The Applied Micro Circuits Corp. (AMCC) Announces Quarterly Earnings Results

The Applied Micro Circuits Corp. (AMCC) Announces Quarterly  Earnings Results

Applied Micro Circuits Corp. (NASDAQ:AMCC) released its earnings results on Thursday. The company reported $0.02 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.03. The business had revenue of $41.80 million for the quarter, compared to analysts’ expectations of $41.59 million. Applied Micro Circuits Corp. had a negative return on equity of 28.39% and a negative net margin of 19.57%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. Applied Micro Circuits Corp. updated its Q3 guidance to $0.00-0.04 EPS.

Shares of Applied Micro Circuits Corp. (NASDAQ:AMCC) opened at 7.00 on Monday. The stock’s 50 day moving average is $6.63 and its 200-day moving average is $6.63. Applied Micro Circuits Corp. has a 12-month low of $4.93 and a 12-month high of $7.68. The stock’s market capitalization is $597.56 million.

Several research firms have issued reports on AMCC. BMO Capital Markets restated a “hold” rating and set a $7.00 price target on shares of Applied Micro Circuits Corp. in a research report on Thursday, July 28th. Zacks Investment Research lowered shares of Applied Micro Circuits Corp. from a “hold” rating to a “sell” rating in a research report on Monday, September 5th. Susquehanna began coverage on shares of Applied Micro Circuits Corp. in a research report on Tuesday, September 20th. They set a “neutral” rating and a $8.00 price target for the company. Finally, Roth Capital began coverage on shares of Applied Micro Circuits Corp. in a research report on Thursday, September 1st. They set a “buy” rating and a $8.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $8.19.

A number of hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC increased its stake in shares of Applied Micro Circuits Corp. by 49.3% in the second quarter. Jane Street Group LLC now owns 16,655 shares of the company’s stock worth $107,000 after buying an additional 5,503 shares in the last quarter. Barclays PLC increased its stake in shares of Applied Micro Circuits Corp. by 5,207.5% in the second quarter. Barclays PLC now owns 25,423 shares of the company’s stock worth $164,000 after buying an additional 24,944 shares in the last quarter. KCG Holdings Inc. increased its stake in shares of Applied Micro Circuits Corp. by 65.2% in the second quarter. KCG Holdings Inc. now owns 30,885 shares of the company’s stock worth $198,000 after buying an additional 12,186 shares in the last quarter. Menta Capital LLC increased its stake in shares of Applied Micro Circuits Corp. by 141.2% in the second quarter. Menta Capital LLC now owns 52,101 shares of the company’s stock worth $334,000 after buying an additional 30,501 shares in the last quarter. Finally, A.R.T. Advisors LLC bought a new stake in shares of Applied Micro Circuits Corp. during the second quarter worth about $382,000. Institutional investors own 76.24% of the company’s stock.

Applied Micro Circuits Corp. Company Profile

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