Rockley Photonics (NYSE:RKLY) Given New $4.00 Price Target at Needham & Company LLC

Rockley Photonics (NYSE:RKLYGet Rating) had its price objective reduced by Needham & Company LLC from $8.00 to $4.00 in a research report report published on Friday morning, The Fly reports.

A number of other research analysts have also weighed in on the company. Northland Securities reduced their target price on Rockley Photonics from $20.00 to $10.00 and set an outperform rating for the company in a report on Wednesday, March 9th. Bank of America dropped their price target on Rockley Photonics from $6.00 to $5.00 and set a neutral rating for the company in a research report on Wednesday, March 9th. Finally, Zacks Investment Research upgraded Rockley Photonics from a strong sell rating to a hold rating in a research report on Thursday, February 24th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Rockley Photonics presently has an average rating of Buy and a consensus target price of $11.80.

RKLY stock traded up $0.30 during mid-day trading on Friday, reaching $2.63. 3,510,324 shares of the company traded hands, compared to its average volume of 566,767. The company has a market capitalization of $338.61 million, a P/E ratio of -2.66 and a beta of 0.09. Rockley Photonics has a 52-week low of $2.12 and a 52-week high of $16.56. The company has a fifty day moving average price of $3.89 and a 200-day moving average price of $4.51.

Rockley Photonics (NYSE:RKLYGet Rating) last posted its earnings results on Tuesday, March 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.15. The company had revenue of $2.41 million for the quarter. Analysts expect that Rockley Photonics will post -0.95 earnings per share for the current fiscal year.

In related news, CEO Andrew George Rickman sold 12,301 shares of the business’s stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $3.90, for a total value of $47,973.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mahesh Karanth sold 8,261 shares of the business’s stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $3.90, for a total value of $32,217.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,660 shares of company stock valued at $100,074. Corporate insiders own 16.20% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in Rockley Photonics by 211.9% in the 4th quarter. Bank of America Corp DE now owns 10,604 shares of the company’s stock worth $46,000 after buying an additional 7,204 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in shares of Rockley Photonics during the fourth quarter valued at approximately $42,000. Tudor Investment Corp Et Al purchased a new position in shares of Rockley Photonics during the third quarter valued at approximately $76,000. Millennium Management LLC purchased a new position in shares of Rockley Photonics during the fourth quarter valued at approximately $48,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Rockley Photonics during the fourth quarter valued at approximately $53,000. Institutional investors own 12.41% of the company’s stock.

Rockley Photonics Company Profile (Get Rating)

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

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