Kopin (KOPN.O), NASDAQ's 55th largest electronics company by market capitalisation, has dropped below its trend. The 200-day moving average price (MAP) was US$4.181. The price to 200-day MAP ratio is 0.88, a bearish indicator. In the past 200 days this ratio has been under 0.88 50 times suggesting further downside. The stock is trading below both its MAPs and the 50-day MAP of US$3.815 is lower than the 200-day MAP of US$4.181, another bearish indicator. The stock fell for a second day on Monday bringing its two-day fall to 36.0c or 8.9%. The stock price fell 14.0c (or 3.7%) to close at US$3.67. Compared with the NASDAQ-100 index, which fell 22.9 points (or 1.0%) on the day, this was a relative price change of -2.7%.
PRICE DYNAMICS
Volatility: the stock traded between an intraday high of US$3.942 and a six-day low of US$3.66, suggesting a trading opportunity between peaks and troughs. Today its volatility of 7.7% was 6.3 times its average volatility of 1.2%. A price fall on high volatility is a bearish signal. The average daily volatility of 4.3% places the stock in the 2nd quartile in the market meaning it is moderately volatile.
% Discount to high: the last price is at a discount of 29.7% to the 12-month high of US$5.22 seven months ago on 31 May, 2011.
% Premium to low: the last price is at a premium of 19.5% to the 12-month low of US$3.07 three months ago on 04 Oct, 2011.
Volume weighted price (VWP): the price is equal to its 1-month volume weighted average price of US$3.682.
Beta: The Beta of this stock is 1.31. A Beta greater than 1 suggests this is a high risk, high return stock with volatility greater than that of the market.
Standard Deviation (SD): SD is a statistical measure of deviation from the mean. The SD of 3.5% gives it a percentile rank of 58 meaning that 58% of stocks in the NASDAQ market are less volatile than this stock.
Trailing month: in the last 21 trading sessions there has been a net decline of 5.9%; the stock has retreated 16 times and the biggest one day decline was 7.2% on Nov 23.
AGGREGATE VOLUMES, PRICES AND TURNOVER PERIOD
[Volume Index or VI in brackets; 1 is average]
NASDAQ: KOPN.O 190,463 [VI of 0.7]; volume 81.96% of aggregate. Price: US$3.67.
BATS: KOPN.BATS 41,909 [VI of 1.3]; volume 18.04% of aggregate. Price: US$3.67.
Aggregate volume: there were 232,372 shares worth US$852,805 traded. The aggregate volume was 0.8 times average trading of 299,610 shares.
Access comprehensive Stock Research on http://www.buysellsignals.com/19711370
PRICE PERFORMANCE RANK IN INDEX AND SECTORS
The stock is in 1 index and 2 sectors.
The following index and sectors fell setting the trend for its fall of 3.7%:
Electronics sector of 139 stocks traded today, which was down 21.1 points or 2.2% to 938.3,
The Total NASDAQ Market of 2416 stocks traded today, which was down 21.6 points or 1.2% to 1,753.6,
NASDAQ-100 index which was down 22.9 points or 1.0% to 2,215.3
RELATIVE VALUATION INDICATORS [RVI] FUNDAMENTAL ANALYSIS
The stock meets the following value criteria set by Benjamin Graham:
-"Current ratio of two or more"; current assets are 7.44 times current liabilities.
The stock has a score of 5 out of 9 set by Joseph Piotroski [pass mark >=5 ]:
Positive net income; Positive operating cashflow; Good quality of earnings [operating cashflow exceeds net income]; Reduction in total shares on issue; Improvement in asset turnover [growth in revenue of 5.0% exceeded growth in assets of 4.84%].
Other Bullish Signals:
- The earnings yield of 3.62% is 1.9 times the 10-year bond yield of 1.86%.
- The Price to Book of 1.5 lower than average of 2.2 for the Electronics sector and 3.4 for the Total NASDAQ Market. We estimate the shares are trading at a current year Price to Book of 1.4 and a forward year Price to Book of 1.3.
- The company is cash rich with Cash to Market Capitalisation at 20.2%.
Bearish Signals:
- Price/Earnings of 27.6 versus sector average of 12.4 and market average of 20.0. We estimate the shares are trading at a current year P/E of 13.1 and a forward year P/E of 6.3.
- Price/Sales of 1.96 versus sector average of 0.7 and market average of 1.5. We estimate the shares are trading at a current year Price/Sales of 1.8 and a forward year Price/Sales of 1.7.
- Return on Equity of 5.4% versus sector average of 13.9% and market average of 10.7%.
- Return on Assets of 4.7% versus sector average of 6.0% and market average of 4.0%.
- The average annual compound return on the share price in the last 5 years was 0.9%, underperforming the average annual compound return on the NASDAQ-100 index of 4.7%
RELATIVE VALUATION INDICATORS [RVI] TECHNICAL ANALYSIS
Bullish Signals:
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) minus the 26-day EMA is positive suggesting a bullish signal.
Bearish Signals:
- The price weakened 2.4% in the last week.
- This has been exacerbated by firm volume of 1.5 times average for the week.
- Compared with the NASDAQ-100 index which fell 1.7% for the month, this represented a relative price decrease of 4.7% for the month.
- In the NASDAQ market of 2,416 stocks traded today, the stock has a 6-month relative strength of 34 which means it has underperformed 66.0% of the market.
- The price to 50-day EMAP ratio is 0.97. In the past 50 days this ratio has been under 0.97 just nine times suggesting a support level. The 50-day EMAP has decreased to US$3.782. A decrease is another bearish indicator.
- In the last three months the stock has hit a new 52-week low twice.
- The price to 200-day MAP ratio is 0.88, a bearish indicator. In the past 200 days this ratio has been under 0.88 50 times suggesting further downside. The stock is trading below both its MAPs and the 50-day MAP of US$3.815 is lower than the 200-day MAP of US$4.181, another bearish indicator.
SHAREHOLDER RETURNS
Trailing one week: the stock fell three times (60% of the time) and rose twice (40% of the time). The aggregate volume was 1.5 times average trading of 1,491,500 shares. The value of US$1,000 invested a week ago is US$918 [vs US$967 for the NASDAQ-100 index], for a capital loss of US$82(or loss of 8.2%).
Trailing one month: the stock rose eleven times (55% of the time) and fell nine times (45% of the time). The aggregate volume was 0.9 times average trading of 6,562,600 shares. The value of US$1,000 invested a month ago is US$936 [vs US$986 for the NASDAQ-100 index], for a capital loss of US$64(or loss of 6.4%).
Trailing one year: the value of US$1,000 invested one year ago is US$821 [vs US$1,009 for the NASDAQ-100 index], for a capital loss of US$179. The total return to shareholders for 1 year is -17.9%.
Trailing five years: the value of US$1,000 invested five years ago is US$1,046, for a capital gain of US$46.
The present value of US$1000 invested at a previous date is shown below:
FINANCIALS
Quarterly Report:
In the quarter to September 24, 2011 total revenue of US$29.6 million; net profit of US$797,000; EPS of 2.0c.
Annual Report for the year ended December 25, 2010 (year-on-year comparisons with previous corresponding period)-
Favourable Changes: total revenue up 1.5% to $US125.6m; a track record of profits in 3 of the last 3 years; Net tangible assets per share up 4.6% to $US2.51.
Unfavourable Changes: net profit slumps 54.1% to $US8.9m; EPS slumps 55.2% to 13.0 U.S. cents; although the Total Liabilities to Operating Cash Flow ratio of 1.5 compares favourably with the Joseph Piotroski benchmark of <4, it had deteriorated by 90.1% from the previous year.; total liabilities to total assets up 10.0% to 0.1; current ratio down 12.0% to 7.4; Working capital to total assets down 6.1% to 68.8%; total revenue to total assets down 3.2% to 0.7.
