Applied Optoelectronics Inc (NASDAQ:AAOI) shares are surging on Monday following last week’s strong earnings report that exceeded expectations. Here’s what investors need to know.
- Applied Optoelectronics stock is approaching key resistance levels. Why did AAOI hit a new high?
Applied Optoelectronics Beats Estimates With Record Revenue
Applied Optoelectronics last week reported an adjusted fourth-quarter loss of 1 cent per share, significantly better than Wall Street’s forecasted loss of 11 cents. Revenue for the quarter rose approximately 34% year over year to $134.3 million, exceeding consensus estimates and marking a record quarter for the company.
Management indicated broad-based strength across its CATV and datacenter businesses, projecting first-quarter revenue between $150 million and $165 million, which is above analyst expectations of around $145 million.
The company also anticipates a non-GAAP net loss of 9 cents per share at worst, with potential for breakeven as it ramps up next-generation datacenter products.
Rosenblatt, Needham, B. Riley Hike Targets
Analyst Consensus & Recent Actions: AAOI stock carries a Buy Rating. Recent analyst moves following last week’s earnings report include:
- Rosenblatt: Buy (Raises Target to $125.00) (Feb. 27)
- Needham: Buy (Raises Target to $80.00) (Feb. 27)
- B. Riley Securities: Upgraded to Neutral (Raises Target to $54.00) (Feb. 27)
Shares Jump More Than 400% In Past Year
Currently, the stock is trading well above its 20-day, 50-day and 100-day simple moving averages (SMAs), indicating strong bullish momentum.
Shares have increased by over 400% over the past 12 months and are currently positioned closer to their 52-week highs than lows.
AAOI Shares Surge Monday
AAOI Price Action: Applied Optoelectronics shares were up 22.79% at $103.43 at the time of publication on Monday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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