NEW YORK (TheStreet) -- Silicom (SILC) plunged to a 52-week low of $29.25 on Tuesday after the networking solutions company reported second-quarter earnings that came up well short of analysts' expectations.
Silicom reported earnings per share of 50 cents, which was 7 cents short of the Capital IQ consensus estimate of 57 cents a share. Revenue rose 14% year over year to $17.9 million but still missed the consensus estimate of $19.29 million. The company said "softer demand" in the second quarter led to a 6% sequential revenue decline.
The stock was down 23.02% to $30.04 at 12:15 p.m. More than 1.1 million shares had changed hands, which eclipsed the average volume of 63,556.
Must Read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. Separately, TheStreet Ratings team rates SILICOM LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: "We rate SILICOM LTD (SILC) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself." You can view the full analysis from the report here: SILC Ratings Report SILC data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts