Veeco Instruments (NASDAQ:VECO) Rating Increased to Sell at BidaskClub

Veeco Instruments (NASDAQ:VECO) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Tuesday, BidAskClub reports.

A number of other research firms have also recently issued reports on VECO. Benchmark reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Veeco Instruments in a research report on Thursday, May 16th. Zacks Investment Research cut Veeco Instruments from a “hold” rating to a “sell” rating in a report on Saturday, September 7th. Northland Securities set a $19.00 price target on Veeco Instruments and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, ValuEngine raised Veeco Instruments from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. Veeco Instruments currently has a consensus rating of “Hold” and an average price target of $15.50.

VECO stock traded up $0.03 during mid-day trading on Tuesday, reaching $11.01. The company had a trading volume of 3,910 shares, compared to its average volume of 327,598. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.29 and a quick ratio of 2.36. The stock has a 50 day simple moving average of $10.73 and a two-hundred day simple moving average of $11.59. The company has a market capitalization of $537.70 million, a price-to-earnings ratio of -267.50 and a beta of 1.31. Veeco Instruments has a 52 week low of $6.27 and a 52 week high of $15.00.



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 Zacks’ 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 quarter in the prior year, the business earned $0.15 earnings per share. The firm’s revenue for the quarter was down 38.0% compared to the same quarter last year. On average, equities analysts predict that Veeco Instruments will post -0.44 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in VECO. Invesco Ltd. lifted its holdings in Veeco Instruments by 720.1% during the 2nd quarter. Invesco Ltd. now owns 4,759,206 shares of the semiconductor company’s stock worth $58,157,000 after purchasing an additional 4,178,877 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in Veeco Instruments in the 2nd quarter valued at $2,243,000. Renaissance Technologies LLC raised its holdings in Veeco Instruments by 25.5% in the 2nd quarter. Renaissance Technologies LLC now owns 887,213 shares of the semiconductor company’s stock valued at $10,842,000 after acquiring an additional 180,100 shares in the last quarter. Morgan Stanley raised its holdings in Veeco Instruments by 68.1% in the 2nd quarter. Morgan Stanley now owns 328,825 shares of the semiconductor company’s stock valued at $4,018,000 after acquiring an additional 133,241 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its holdings in Veeco Instruments by 12,976.3% in the 2nd quarter. Panagora Asset Management Inc. now owns 94,934 shares of the semiconductor company’s stock valued at $1,160,000 after acquiring an additional 94,208 shares in the last quarter. 91.56% of the stock is owned by institutional investors and hedge funds.

About Veeco Instruments

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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