Trading Report: The Intevac Inc. (IVAC) Rating Increased to Buy at Zacks Investment Research

The Intevac Inc. (IVAC) Rating Increased to Buy at Zacks Investment Research

Intevac Inc. (NASDAQ:IVAC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage presently has a $6.75 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 10.11% from the company’s previous close.

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 reaffirmed a “neutral” rating and set a $6.50 price objective on shares of Intevac in a report on Tuesday, August 2nd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $7.05.

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Shares of Intevac (NASDAQ:IVAC) traded up 0.16% during mid-day trading on Friday, hitting $6.13. The stock had a trading volume of 13,607 shares. The stock’s 50-day moving average price is $6.00 and its 200-day moving average price is $5.43. Intevac has a 12-month low of $3.99 and a 12-month high of $6.60. The stock’s market capitalization is $128.26 million.

Intevac (NASDAQ:IVAC) last announced its earnings results on Monday, August 1st. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.11. The business had revenue of $14.90 million for the quarter, compared to the consensus estimate of $14.20 million. Intevac had a negative return on equity of 21.55% and a negative net margin of 25.36%. Intevac’s revenue was down 27.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.01) EPS. On average, equities analysts anticipate that Intevac will post ($0.43) EPS for the current fiscal year.

In other Intevac news, Director Matthew A. Drapkin bought 175,000 shares of the company’s stock in a transaction on Tuesday, August 9th. The stock was bought at an average price of $6.09 per share, for a total transaction of $1,065,750.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 13.90% of the company’s stock.

Several hedge funds have recently modified their holdings of IVAC. 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. 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. 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. Finally, 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. Institutional investors own 73.53% of the company’s stock.

About Intevac

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.

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