Veeco Instruments (NASDAQ:VECO) Trading 12% Higher

Shares of Veeco Instruments Inc. (NASDAQ:VECO) traded up 12% during mid-day trading on Tuesday . The company traded as high as $12.53 and last traded at $12.27, 742,253 shares changed hands during mid-day trading. An increase of 120% from the average session volume of 337,741 shares. The stock had previously closed at $10.96.

A number of equities analysts recently issued reports on the stock. ValuEngine raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Northland Securities reissued a “buy” rating and issued a $14.00 price target on shares of Veeco Instruments in a research note on Monday, May 6th. BidaskClub downgraded shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Thursday, July 11th. Zacks Investment Research downgraded shares of Veeco Instruments from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Benchmark reissued a “buy” rating and issued a $15.00 price target on shares of Veeco Instruments in a research note on Thursday, May 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Veeco Instruments currently has an average rating of “Hold” and an average target price of $14.25.

The company has a market capitalization of $533.42 million, a P/E ratio of -306.75 and a beta of 1.24. The stock has a 50 day moving average price of $11.83. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.32 and a quick ratio of 2.34.

Veeco Instruments (NASDAQ:VECO) last announced its earnings results on Monday, August 5th. The semiconductor company reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.02). Veeco Instruments had a negative net margin of 84.86% and a negative return on equity of 3.17%. The business had revenue of $97.80 million for the quarter, compared to the consensus estimate of $101.43 million. During the same period in the prior year, the business posted $0.15 EPS. Veeco Instruments’s revenue for the quarter was down 38.0% on a year-over-year basis. As a group, equities research analysts anticipate that Veeco Instruments Inc. will post -0.41 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in VECO. Baillie Gifford & Co. increased its stake in shares of Veeco Instruments by 7.7% during the first quarter. Baillie Gifford & Co. now owns 1,634,793 shares of the semiconductor company’s stock valued at $17,720,000 after purchasing an additional 116,207 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Veeco Instruments by 24.6% during the first quarter. California Public Employees Retirement System now owns 443,909 shares of the semiconductor company’s stock valued at $4,812,000 after purchasing an additional 87,689 shares in the last quarter. Norges Bank bought a new position in shares of Veeco Instruments during the fourth quarter valued at approximately $563,000. Squarepoint Ops LLC bought a new position in shares of Veeco Instruments during the fourth quarter valued at approximately $230,000. Finally, Geode Capital Management LLC increased its stake in shares of Veeco Instruments by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 565,660 shares of the semiconductor company’s stock valued at $4,191,000 after purchasing an additional 15,139 shares in the last quarter. 91.24% of the stock is owned by institutional investors and hedge funds.

Veeco Instruments Company Profile (NASDAQ:VECO)

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. It offers metal organic chemical vapor deposition systems; packaging lithography equipment; precision surface processing systems; laser annealing systems; ion beam deposition and etch systems; molecular beam epitaxy systems; 3D wafer inspection systems; and atomic layer deposition and other deposition systems.

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