Cohu Board Sells $946K After Q2 Beat, Stock at $48
Cohu delivered its widest earnings beat in four quarters in Q2 2026, with EPS of $0.26 beating consensus by 86.5%, but two board directors sold a combined $946,540 in shares during the first trading w
Cohu Board Sells $946K After Q2 Beat; Stock at $48
NEW YORK, August 30 —
Cohu, Inc. (COHU) delivered its widest earnings beat in four quarters, then watched two board directors sell a combined $946,540 in stock during the first full trading week after the filing, at prices the current $48 share has since undercut. The 90-day insider ledger shows $1.69 million in sales, zero purchases.
- Q2 EPS of $0.26 beat consensus by 86.5%, the widest positive surprise among Cohu's four reported quarters.
- Director Andrew Caggia sold 15,252 shares for $789,086 on August 5, 2026, per SEC filings.
- A forward P/E of 26.0x prices in a recovery not yet visible in trailing EPS of -$0.77.
A Legitimate Beat on an Unstable Track Record
Cohu makes semiconductor test and inspection automation systems, test handlers, interface products, thermal subsystems, and real-time process control software through its DI-Core suite. The company's four-quarter EPS history is a study in volatility: two consecutive misses (a -338.7% shortfall, then -63.6%) preceded the Q2 2026 beat. One strong quarter does not erase that pattern, and the semiconductor equipment cycle is historically lumpy enough that single-quarter inflections reverse within two reporting periods. Trailing revenue of $520 million reflects 38.4% growth and a gross margin of 44.0%. That momentum makes the timing of insider exits harder to explain.
The Exit Came Before the Decline
Director Andrew M. Caggia sold 15,252 shares on August 5, splitting the trade into two transactions per SEC filings: 10,000 shares at $51.74, then 5,252 shares at $51.73, for proceeds of $789,086. A second director joined the same-day exit, bringing the combined one-day total to $946,540. The Chief Customer Officer extended the selling through August 19. Total insider sales over the 90-day period reached $1.69 million against zero purchases. Board directors hold governance-level visibility rather than operational detail. That both agreed to sell in the first full week after the Q2 2026 earnings filing is a detail the analyst upside target does not address.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| COHU | $2.3B | 26.0x | +148.4% |
| KLIC | $4.2B | 13.7x | +121.9% |
| UCTT | $3.1B | 11.8x | +192.4% |
| ACLS | $3.6B | 21.9x | +45.2% |
| PLAB | $1.6B | 13.4x | +25.9% |
| ICHR | $2.1B | 17.0x | +236.4% |
What the Next Quarter Decides
Cohu's financial position complicates a simple bearish read. The company holds $500 million in cash against $330 million in debt, a net cash position of roughly $170 million, with free cash flow of $66 million trailing. The 26.0x forward P/E against trailing EPS of -$0.77 rewards a recovery the next quarter either confirms or questions; stress-testing the implied trajectory with a DCF calculator shows how sensitive the multiple is to another miss. Run the free Cohu, Inc. deep-dive → for the full picture.
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Frequently Asked Questions
Why did Cohu insiders sell after earnings?
Director Andrew Caggia sold 15,252 shares on August 5, 2026, splitting the trade into two transactions at $51.74 and $51.73 per share for proceeds of $789,086. A second director joined the same-day sale, bringing the combined total to $946,540. Both sold during the first full trading week after the Q2 earnings filing, at prices the current $48 stock has since undercut.
What was Cohu Q2 2026 EPS?
Cohu reported Q2 EPS of $0.26, beating consensus by 86.5%, the widest positive surprise among the company's four most recently reported quarters. The two prior quarters both missed estimates, with shortfalls of -338.7% and -63.6% respectively.
What is Cohu's forward P/E ratio?
Cohu trades at a forward P/E of 26.0x against trailing EPS of -$0.77, pricing in an earnings recovery not yet visible in trailing results. Analyst consensus targets $70.875, implying 47.7% upside from the current $48 share price.
What does Cohu make?
Cohu manufactures semiconductor test and inspection automation systems, test handlers, interface products, thermal subsystems, and real-time process control software through its DI-Core suite. The semiconductor equipment cycle is historically lumpy, and single-quarter inflections have reversed within two reporting periods.
What is Cohu's cash and debt position?
Cohu holds $500 million in cash against $330 million in debt, a net cash position of roughly $170 million, with free cash flow of $66 million trailing. Trailing revenue of $520 million reflects 38.4% growth and a gross margin of 44.0%.
Two Cohu board directors liquidated a combined $946,540 in shares during the first full trading week after the company's 86.5% Q2 earnings beat, joining an executive selling campaign that has produced $1.69 million in insider sales with zero purchases over 90 days. The stock has since fallen to $48, below every price at which any insider sold since June.
Sources & Filings