Veeco Instruments Inc. (VECO) Sees Unusually-High Trading Volume
Veeco Instruments Inc. (NASDAQ:VECO) shares saw unusually-strong trading volume on Wednesday . Approximately 185,793 shares changed hands during trading, a decline of 8% from the previous session’s volume of 201,096 shares.The stock last traded at $17.16 and had previously closed at $17.00.
A number of analysts have commented on VECO shares. Benchmark Co. lowered their price target on Veeco Instruments from $28.50 to $23.00 and set a “buy” rating for the company in a research report on Thursday, May 5th. Berenberg Bank set a $41.00 price objective on Veeco Instruments and gave the company a “buy” rating in a research note on Monday, April 4th. Zacks Investment Research upgraded Veeco Instruments from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Tuesday, July 12th. Pacific Crest initiated coverage on Veeco Instruments in a research note on Friday, May 13th. They set an “overweight” rating and a $23.00 price objective for the company. Finally, Summit Research upgraded Veeco Instruments from a “sell” rating to a “hold” rating and lifted their price objective for the company from $12.00 to $23.00 in a research note on Monday, April 4th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $23.45.
The stock has a 50 day moving average of $17.03 and a 200-day moving average of $17.94. The stock’s market cap is $683.71 million.
Veeco Instruments (NASDAQ:VECO) last announced its earnings results on Wednesday, May 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.11. During the same quarter last year, the business posted ($0.01) EPS. The firm had revenue of $78 million for the quarter, compared to analyst estimates of $76.17 million. The firm’s revenue was down 20.7% compared to the same quarter last year. On average, equities analysts anticipate that Veeco Instruments Inc. will post ($0.61) earnings per share for the current year.
Other institutional investors recently made changes to their positions in the company. Baillie Gifford & Co. bought a new position in shares of Veeco Instruments during the fourth quarter worth $8,540,000. Wells Fargo & Company MN raised its position in shares of Veeco Instruments by 387.2% in the fourth quarter. Wells Fargo & Company MN now owns 389,978 shares of the company’s stock worth $8,018,000 after buying an additional 309,928 shares during the period. New York State Common Retirement Fund raised its position in shares of Veeco Instruments by 4.7% in the fourth quarter. New York State Common Retirement Fund now owns 354,360 shares of the company’s stock worth $7,286,000 after buying an additional 15,780 shares during the period. California State Teachers Retirement System raised its position in shares of Veeco Instruments by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 74,821 shares of the company’s stock worth $1,538,000 after buying an additional 1,265 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Veeco Instruments by 3.6% in the fourth quarter. Rhumbline Advisers now owns 67,493 shares of the company’s stock worth $1,388,000 after buying an additional 2,335 shares during the period.
Veeco Instruments Inc designs, manufactures, markets and supports thin film equipment. The Company’s equipment is used to make electronic devices, including light emitting diodes (LED), micro-electromechanical systems (MEMS), wireless devices, power electronics, hard disk drives (HDDs) and semiconductors.
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