Why Shares of Photronics Tumbled Today
Shares of photomask manufacturer Photronics (NASDAQ: PLAB) slumped on Tuesday following the company's third-quarter results and news that the CFO was retiring. Photronics missed analyst estimates for both revenue and earnings, reporting a steeper-than-expected revenue decline; this comes three months after a weak second-quarter report. The stock was down about 20% at 3:30 p.m. EDT.
Photronics reported third-quarter revenue of $111.6 million, down 9% year over year and $3.5 million below the average analyst estimate. Sales of integrated-circuit (IC) photomasks slumped 7% to $85.1 million, while sales of flat-panel-display (FPD) photomasks dropped 16% to $26.5 million.
Image source: Getty Images.
Source: Fool.com
Photronics Inc. Stock
€28.24
1.840%
Photronics Inc. is currently one of the favorites of our community with 6 Buy predictions and no Sell predictions.
With a target price of 39 € there is a positive potential of 38.1% for Photronics Inc. compared to the current price of 28.24 €.
