Veeco Instruments (NASDAQ:VECO) Shares Up 6.4%

Shares of Veeco Instruments Inc. (NASDAQ:VECO) shot up 6.4% during mid-day trading on Wednesday . The stock traded as high as $11.10 and last traded at $10.98, 346,100 shares traded hands during mid-day trading. An increase of 6% from the average session volume of 327,599 shares. The stock had previously closed at $10.32.

Several research firms recently issued reports on VECO. BidaskClub upgraded shares of Veeco Instruments from a “strong sell” rating to a “sell” rating in a report on Tuesday. Northland Securities set a $19.00 price target on shares of Veeco Instruments and gave the company a “buy” rating in a research note on Friday, September 6th. ValuEngine downgraded shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Wednesday. Zacks Investment Research downgraded shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Benchmark reaffirmed a “buy” rating and issued a $15.00 price target on shares of Veeco Instruments in a research note on Thursday, May 16th. Three analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $15.50.

The company has a quick ratio of 2.36, a current ratio of 3.29 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $547.97 million, a P/E ratio of -282.50 and a beta of 1.31. The firm’s 50 day simple moving average is $10.71 and its two-hundred day simple moving average is $11.59.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Monday, August 5th. The semiconductor company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.02). Veeco Instruments had a negative net margin of 44.39% and a negative return on equity of 5.61%. The company had revenue of $97.80 million during the quarter, compared to the consensus estimate of $101.43 million. During the same period last year, the firm posted $0.15 earnings per share. The company’s revenue for the quarter was down 38.0% on a year-over-year basis. As a group, equities research analysts expect that Veeco Instruments Inc. will post -0.44 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of VECO. Bank of Montreal Can increased its position in shares of Veeco Instruments by 17.4% during the first quarter. Bank of Montreal Can now owns 8,998 shares of the semiconductor company’s stock worth $98,000 after acquiring an additional 1,333 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in shares of Veeco Instruments by 11.2% during the second quarter. Glen Harbor Capital Management LLC now owns 11,374 shares of the semiconductor company’s stock worth $139,000 after acquiring an additional 1,144 shares in the last quarter. Elkfork Partners LLC increased its position in shares of Veeco Instruments by 11.2% during the second quarter. Elkfork Partners LLC now owns 14,476 shares of the semiconductor company’s stock worth $177,000 after acquiring an additional 1,456 shares in the last quarter. Meadow Creek Investment Management LLC increased its position in shares of Veeco Instruments by 11.2% during the second quarter. Meadow Creek Investment Management LLC now owns 17,578 shares of the semiconductor company’s stock worth $215,000 after acquiring an additional 1,768 shares in the last quarter. Finally, Aperio Group LLC increased its position in shares of Veeco Instruments by 7.5% during the second quarter. Aperio Group LLC now owns 18,886 shares of the semiconductor company’s stock worth $231,000 after acquiring an additional 1,310 shares in the last quarter. 91.56% of the stock is owned by hedge funds and other institutional investors.

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.

Featured Article: Derivative

Receive News & Ratings for Veeco Instruments Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeco Instruments and related companies with MarketBeat.com's FREE daily email newsletter.