Electro Scientific Industries (ESIO) Shares Gap Up After Analyst Upgrade

Electro Scientific Industries, Inc. (NASDAQ:ESIO) gapped up prior to trading on Friday after Needham & Company LLC raised their price target on the stock from $27.00 to $35.00. The stock had previously closed at $16.97, but opened at $22.01. Needham & Company LLC currently has a buy rating on the stock. Electro Scientific Industries shares last traded at $26.30, with a volume of 7030500 shares trading hands.

Several other equities research analysts have also recently issued reports on ESIO. DA Davidson reiterated a “buy” rating and issued a $32.00 price target on shares of Electro Scientific Industries in a research note on Thursday. Zacks Investment Research cut Electro Scientific Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Lake Street Capital boosted their price target on Electro Scientific Industries from $14.50 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. Finally, BidaskClub cut Electro Scientific Industries from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 6th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Electro Scientific Industries currently has an average rating of “Buy” and a consensus price target of $29.75.

In other Electro Scientific Industries news, CFO Paul R. Oldham sold 120,000 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $23.49, for a total transaction of $2,818,800.00. Following the completion of the transaction, the chief financial officer now directly owns 237,665 shares in the company, valued at $5,582,750.85. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Paul R. Oldham sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $24.08, for a total transaction of $1,444,800.00. Following the transaction, the chief financial officer now owns 287,665 shares of the company’s stock, valued at $6,926,973.20. The disclosure for this sale can be found here. 6.22% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ESIO. JPMorgan Chase & Co. acquired a new position in Electro Scientific Industries during the third quarter valued at approximately $109,000. Virtu KCG Holdings LLC acquired a new position in Electro Scientific Industries during the second quarter valued at approximately $138,000. Alliancebernstein L.P. acquired a new position in Electro Scientific Industries during the second quarter valued at approximately $160,000. PDT Partners LLC raised its position in Electro Scientific Industries by 2.2% during the second quarter. PDT Partners LLC now owns 19,631 shares of the semiconductor company’s stock valued at $162,000 after purchasing an additional 431 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Electro Scientific Industries during the third quarter valued at approximately $164,000. Institutional investors and hedge funds own 75.30% of the company’s stock.

The firm has a market cap of $880.80, a PE ratio of -41.97, a P/E/G ratio of 1.92 and a beta of 0.75. The company has a current ratio of 2.81, a quick ratio of 1.96 and a debt-to-equity ratio of 0.08.

Electro Scientific Industries (NASDAQ:ESIO) last announced its quarterly earnings results on Wednesday, November 1st. The semiconductor company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.12. The company had revenue of $70.97 million during the quarter, compared to the consensus estimate of $65.53 million. Electro Scientific Industries had a negative net margin of 9.00% and a negative return on equity of 13.50%. The company’s revenue for the quarter was up 139.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.24) earnings per share. research analysts anticipate that Electro Scientific Industries, Inc. will post 1.14 earnings per share for the current fiscal year.

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Electro Scientific Industries Company Profile

Electro Scientific Industries, Inc and its subsidiaries supply laser-based manufacturing solutions for industries reliant on microtechnologies. The Company operates through two segments: Component Processing and Micromachining. The Component Processing segment includes interconnect products, semiconductor products and component products.

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