NEW YORK (TheStreet) -- Himax Technologies (HIMX) shares continue to plummet on Monday, down -7.47% to $6.14, following rumors last week that the company was loosing Google Glass (GOOGL) as one of its clients.
Despite the unconfirmed nature of the rumors, the stock continues to fall in trading.
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Seking Alpha points to signs that the rumors are false, including the company's optimistic outlook for its LCOS microdisplay business.
"Himax says that its LCOS microdisplay business is doing well. It continues to work with multiple customers, including well-known names, on multiple designs simultaneously... The LCOS microdisplay business still remains the most exciting and significant long-term growth area for Himax, according to management," said contributor Anup Singh.
TheStreet Ratings team rates HIMAX TECHNOLOGIES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HIMAX TECHNOLOGIES INC (HIMX) a BUY. This is driven by some important positives, 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 revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, reasonable valuation levels and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."