Zacks Investment Research upgraded shares of ACM Research (NASDAQ:ACMR) from a hold rating to a strong-buy rating in a report issued on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $20.00 price objective on the specialty retailer’s stock.
According to Zacks, “Acm Research, Inc. develops, manufactures and sells single-wafer wet cleaning equipment, which semiconductor manufacturers can use in numerous manufacturing steps to remove particles, contaminants and other random defects. Acm Research, Inc. is headquartered in Fremont, California. “
Separately, Craig Hallum restated a buy rating and set a $25.00 price target (up previously from $20.00) on shares of ACM Research in a research report on Thursday, May 9th.
ACM Research (NASDAQ:ACMR) last released its quarterly earnings results on Wednesday, August 7th. The specialty retailer reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.15. ACM Research had a return on equity of 26.29% and a net margin of 13.16%. The business had revenue of $29.01 million for the quarter, compared to the consensus estimate of $25.40 million. On average, equities analysts expect that ACM Research will post 0.67 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACMR. Paloma Partners Management Co purchased a new stake in ACM Research during the second quarter valued at about $825,000. Renaissance Technologies LLC purchased a new stake in ACM Research during the second quarter valued at about $787,000. Allianz Asset Management GmbH purchased a new stake in ACM Research during the second quarter valued at about $631,000. Citadel Advisors LLC purchased a new stake in ACM Research during the second quarter valued at about $626,000. Finally, A.R.T. Advisors LLC purchased a new stake in ACM Research during the second quarter valued at about $321,000. Institutional investors and hedge funds own 10.35% of the company’s stock.
About ACM Research
ACM Research, Inc, together with its subsidiaries, develops, manufactures, and sells single-wafer wet cleaning equipment for enhancing the manufacturing process and yield for integrated chips worldwide. It offers space alternated phase of megasonic waves to deliver megasonic energy to flat and patterned wafer surfaces in a uniform manner on a microscopic level; timely energized bubble oscillation cleaning equipment for two-dimensional and three-dimensional patterned wafers at advanced process nodes; and custom-made wafer assembly and packaging equipment.
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