Short Interest in Coherent, Inc. (NASDAQ:COHR) Expands By 12.8%

Coherent, Inc. (NASDAQ:COHR) saw a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 1,453,500 shares, an increase of 12.8% from the May 15th total of 1,288,900 shares. Based on an average trading volume of 343,900 shares, the days-to-cover ratio is currently 4.2 days. Approximately 6.1% of the company’s shares are short sold.

A number of equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded EXACT Sciences from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. BidaskClub upgraded Zai Lab from a “buy” rating to a “strong-buy” rating in a report on Friday, June 28th. Stifel Nicolaus upped their price objective on Zendesk from $75.00 to $83.00 and gave the company a “hold” rating in a report on Wednesday, May 1st. TheStreet upgraded Viewray from a “d+” rating to a “c-” rating in a report on Thursday, March 21st. Finally, Susquehanna Bancshares reiterated a “neutral” rating and issued a $180.00 price objective on shares of Universal Display in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $169.88.

NASDAQ COHR traded up $0.30 on Friday, reaching $132.49. The company had a trading volume of 453,084 shares, compared to its average volume of 284,426. Coherent has a 52 week low of $90.10 and a 52 week high of $192.37. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 3.36. The company has a market capitalization of $3.22 billion, a PE ratio of 10.16 and a beta of 1.85. The company has a 50 day moving average of $124.63.

Coherent (NASDAQ:COHR) last posted its earnings results on Tuesday, April 30th. The scientific and technical instruments company reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.01). Coherent had a net margin of 11.56% and a return on equity of 17.88%. The business had revenue of $372.90 million during the quarter, compared to analyst estimates of $369.11 million. During the same period in the previous year, the firm posted $3.37 earnings per share. The firm’s revenue was down 22.5% on a year-over-year basis. As a group, equities research analysts predict that Coherent will post 6.1 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of COHR. Royce & Associates LP grew its stake in Coherent by 432.4% in the fourth quarter. Royce & Associates LP now owns 560,591 shares of the scientific and technical instruments company’s stock valued at $59,260,000 after acquiring an additional 455,291 shares during the period. Pictet Asset Management Ltd. grew its stake in Coherent by 74.6% in the first quarter. Pictet Asset Management Ltd. now owns 614,170 shares of the scientific and technical instruments company’s stock valued at $87,040,000 after acquiring an additional 262,497 shares during the period. Norges Bank acquired a new position in Coherent in the fourth quarter valued at about $19,264,000. State of New Jersey Common Pension Fund D acquired a new position in Coherent in the first quarter valued at about $25,510,000. Finally, First Trust Advisors LP grew its stake in Coherent by 69.2% in the first quarter. First Trust Advisors LP now owns 254,250 shares of the scientific and technical instruments company’s stock valued at $36,032,000 after acquiring an additional 103,961 shares during the period. 96.43% of the stock is owned by hedge funds and other institutional investors.

Coherent Company Profile

Coherent, Inc provides lasers, laser-based technologies, and laser-based system solutions for a range of scientific, commercial, and industrial applications. It operates through two segments, OEM Laser Sources and Industrial Lasers & Systems. The company designs, manufactures, markets, and services lasers, laser tools, precision optics, and related accessories; and laser measurement and control products.

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