Major Common Size Ratios: total current assets to total assets down from 83.1% to 79.5%; cash to total assets down from 29.9% to 25.9%; fixed assets to total assets up from 11.3% to 17.0%; current inventory to total assets up from 9.0% to 11.2%; current debtors to total assets down from 8.0% to 7.6%; cost of goods sold to sales up from 61.4% to 64.7%; sales and marketing expenses to sales up from 11.4% to 11.8%; profit before tax to sales down from 15.7% to 7.8%; profit after tax to sales down from 15.7% to 7.1%; depreciation to sales up from 4.8% to 5.2%.
FUNDAMENTALS
ISSUED CAPITAL
Based on 67,246,000 issued equity shares the market capitalisation is US$246.8 million. It is NASDAQ's 78th largest Electronics company by total revenue.
ACTIVITIES
Kopin Corporation is a developer and manufacturer of III-V products and miniature flat panel displays. The Company uses its semiconductor material technology to design, manufacture and market its III-V and display products. The Company products enable its customers to develop and market a generation of products for applications in wireless and consumer electronic products. The Company commercially develops and manufactures Gallium Arsenide-based heterojunction bipolar transistor wafers (HBT transistor wafers) and other commercial semiconductor products that use Gallium Nitride and Gallium Arsenide-based substrates. The Company operates in two segments: Kopin US, which includes the operations in the United States and the Company's equity method investments, and Kowon.
TOP MANAGEMENT
The chief financial officer is Richard A. Sneider and the chief executive officer and chairman is John C.C. Fan.
REPORTED BUYING
Reported Buying:
May 03: Kopin insider buys
Kopin (KOPN.O) insider Brewington James K bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
May 03: Kopin insider buys
Kopin (KOPN.O) insider Brook David bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
May 03: Kopin insider buys
Kopin (KOPN.O) insider Landine Michael J bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
May 03: Kopin insider buys
Kopin (KOPN.O) insider Collins Morton bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
May 03: Kopin insider buys
Kopin (KOPN.O) insider Hsieh Chi Chia Dr. bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
BUSINESS NEWS ROUND UP
The last 5 company announcements are:
December 13: Kopin insider gift shares
Kopin (KOPN.O) insider Fan John C C gifted 30,201 shares worth approximately US$120,804 on December 09, 2011.
June 16: Kopin Wins $23.2 Million in Follow-On Orders for U.S. Army's Thermal Weapon Sight Program
[News Story] TAUNTON, Mass.--(BUSINESS WIRE)-- Kopin(Registered) Corporation (NASDAQ: KOPN), the leading U.S. manufacturer of display systems for mobile consumer and military applications, today announced it has been awarded $23.2 million in follow-on production orders for display systems in support of U.S.
May 31: Kopin and Its Subsidiary Forth Dimension Displays Introduce Replicating Reality(TradeMark)
TAUNTON, Mass.(BUSINESS WIRE) Forth Dimension Displays (FDD), a leading provider of display components for fighter jet and helicopter simulators, and subsidiary of Kopin(Registered) Corporation, will introduce Replicating Reality(TradeMark). Replicating Reality is a new concept to create the ultimate experience by making the user feel fully immersed in a different world or hyper-reality.
May 17: Kopin Brings High-Definition, Large-Picture Viewing Experience to Mobile Users
TAUNTON, Mass.--(BUSINESS WIRE)-- Kopin(Registered) Corporation (NASDAQ: KOPN), the leader in microdisplays for consumer and military applications, will showcase its newest high-resolution displays and module products at the SID (Society for Information Display) 2011 Exhibition.
May 11: Kopin Receives CLARUS Award at MDB Capital's Bright Lights Conference 2011
[News Story] TAUNTON, Mass.--(BUSINESS WIRE)-- Kopin(Registered) Corporation (NASDAQ: KOPN), a leading supplier of advanced semiconductor materials and microdisplays for mobile applications including smartphones, tablet PCs, military thermal weapons sights and wearable computers, today announced that it received the CLARUS Award, presented by MDB Capital Group at the second annual Bright Lights Conference in New York City.Kopin was selected as one of the 40 most innovative public companies from more than 1,500 small-cap companies with granted U.S.
