Rockley Photonics (NYSE:RKLY) Rating Downgraded by Zacks Investment Research

Rockley Photonics (NYSE: RKLY – Get Note) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report released Thursday, reports.

According to Zacks, “Rockley Photonics Ltd. is a supplier of silicon-integrated photonics chips and modules in multiple markets. Rockley Photonics Ltd., formerly known as SC Health Corp., is based in PASADENA, California. “

Other analysts have also published research reports on the company. Bank of America lowered its target price on Rockley Photonics from $6.00 to $5.00 and set a “neutral” rating on the stock in a Wednesday, March 9 report. Needham & Company LLC lowered its price target on Rockley Photonics shares from $8.00 to $4.00 in a Friday, May 13 research note. Finally, Northland Securities cut its price target on Rockley Photonics shares from $20.00 to $10.00 and set an “outperform” rating for the company in a Wednesday, March 9 research note. One analyst has assigned the stock a sell rating, one has issued a hold rating and four have assigned the company a buy rating. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $11.80.

NYSE RKLY opened at $2.42 on Thursday. Rockley Photonics has a 1 year minimum of $2.12 and a 1 year maximum of $16.56. The company has a fifty-day simple moving average of $3.76 and a 200-day simple moving average of $4.45. The company has a market capitalization of $312.19 million, a P/E ratio of -2.44 and a beta of 0.09.

Rockley Photonics (NYSE:RKLY – Get Rating) last reported results on Tuesday, March 8. The company reported ($0.06) earnings per share for the quarter, beating analyst consensus estimates of ($0.21) by $0.15. The company had revenue of $2.41 million for the quarter. As a group, sell-side analysts expect Rockley Photonics to post earnings per share of -0.95 for the current fiscal year.

Separately, director Brian J. Blaser acquired 47,060 shares of the company in a transaction on Friday, March 18. The shares were purchased at an average cost of $4.19 per share, with a total value of $197,181.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Additionally, CFO Mahesh Karanth sold 8,261 shares of the company in a trade that took place on Tuesday, March 15. The shares were sold at an average price of $3.90, for a total value of $32,217.90. The disclosure of this sale can be found here. Insiders sold a total of 25,660 shares of the company valued at $100,074 during the last quarter. Company insiders own 16.20% of the company’s shares.

A number of hedge funds have recently changed their positions in the stock. JPMorgan Chase & Co. acquired a new stake in Rockley Photonics during Q4 for a value of approximately $42,000. Bank of America Corp DE increased its holdings of Rockley Photonics shares by 211.9% in the fourth quarter. Bank of America Corp DE now owns 10,604 shares of the company valued at $46,000 after acquiring an additional 7,204 shares last quarter. Millennium Management LLC bought a new stock position in Rockley Photonics in the fourth quarter worth $48,000. Fox Run Management LLC purchased a new stake in Rockley Photonics in the fourth quarter worth approximately $53,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in Rockley Photonics during Q1 worth approximately $53,000. 12.41% of the shares are currently held by institutional investors and hedge funds.

Rockley Photonics Company Profile (Get an assessment)

Rockley Photonics Holdings Limited develops and supplies silicon photonics components in the UK and internationally. It offers a platform that includes silicon photonic integrated circuits with integrated III-V devices; application-specific electronic integrated circuits; photonic and electronic co-packaging, which are supported and coupled with biosensing algorithms, artificial intelligence, cloud analytics, firmware/software, system architecture and hardware design.

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