Veeco Instruments Inc. (VECO) Sees Unusually-High Trading Volume
Veeco Instruments Inc. (NASDAQ:VECO) shares saw unusually-high trading volume on Wednesday . Approximately 185,793 shares changed hands during mid-day 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.
VECO has been the subject of several analyst reports. Pacific Crest reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of Veeco Instruments in a report on Wednesday, June 8th. Berenberg Bank set a $41.00 price target on Veeco Instruments and gave the stock a “buy” rating in a report on Monday, April 4th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Veeco Instruments in a report on Tuesday, May 24th. Zacks Investment Research raised Veeco Instruments from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Wednesday, April 27th. Finally, Summit Research raised Veeco Instruments from a “sell” rating to a “hold” rating and boosted their price target for the stock from $12.00 to $23.00 in a report on Monday, April 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $23.45.
The company’s market cap is $674.94 million. The company’s 50 day moving average price is $17.00 and its 200-day moving average price is $17.94.
Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Wednesday, May 4th. The company reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.11. The company earned $78 million during the quarter, compared to the consensus estimate of $76.17 million. During the same period in the previous year, the business earned ($0.01) earnings per share. Veeco Instruments’s revenue was down 20.7% on a year-over-year basis. Equities research analysts expect that Veeco Instruments Inc. will post ($0.61) earnings per share for the current fiscal year.
A number of large investors have bought and sold shares of the stock. Wells Fargo & Company MN raised its stake in Veeco Instruments by 387.2% in the fourth quarter. Wells Fargo & Company MN now owns 389,978 shares of the company’s stock valued at $8,018,000 after buying an additional 309,928 shares in the last quarter. Baillie Gifford & Co. acquired a new stake in Veeco Instruments during the fourth quarter valued at about $8,540,000. Boston Partners acquired a new stake in Veeco Instruments during the fourth quarter valued at about $1,268,000. New York State Common Retirement Fund raised its stake in 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 valued at $7,286,000 after buying an additional 15,780 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Veeco Instruments by 3.6% in the fourth quarter. Rhumbline Advisers now owns 67,493 shares of the company’s stock valued at $1,388,000 after buying an additional 2,335 shares in the last quarter.
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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