KeyBanc Downgrades Rating On Veeco Instruments Inc. (VECO) To “Sector Weight”

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Veeco Instruments Inc. (NASDAQ:VECO).

On August 18 KeyBanc held the stock rating at “Overweight” but raised the price expectation to $31.00 from $24.00.

The company is down by 10.57%% since yesterday’s close of 21.75. Company shares are trading at $19.45 a bit lower than the 50 day moving average of $20.85 and which is significantly below the 200 day moving average of $26.59. The 50 day moving average went down by -6.73% and the 200 day average moved down $-7.14.

Veeco Instruments Inc., launched on August 8, 1989, is involved in the design, development, manufacture, and support of thin film process equipment, primarily sold to make electronic devices. The Business’s geographical segments include the United States; China; Europe, Middle East, and Africa (EMEA), and Rest of World (ROW). Its portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage. The Business’s equipment is used to make electronic devices, including light emitting diodes (LEDs), MEMS, wireless devices, power electronics, hard disk drives (HDDs) and semiconductor devices. Its products are sold to semiconductor and advanced packaging device manufacturers. It develops equipment for critical performance steps in thin film processing..

In the last earnings report the EPS was $-2.28 and is estimated to be $0.45 for the current year with 48,420,000 shares now outstanding. Analysts expect next quarter’s EPS to be $0.19 with next year’s EPS projected to be $1.54.

Investors are more bearish on shares of the company recently if you evaluate the increase in short interest. The company had a rise in short interest from September 15, 2017 to September 29, 2017 of 5.99%. Short shares increased 241,807 over that period. The days to cover increased to 8.0 and the short interest percentage is 0.10% as of September 29.

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