Axcelis Technologies Inc. (NASDAQ:ACLS) shares dropped 1.9% on Tuesday . The company traded as low as $10.47 and last traded at $10.47, with a volume of 59,730 shares trading hands. The stock had previously closed at $10.67.

ACLS has been the topic of several analyst reports. B. Riley reaffirmed a “buy” rating and set a $4.25 target price on shares of Axcelis Technologies in a report on Sunday, May 8th. Zacks Investment Research lowered Axcelis Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, April 5th. Finally, TheStreet raised Axcelis Technologies from a “hold” rating to a “buy” rating in a report on Monday, March 28th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $5.88.

The stock has a 50-day moving average price of $10.69 and a 200 day moving average price of $10.48. The firm has a market cap of $299.58 million and a P/E ratio of 21.50.

Axcelis Technologies (NASDAQ:ACLS) last announced its quarterly earnings results on Monday, May 2nd. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.01. The business had revenue of $67.50 million for the quarter, compared to analysts’ expectations of $65.95 million. The firm’s quarterly revenue was down 7.9% on a year-over-year basis. During the same period last year, the firm earned $0.02 earnings per share. Analysts forecast that Axcelis Technologies Inc. will post $0.43 EPS for the current fiscal year.

Other hedge funds have made changes to their positions in the company. Victory Capital Management Inc. increased its stake in shares of Axcelis Technologies by 102.3% in the fourth quarter. Victory Capital Management Inc. now owns 395,378 shares of the company’s stock worth $1,024,000 after buying an additional 199,946 shares during the period. Royce & Associates LLC increased its stake in Axcelis Technologies by 40.6% in the fourth quarter. Royce & Associates LLC now owns 3,899,095 shares of the company’s stock valued at $10,099,000 after buying an additional 1,125,400 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Axcelis Technologies by 8.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,470,728 shares of the company’s stock valued at $14,169,000 after buying an additional 443,943 shares during the last quarter.

Axcelis Technologies, Inc designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. The Company sells its equipment to semiconductor chip manufacturers across the world. In addition to equipment, it provides aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services and customer training.

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