Fabrinet (NYSE:FN) Short Interest Up 30.8% in November

Fabrinet (NYSE:FN) was the target of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,870,000 shares, a growth of 30.8% from the October 31st total of 1,430,000 shares. Currently, 5.2% of the company’s shares are sold short. Based on an average daily volume of 639,000 shares, the days-to-cover ratio is currently 2.9 days.

Insider Activity at Fabrinet

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. The trade was a 51.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fabrinet

Large investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC acquired a new stake in shares of Fabrinet in the third quarter worth $567,000. DekaBank Deutsche Girozentrale lifted its position in Fabrinet by 27.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock worth $15,036,000 after acquiring an additional 17,000 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Fabrinet by 14.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after purchasing an additional 61,491 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Fabrinet in the third quarter worth about $2,398,000. Finally, LMR Partners LLP boosted its stake in Fabrinet by 68.4% during the 3rd quarter. LMR Partners LLP now owns 39,493 shares of the technology company’s stock valued at $9,338,000 after purchasing an additional 16,037 shares during the period. Institutional investors own 97.38% of the company’s stock.

Fabrinet Price Performance

NYSE:FN traded up $8.73 during mid-day trading on Friday, reaching $234.58. The stock had a trading volume of 498,788 shares, compared to its average volume of 500,135. The stock has a market cap of $8.51 billion, a P/E ratio of 27.76 and a beta of 0.95. The business’s 50 day moving average is $244.01 and its 200 day moving average is $238.05. Fabrinet has a fifty-two week low of $159.30 and a fifty-two week high of $278.38.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share (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 during the quarter, compared to analyst estimates of $771.24 million. During the same quarter in the previous year, the business earned $1.78 EPS. Fabrinet’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities analysts expect that Fabrinet will post 9.1 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FN shares. Needham & Company LLC began coverage on Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target on the stock. Rosenblatt Securities upped their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, Barclays began coverage on shares of Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $252.14.

About Fabrinet

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.