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”.
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.
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.