Why Veeco Instruments Inc. (VECO) Shares Popped 3.57% Today

What just happened? Veeco Instruments Inc. (NASDAQ:VECO) stock value has climbed by nearly 3.57% or (0.41 points) to $11.88 from its previous close of $11.47. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 133819 contracts so far this session. VECO shares had a relatively better volume day versus average trading capacity of 300.19 thousand shares, but with a 46.89 million float and a -6.67% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for VECO stock indicates that the average analyst price target is $14.75 per share. This means the stock has a potential increase of 24.16% from where the VECO share price has been trading recently which is between $11.41 and $12.16. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $11.

The shorts are climbing into Veeco Instruments Inc. (VECO) stock. The latest set of short interest data was released on 28 June 2019, and the numbers show a rise in short interest in VECO shares. While short interest still represents only 5.05% of VECO’s float, the number of shares shorted have risen by 398367. The number of shares shorted advanced to 2745995 shares, up from 2347628 shares during the preceding fortnight. With average daily trading volumes at 363546 shares, days to cover decreased to about 8.625372 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “What Kind Of Shareholder Owns Most Veeco Instruments Inc. (NASDAQ:VECO) Stock?” and dated July 12, 2019.

During the recent trading session for Veeco Instruments Inc. (NASDAQ:VECO), the company witnessed their stock drop by $-0.4 over a week and surge $0.05 from the price 20 days ago. When compared to their established 52-week high of $16.3, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/18/18. The recent low of $6.27 stood for a -27.12% since 12/24/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.26 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Veeco Instruments Inc., the two-week RSI stands at 49.16. This figure suggests that VECO stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current VECO readings is similarly very revealing as it has a stochastic reading of 47.62% at this stage. This figure means that VECO share price today is being neutral.

Technical chart claims that Veeco Instruments Inc. (VECO) would settle between $11.95/share to $12.43/share level. However, if the stock price goes below the $11.2 mark, then the market for Veeco Instruments Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $10.93 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.24. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Stifel lowered their recommendation on shares of VECO from Buy to Hold in their opinion released on March 06. The Benchmark Company analysts have lowered their rating of Veeco Instruments Inc. (NASDAQ:VECO) stock from Buy to Hold in a separate flash note issued to investors on August 03. Analysts at KeyBanc Capital Mkts lowered the stock to a Sector Weight call from its previous Overweight recommendation, in a research note that dated back to October 24.

VECO equity has an average rating of 2, with the figure leaning towards a bullish end. 4 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 2 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 2 analysts rated Veeco Instruments Inc. (NASDAQ:VECO) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, VECO stock price is currently trading at 18.56X forward 12-month Consensus EPS estimates, and its P/S ratio is 2.67 while for the average stock in the same group, the multiple is 8.19.

Veeco Instruments Inc. (VECO)’s current-quarter revenues are projected to climb by nearly -35.86% to hit $101200, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -22.58% from $542080 to a noteworthy $419700. At the other end of the current quarter income statement, Veeco Instruments Inc. is expected to see its adjusted earnings surge by roughly -153.33% to hit $-0.08 per share. For the fiscal year, VECO’s earnings are projected to climb by roughly -150% to hit $-0.15 per share.