Goldman Sachs reiterates Veeco Instruments Inc. [VECO] rating to Buy and sets new price target at $18

ORC Stock
ORC Stock

Goldman Sachs maintained its Veeco Instruments Inc. [NASDAQ:VECO]‎ rating to the equivalent of Buy ‎but changed the price target ‎to $18 ‎from $16, in a research note dated December 29, 2020. That figure ‎represents around a 5.32% ‎premium ‎from where the company’s shares closed on Monday.‎ Some new ‎analysts also started their coverage, with Barclays’s analysts assigning the shares to “an ‎Overweight” ‎rating in a research note to investors issued in mid September. Meanwhile, Goldman had ‎raised its ‎rating on VECO to “Buy” from the earlier “Neutral”, in a research note produced for clients ‎September ‎‎16, 2020. In addition, there was a new coverage from Oppenheimer on June 05, 2020. The ‎research ‎firm rated VECO “an Outperform”.

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Is Veeco Instruments Inc. [NASDAQ:VECO] a Good Buy Right Now?

It should be noted ‎that ‎VECO technical indicators for short, intermediate as well as long term progress have placed an ‎overall ‎average of 80% as Buy. The average signal changed from 100% Buy in the last week and ‎compares with ‎‎100% Buy in the past month. Data from Veeco Instruments Inc.’s Trend Spotter ‎indicated that the ‎signals were Bullish. The stock current average is 0.49 million shares in the past 20 ‎days and the short ‎term average signal indicates a 50% Buy. In the last 50 days, the average trading ‎volume was 0.49 ‎million shares while the medium term average advocated for 100% Buy. The average ‎long-term signal ‎stands at 100% Buy and the 100-day average volume stands at 0.51 million shares.‎‎

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VECO Price Performance

On Wall Street, Veeco Instruments Inc. [NASDAQ:VECO] ‎finished ‎Monday’s session down -10.05% at $17.09. The stock went up to $18.705 at the same session ‎while its ‎lowest single day price was $16.411. In the last five days, it saw a fall of about -8.17%, ‎Veeco ‎Instruments Inc. shares gained by almost 16.38% since the beginning of the year. However, the ‎share ‎price has dropped to as low as -13.82% below its one year high. On 12/23/20, the company ‎shares ‎recorded $19.83, the highest single-day price it has got to in the last 52-weeks and a 52-week ‎low was ‎seen on 03/18/20, the same year at $7.42. The company’s shares have inclined by 15.55% in ‎the past ‎year. The 50-day SMA achieved is $15.81 while the 200-day SMA is $12.87. Volume gained to ‎‎2.03 ‎million from 0.37 million in the previous session.‎‎

VECO Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing ‎is ‎perceived around 16.10 level, and in case of violation of this particular level, it will cause more drop ‎to ‎‎15.11 level. On the upper level, 19.70 is still the key resistance. The stock may increase to ‎the ‎subsequent resistance at 18.39. The Relative Strength Index (RSI) pinned on the 14-day chart is ‎‎46.68, ‎implying a neutral technical stance while the MACD stands at 0.17, meaning price will decrease in ‎the ‎next trading period. Percent R indicator moved to 80.14%, implying bearish price ‎movement. ‎Stochastic %K at 53.45% suggest selling the stock.‎‎

What is the short interest in Veeco Instruments Inc.?

Short interest in the ‎Veeco ‎Instruments Inc. stock has plunged, decreasing by -0.6 million shares to total 4.09 million shares ‎on Dec ‎‎14, 2020. The interest had seen shares on Nov 12, 2020 stand at 3.49 million, data from Yahoo ‎Finance ‎shows. The increase of 14.67% suggests the stock saw some increased bearish sentiment. The ‎stock’s ‎days to cover (short ratio) moved to while the shorted shares account for just 11.32% of the ‎overall ‎float for the stock.‎‎

Veeco Instruments Inc.’s Biggest Shareholders: Who Owns Veeco Instruments ‎Inc. ‎‎[VECO]?

Filings by BlackRock Fund Advisors showed that the firm now holds a total of ‎‎6,545,250 ‎shares or roughly 13.19% of the outstanding VECO shares. This means their shares have ‎reduced by -‎‎135,904 from the 6,545,250 the investor reportedly held in its prior 13-F filing. With the ‎conclusion of ‎the sale, The Vanguard Group, Inc. updated stake is worth $81,055,208. Details in the ‎latest 13F filings ‎reveal that Invesco Advisers, Inc. disposed off their 0.00% stake valued at $66,480,000 ‎while Paradigm ‎Capital Management, Inc. added theirs at $36,804,990. During the last quarter, Invesco ‎Advisers, Inc. ‎liquidated 0 of its shares in Veeco Instruments Inc. while Paradigm Capital Management, ‎Inc. bought ‎‎412,200 shares. The Dimensional Fund Advisors LP’s holdings currently number 2,171,402 ‎shares at ‎‎$37109260.18. According to the firm’s last 13F report, Neuberger Berman Investment Advis ‎shares in ‎the company at filing stood at 2,117,989 shares, roughly $35,200,977.‎‎

VECO Earnings Forecast For The Current Quarter

Veeco Instruments Inc. [VECO] is ‎expected ‎to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates ‎give the ‎company expected revenues of $128.69M and an earnings per share of $0.3 for Dec 2020. ‎Looking ‎further ahead, the company is expected to report revenue of $119.18M at an EPS of $0.23 for ‎Mar ‎‎2021. The estimates represent upside of 13.00% and 27.81% in the company’s revenue and ‎earnings ‎per share, respectively, on a year-on-year basis.‎‎

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VECO Earnings Estimates For The ‎Current ‎Year

For the financial year, Veeco Instruments Inc. [NASDAQ:VECO] is expected to bring ‎in ‎revenue of $443.9M. The returns are nearly $24.55 million higher than the company’s actual ‎revenue ‎recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 0.86, higher ‎than that of ‎FY19 by $0.89. Estimates put this year’s earnings growth at 2,966.70%, 29.10% for the next, ‎and at an ‎annual 91.00% over the next 5-year period. As for sales, forecasts are for an increase of ‎‎5.90% in the ‎current fiscal year and a further 13.00% over the following year.‎


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