Zacks Investment Research upgraded shares of Intevac Inc. (NASDAQ:IVAC) from a hold rating to a buy rating in a report published on Friday. They currently have $6.75 price target on the stock.
According to Zacks, “Intevac, Inc. is a leading supplier of static sputtering systems and related manufacturing equipment used to manufacture thin-film disks for computer hard disk drives. Sputtering is a complex vacuum deposition process used to deposit multiple thin-film layers on a disk. The company’s primary objective is to be the industry leader in supplying disk sputtering equipment by providing disk sputtering systems which have both the highest overall performance and the lowest cost of ownership in the industry. “
Separately, B. Riley reissued a neutral rating and issued a $6.50 price target on shares of Intevac in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Intevac has a consensus rating of Buy and a consensus target price of $7.05.
Intevac (NASDAQ:IVAC) opened at 5.80 on Friday. The stock’s 50 day moving average is $5.98 and its 200-day moving average is $5.45. The firm’s market cap is $121.35 million. Intevac has a one year low of $3.99 and a one year high of $6.60.
Intevac (NASDAQ:IVAC) last issued its quarterly earnings results on Monday, August 1st. The company reported ($0.17) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.11. The firm had revenue of $14.90 million for the quarter, compared to analyst estimates of $14.20 million. Intevac had a negative net margin of 25.36% and a negative return on equity of 21.55%. The business’s revenue for the quarter was down 27.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.01) EPS. On average, equities research analysts expect that Intevac will post ($0.43) earnings per share for the current fiscal year.
In other Intevac news, Director Matthew A. Drapkin bought 175,000 shares of Intevac stock in a transaction that occurred on Tuesday, August 9th. The shares were bought at an average price of $6.09 per share, with a total value of $1,065,750.00. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 13.90% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its stake in shares of Intevac by 17.4% in the first quarter. Renaissance Technologies LLC now owns 218,100 shares of the company’s stock valued at $981,000 after buying an additional 32,400 shares during the last quarter. Bridgeway Capital Management Inc. boosted its stake in shares of Intevac by 86.3% in the second quarter. Bridgeway Capital Management Inc. now owns 107,933 shares of the company’s stock valued at $613,000 after buying an additional 50,000 shares during the last quarter. Teton Advisors Inc. boosted its stake in shares of Intevac by 28.3% in the second quarter. Teton Advisors Inc. now owns 232,030 shares of the company’s stock valued at $1,318,000 after buying an additional 51,161 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Intevac by 4.9% in the second quarter. Royce & Associates LP now owns 2,114,840 shares of the company’s stock valued at $12,012,000 after buying an additional 99,600 shares during the last quarter. 73.53% of the stock is currently owned by institutional investors.
Intevac Company Profile
Intevac, Inc (Intevac) is a provider of vacuum deposition equipment for a range of thin-film applications, and a provider of digital night-vision technologies and products to the defense industry. The Company’s segments include Thin-film Equipment and Photonics. Intevac is engaged in the design and development of thin-film processing systems.