Intevac Inc. (IVAC) Upgraded to Buy by Zacks Investment Research
Intevac Inc. (NASDAQ:IVAC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $6.75 target price on the stock. Zacks Investment Research’s target price would suggest a potential upside of 10.11% from the stock’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 reiterated a “neutral” rating and issued a $6.50 price objective on shares of Intevac in a research note on Tuesday, August 2nd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $7.05.
Intevac (NASDAQ:IVAC) traded up 0.16% during mid-day trading on Friday, hitting $6.13. 13,607 shares of the stock were exchanged. Intevac has a 52-week low of $3.99 and a 52-week high of $6.60. The stock’s market cap is $128.26 million. The stock’s 50 day moving average is $6.00 and its 200 day moving average is $5.43.
Intevac (NASDAQ:IVAC) last released its quarterly earnings data on Monday, August 1st. The company reported ($0.17) earnings per share 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 quarterly revenue was down 27.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.01) earnings per share. Analysts forecast that Intevac will post ($0.43) EPS for the current fiscal year.
In other news, Director Matthew A. Drapkin purchased 175,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were purchased at an average cost of $6.09 per share, with a total value of $1,065,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 13.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Royce & Associates LP increased its position in Intevac by 10.6% in the first quarter. Royce & Associates LP now owns 2,015,240 shares of the company’s stock valued at $9,069,000 after buying an additional 192,360 shares during the last quarter. Renaissance Technologies LLC increased its position in 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. Teton Advisors Inc. increased its position in 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, Bridgeway Capital Management Inc. increased its position in 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. 73.53% of the stock is currently owned by hedge funds and other 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.
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