Frequency Electronics (NASDAQ:FEIM) Shares Up 5.5% – Here’s What Happened

Frequency Electronics, Inc. (NASDAQ:FEIM)’s share price was up 5.5% during mid-day trading on Friday. The company traded as high as $88.50 and last traded at $89.16. 118,473 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 242,677 shares. The stock had previously closed at $84.54.

Analyst Ratings Changes

Several research firms have recently issued reports on FEIM. Wall Street Zen raised shares of Frequency Electronics from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. Freedom Broker downgraded shares of Frequency Electronics from a “buy” rating to a “hold” rating and lifted their price target for the company from $77.00 to $91.00 in a research report on Monday, September 14th. Finally, Weiss Ratings upgraded Frequency Electronics from a “hold (c-)” rating to a “hold (c+)” rating in a report on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Frequency Electronics has an average rating of “Moderate Buy” and an average target price of $59.67.

Frequency Electronics Trading Up 5.6%

The company has a market capitalization of $1.01 billion, a PE ratio of 356.70 and a beta of 0.72. The stock has a fifty day moving average of $70.70 and a two-hundred day moving average of $62.98.

Frequency Electronics (NASDAQ:FEIM) last announced its quarterly earnings data on Thursday, September 10th. The communications equipment provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.26. Frequency Electronics had a return on equity of 3.63% and a net margin of 3.68%.The firm had revenue of $23.45 million during the quarter, compared to the consensus estimate of $17.85 million.

Hedge Funds Weigh In On Frequency Electronics

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Frequency Electronics during the 2nd quarter valued at about $34,273,000. Next Century Growth Investors LLC grew its position in Frequency Electronics by 200.4% during the fourth quarter. Next Century Growth Investors LLC now owns 219,463 shares of the communications equipment provider’s stock valued at $11,816,000 after buying an additional 146,397 shares during the period. Dimensional Fund Advisors LP raised its position in Frequency Electronics by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 257,402 shares of the communications equipment provider’s stock worth $11,391,000 after acquiring an additional 6,948 shares during the period. Apis Capital Advisors LLC increased its holdings in Frequency Electronics by 231.3% in the 4th quarter. Apis Capital Advisors LLC now owns 99,400 shares of the communications equipment provider’s stock worth $5,352,000 after acquiring an additional 69,400 shares in the last quarter. Finally, Sei Investments Co. lifted its position in shares of Frequency Electronics by 93.1% in the first quarter. Sei Investments Co. now owns 91,706 shares of the communications equipment provider’s stock valued at $4,059,000 after acquiring an additional 44,218 shares in the last quarter. Hedge funds and other institutional investors own 58.60% of the company’s stock.

About Frequency Electronics

Frequency Electronics, Inc (NASDAQ: FEIM) designs and manufactures precision time and frequency control systems. Its products include crystal oscillators, atomic frequency references, frequency synthesizers, timing systems and related radio-frequency and microwave technologies used where accurate and stable timing is essential.

The company serves aerospace and defense, satellite communications, telecommunications, navigation and other government and commercial markets. Its equipment is used in applications such as satellite payloads, secure communications, avionics, radar, electronic warfare and global positioning and navigation systems.

Founded in 1961, Frequency Electronics is based in New York and has developed specialized timing and synchronization technologies for customers in the United States and international markets.