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

Shares of Electro Scientific Industries, Inc. (NASDAQ:ESIO) gapped up before the market opened 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 changing hands.

Several other research firms have also recently commented on ESIO. Zacks Investment Research cut shares of Electro Scientific Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. DA Davidson reissued a “buy” rating and set a $32.00 price target on shares of Electro Scientific Industries in a research note on Thursday. Lake Street Capital increased their price target on shares of Electro Scientific Industries from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, December 1st. Finally, BidaskClub cut shares of Electro Scientific Industries from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 6th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $29.75.

In other Electro Scientific Industries news, CFO Paul R. Oldham sold 120,000 shares of the firm’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 value of $2,818,800.00. Following the transaction, the chief financial officer now directly owns 237,665 shares of the company’s stock, valued at $5,582,750.85. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Paul R. Oldham sold 60,000 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 287,665 shares in the company, valued at $6,926,973.20. The disclosure for this sale can be found here. 6.22% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its stake in Electro Scientific Industries by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,572,379 shares of the semiconductor company’s stock valued at $21,196,000 after acquiring an additional 58,941 shares during the last quarter. Vanguard Group Inc. boosted its stake in Electro Scientific Industries by 0.4% in the second quarter. Vanguard Group Inc. now owns 1,622,345 shares of the semiconductor company’s stock valued at $13,368,000 after acquiring an additional 6,881 shares during the last quarter. Divisar Capital Management LLC boosted its stake in Electro Scientific Industries by 7.8% in the second quarter. Divisar Capital Management LLC now owns 1,549,807 shares of the semiconductor company’s stock valued at $12,770,000 after acquiring an additional 112,319 shares during the last quarter. State Street Corp boosted its stake in Electro Scientific Industries by 13.4% in the second quarter. State Street Corp now owns 595,910 shares of the semiconductor company’s stock valued at $4,911,000 after acquiring an additional 70,197 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Electro Scientific Industries by 6.1% in the second quarter. Ameriprise Financial Inc. now owns 544,483 shares of the semiconductor company’s stock valued at $4,486,000 after acquiring an additional 31,140 shares during the last quarter. 75.30% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market capitalization of $737.15, a P/E ratio of -41.75, a PEG ratio of 1.61 and a beta of 0.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.96 and a current ratio of 2.81.

Electro Scientific Industries (NASDAQ:ESIO) last announced its quarterly earnings data on Wednesday, November 1st. The semiconductor company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.12. Electro Scientific Industries had a negative net margin of 9.00% and a negative return on equity of 13.50%. The firm had revenue of $70.97 million for the quarter, compared to analysts’ expectations of $65.53 million. During the same period last year, the firm earned ($0.24) earnings per share. The business’s revenue for the quarter was up 139.3% on a year-over-year basis. equities analysts expect that Electro Scientific Industries, Inc. will post 1.14 EPS 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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