Source: www.BuySellSignals.com
Volatility: the stock traded between an intraday high of US$3.942 and a six-day low of US$3.66, suggesting a trading opportunity between peaks and troughs. Today its volatility of 7.7% was 6.3 times its average volatility of 1.2%. A price fall on high volatility is a bearish signal. The average daily volatility of 4.3% places the stock in the 2nd quartile in the market meaning it is moderately volatile.
% Discount to high: the last price is at a discount of 29.7% to the 12-month high of US$5.22 seven months ago on 31 May, 2011.
% Premium to low: the last price is at a premium of 19.5% to the 12-month low of US$3.07 three months ago on 04 Oct, 2011.
Volume weighted price (VWP): the price is equal to its 1-month volume weighted average price of US$3.682.
Beta: The Beta of this stock is 1.31. A Beta greater than 1 suggests this is a high risk, high return stock with volatility greater than that of the market.
Standard Deviation (SD): SD is a statistical measure of deviation from the mean. The SD of 3.5% gives it a percentile rank of 58 meaning that 58% of stocks in the NASDAQ market are less volatile than this stock.
Trailing month: in the last 21 trading sessions there has been a net decline of 5.9%; the stock has retreated 16 times and the biggest one day decline was 7.2% on Nov 23.
AGGREGATE VOLUMES, PRICES AND TURNOVER PERIOD
[Volume Index or VI in brackets; 1 is average]
NASDAQ: KOPN.O 190,463 [VI of 0.7]; volume 81.96% of aggregate. Price: US$3.67.
BATS: KOPN.BATS 41,909 [VI of 1.3]; volume 18.04% of aggregate. Price: US$3.67.
Aggregate volume: there were 232,372 shares worth US$852,805 traded. The aggregate volume was 0.8 times average trading of 299,610 shares.
Access comprehensive Stock Research on http://www.buysellsignals.com/19711370
PRICE PERFORMANCE RANK IN INDEX AND SECTORS
The stock is in 1 index and 2 sectors.
The following index and sectors fell setting the trend for its fall of 3.7%:
Electronics sector of 139 stocks traded today, which was down 21.1 points or 2.2% to 938.3,
The Total NASDAQ Market of 2416 stocks traded today, which was down 21.6 points or 1.2% to 1,753.6,
NASDAQ-100 index which was down 22.9 points or 1.0% to 2,215.3
RELATIVE VALUATION INDICATORS [RVI] FUNDAMENTAL ANALYSIS
The stock meets the following value criteria set by Benjamin Graham:
-"Current ratio of two or more"; current assets are 7.44 times current liabilities.
The stock has a score of 5 out of 9 set by Joseph Piotroski [pass mark >=5 ]:
Positive net income; Positive operating cashflow; Good quality of earnings [operating cashflow exceeds net income]; Reduction in total shares on issue; Improvement in asset turnover [growth in revenue of 5.0% exceeded growth in assets of 4.84%].
Other Bullish Signals:
- The earnings yield of 3.62% is 1.9 times the 10-year bond yield of 1.86%.
- The Price to Book of 1.5 lower than average of 2.2 for the Electronics sector and 3.4 for the Total NASDAQ Market. We estimate the shares are trading at a current year Price to Book of 1.4 and a forward year Price to Book of 1.3.
- The company is cash rich with Cash to Market Capitalisation at 20.2%.
Bearish Signals:
- Price/Earnings of 27.6 versus sector average of 12.4 and market average of 20.0. We estimate the shares are trading at a current year P/E of 13.1 and a forward year P/E of 6.3.
