its holdings in Fabrinet by 63.5% in the 1st quarter. Parallel Advisors LLC now owns 425 shares of the technology company's stock valued at $84,000 after acquiring an additional 165 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Fabrinet by 18,800.5% during the 1st quarter. GAMMA Investing LLC now owns 175,586 shares of the technology company's stock valued at $34,680,000 after acquiring an additional 174,657 shares during the period. 97.38% of the stock is owned by 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.