The stock of Veeco Instruments Inc. (NASDAQ:VECO) is now priced at $12.23 and the shares are 0.34 points up or 2.86% higher compared to its previous closing price of $11.89. The stock had 1.168 million contracts set over the past session. VECO shares’ daily volume is compared to its average trading volume at 0.61 million shares. However, it has a float of 48.16 million and although its performance was -1.92% over the week, it’s one to watch. Analysts have given the VECO stock a yearly average price target of $17.7 per share. It means the stock’s upside potential is 44.73% with the VECO share price recently placing at $11.85 to $12.32. However, some brokerage firms have priced the stock below the average, including one that has called $13.5.
The shorts are climbing into the Veeco Instruments Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the VECO shares have risen. Short interest in the stock represents just 6.34% of its float, but the volume has raised by 545505. The volume of shorted shares rised to 3.054 million from 2.509 million shares over the last two weeks. The average intraday trading volume has been 0.616 million shares, which means that days to cover moved to roughly 4.955694.
In the last trading session, Veeco Instruments Inc. (NASDAQ:VECO) dropped by -$0.24 over the week and lost -$1.83 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.21. The stock recorded its established 52-week high on 02/14/20.
Since 03/18/20, the stock has traded to a low of $7.42 at 64.82%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.22. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Veeco Instruments Inc.’s two-week RSI is 38.13. This suggests that the stock is neutral at the moment and that VECO shares’ price movement remains stable. The stochastic readings are equally revealing at 17.51% meaning the VECO share price is currently in overbought territory.
The technical chart shows that the VECO stock will likely settle at between $12.42 and $12.6 per share. However, if the stock dips below $11.95, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $11.66.
Currently, the stock is trading in the red of MACD, with a reading of -0.12. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned VECO a rating of Outperform in their intiating review released on June 05. Stifel analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $14 to $18 in a flash note released to investors on March 03. The Benchmark Company analysts see the stock as Buy. Nonetheless, the analysts revised the share prices up on November 05, placing it at $18 from $15.
The average rating for the VECO equity is 1.8 and is currently gathering a bullish momentum. Of 5 analysts tracking Veeco Instruments Inc. polled by Reuters, 1 rated VECO as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the VECO stock price is 11.85X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 31.5. Veeco Instruments Inc. has its P/E ratio at 1.5, which means that the stock is currently trading at a discount relative to the 8.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Veeco Instruments Inc. (NASDAQ:VECO) will decrease by about -99.89%, which will see them reach $111 million. The company’s full-year revenues are, however, expected to increase by about 3%, up from $419 million to $432 million. VECO’s expected adjusted earnings should surge almost 300% to end up at $0.2 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -2766.67% to record $0.8/share.