- Price/Sales of 1.96 versus sector average of 0.7 and market average of 1.5. We estimate the shares are trading at a current year Price/Sales of 1.8 and a forward year Price/Sales of 1.7.
- Return on Equity of 5.4% versus sector average of 13.9% and market average of 10.7%.
- Return on Assets of 4.7% versus sector average of 6.0% and market average of 4.0%.
- The average annual compound return on the share price in the last 5 years was 0.9%, underperforming the average annual compound return on the NASDAQ-100 index of 4.7%
RELATIVE VALUATION INDICATORS [RVI] TECHNICAL ANALYSIS
Bullish Signals:
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) minus the 26-day EMA is positive suggesting a bullish signal.
Bearish Signals:
- The price weakened 2.4% in the last week.
- This has been exacerbated by firm volume of 1.5 times average for the week.
- Compared with the NASDAQ-100 index which fell 1.7% for the month, this represented a relative price decrease of 4.7% for the month.
- In the NASDAQ market of 2,416 stocks traded today, the stock has a 6-month relative strength of 34 which means it has underperformed 66.0% of the market.
- The price to 50-day EMAP ratio is 0.97. In the past 50 days this ratio has been under 0.97 just nine times suggesting a support level. The 50-day EMAP has decreased to US$3.782. A decrease is another bearish indicator.
- In the last three months the stock has hit a new 52-week low twice.
- The price to 200-day MAP ratio is 0.88, a bearish indicator. In the past 200 days this ratio has been under 0.88 50 times suggesting further downside. The stock is trading below both its MAPs and the 50-day MAP of US$3.815 is lower than the 200-day MAP of US$4.181, another bearish indicator.
SHAREHOLDER RETURNS
Trailing one week: the stock fell three times (60% of the time) and rose twice (40% of the time). The aggregate volume was 1.5 times average trading of 1,491,500 shares. The value of US$1,000 invested a week ago is US$918 [vs US$967 for the NASDAQ-100 index], for a capital loss of US$82(or loss of 8.2%).
Trailing one month: the stock rose eleven times (55% of the time) and fell nine times (45% of the time). The aggregate volume was 0.9 times average trading of 6,562,600 shares. The value of US$1,000 invested a month ago is US$936 [vs US$986 for the NASDAQ-100 index], for a capital loss of US$64(or loss of 6.4%).
Trailing one year: the value of US$1,000 invested one year ago is US$821 [vs US$1,009 for the NASDAQ-100 index], for a capital loss of US$179. The total return to shareholders for 1 year is -17.9%.
Trailing five years: the value of US$1,000 invested five years ago is US$1,046, for a capital gain of US$46.
The present value of US$1000 invested at a previous date is shown below:
FINANCIALS
Quarterly Report:
In the quarter to September 24, 2011 total revenue of US$29.6 million; net profit of US$797,000; EPS of 2.0c.
Annual Report for the year ended December 25, 2010 (year-on-year comparisons with previous corresponding period)-
Favourable Changes: total revenue up 1.5% to $US125.6m; a track record of profits in 3 of the last 3 years; Net tangible assets per share up 4.6% to $US2.51.
Unfavourable Changes: net profit slumps 54.1% to $US8.9m; EPS slumps 55.2% to 13.0 U.S. cents; although the Total Liabilities to Operating Cash Flow ratio of 1.5 compares favourably with the Joseph Piotroski benchmark of <4, it had deteriorated by 90.1% from the previous year.; total liabilities to total assets up 10.0% to 0.1; current ratio down 12.0% to 7.4; Working capital to total assets down 6.1% to 68.8%; total revenue to total assets down 3.2% to 0.7.
Major Common Size Ratios: total current assets to total assets down from 83.1% to 79.5%; cash to total assets down from 29.9% to 25.9%; fixed assets to total assets up from 11.3% to 17.0%; current inventory to total assets up from 9.0% to 11.2%; current debtors to total assets down from 8.0% to 7.6%; cost of goods sold to sales up from 61.4% to 64.7%; sales and marketing expenses to sales up from 11.4% to 11.8%; profit before tax to sales down from 15.7% to 7.8%; profit after tax to sales down from 15.7% to 7.1%; depreciation to sales up from 4.8% to 5.2%.
