Fabrinet (NYSE:FN) Short Interest Up 10.2% in December

Fabrinet (NYSE:FN - Get Free Report) saw a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 1,940,000 shares, an increase of 10.2% from the November 30th total of 1,760,000 shares. Approximately 5.4% of the shares of the company are sold short. Based on an average daily volume of 514,700 shares, the days-to-cover ratio is presently 3.8 days.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. B. Riley cut Fabrinet from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Needham & Company LLC started coverage on Fabrinet in a research note on Tuesday, November 5th. They set a "buy" rating and a $280.00 target price for the company. Finally, Barclays began coverage on Fabrinet in a research note on Thursday, November 14th. They issued an "equal weight" rating and a $292.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $252.14.

Fabrinet Price Performance

NYSE FN traded up $5.12 on Wednesday, reaching $219.88. The stock had a trading volume of 416,107 shares, compared to its average volume of 493,455. The company has a market cap of $7.97 billion, a P/E ratio of 26.02 and a beta of 0.92. The firm has a fifty day moving average of $237.27 and a two-hundred day moving average of $236.78. Fabrinet has a 1-year low of $159.69 and a 1-year high of $278.38.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The business had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same period in the prior year, the company posted $1.78 earnings per share. Fabrinet's revenue was up 17.3% compared to the same quarter last year. Research analysts predict that Fabrinet will post 9.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Fabrinet by 1.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,780 shares of the technology company's stock worth $1,904,000 after purchasing an additional 114 shares during the period. Commonwealth Equity Services LLC grew its stake in Fabrinet by 4.1% during the second quarter. Commonwealth Equity Services LLC now owns 3,746 shares of the technology company's stock worth $917,000 after buying an additional 148 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in Fabrinet during the second quarter worth about $35,000. Van ECK Associates Corp increased its holdings in Fabrinet by 17.7% in the 2nd quarter. Van ECK Associates Corp now owns 16,823 shares of the technology company's stock valued at $4,118,000 after buying an additional 2,527 shares during the period. Finally, Lisanti Capital Growth LLC acquired a new position in shares of Fabrinet in the 2nd quarter valued at approximately $4,507,000. 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.