FUNDAMENTALS
ISSUED CAPITAL
Based on 67,246,000 issued equity shares the market capitalisation is US$246.8 million. It is NASDAQ's 78th largest Electronics company by total revenue.
ACTIVITIES
Kopin Corporation is a developer and manufacturer of III-V products and miniature flat panel displays. The Company uses its semiconductor material technology to design, manufacture and market its III-V and display products. The Company products enable its customers to develop and market a generation of products for applications in wireless and consumer electronic products. The Company commercially develops and manufactures Gallium Arsenide-based heterojunction bipolar transistor wafers (HBT transistor wafers) and other commercial semiconductor products that use Gallium Nitride and Gallium Arsenide-based substrates. The Company operates in two segments: Kopin US, which includes the operations in the United States and the Company's equity method investments, and Kowon.
TOP MANAGEMENT
The chief financial officer is Richard A. Sneider and the chief executive officer and chairman is John C.C. Fan.
REPORTED BUYING
Reported Buying:
May 03: Kopin insider buys
Kopin (KOPN.O) insider Brewington James K bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
May 03: Kopin insider buys
Kopin (KOPN.O) insider Brook David bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
May 03: Kopin insider buys
Kopin (KOPN.O) insider Landine Michael J bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
May 03: Kopin insider buys
Kopin (KOPN.O) insider Collins Morton bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
May 03: Kopin insider buys
Kopin (KOPN.O) insider Hsieh Chi Chia Dr. bought 10,000 shares worth approximately US$48,100 on April 29, 2011. The last price was US$4.80.
BUSINESS NEWS ROUND UP
The last 5 company announcements are:
December 13: Kopin insider gift shares
Kopin (KOPN.O) insider Fan John C C gifted 30,201 shares worth approximately US$120,804 on December 09, 2011.
June 16: Kopin Wins $23.2 Million in Follow-On Orders for U.S. Army's Thermal Weapon Sight Program
[News Story] TAUNTON, Mass.--(BUSINESS WIRE)-- Kopin(Registered) Corporation (NASDAQ: KOPN), the leading U.S. manufacturer of display systems for mobile consumer and military applications, today announced it has been awarded $23.2 million in follow-on production orders for display systems in support of U.S.
May 31: Kopin and Its Subsidiary Forth Dimension Displays Introduce Replicating Reality(TradeMark)
TAUNTON, Mass.(BUSINESS WIRE) Forth Dimension Displays (FDD), a leading provider of display components for fighter jet and helicopter simulators, and subsidiary of Kopin(Registered) Corporation, will introduce Replicating Reality(TradeMark). Replicating Reality is a new concept to create the ultimate experience by making the user feel fully immersed in a different world or hyper-reality.
May 17: Kopin Brings High-Definition, Large-Picture Viewing Experience to Mobile Users
TAUNTON, Mass.--(BUSINESS WIRE)-- Kopin(Registered) Corporation (NASDAQ: KOPN), the leader in microdisplays for consumer and military applications, will showcase its newest high-resolution displays and module products at the SID (Society for Information Display) 2011 Exhibition.
May 11: Kopin Receives CLARUS Award at MDB Capital's Bright Lights Conference 2011
[News Story] TAUNTON, Mass.--(BUSINESS WIRE)-- Kopin(Registered) Corporation (NASDAQ: KOPN), a leading supplier of advanced semiconductor materials and microdisplays for mobile applications including smartphones, tablet PCs, military thermal weapons sights and wearable computers, today announced that it received the CLARUS Award, presented by MDB Capital Group at the second annual Bright Lights Conference in New York City.Kopin was selected as one of the 40 most innovative public companies from more than 1,500 small-cap companies with granted U.S.
Source: www.BuySellSignals.com
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