Insider Selling: Veeco Instruments EVP Unloads 5,678 Shares of Stock (VECO)
Veeco Instruments (NASDAQ:VECO) EVP William John Miller sold 5,678 shares of the company’s stock on the open market in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $38.33, for a total value of $217,637.74. Following the sale, the executive vice president now directly owns 59,984 shares in the company, valued at approximately $2,299,187. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on VECO shares. Analysts at JPMorgan Chase & Co. upgraded shares of Veeco Instruments from a “neutral” rating to an “overweight” rating in a research note on Thursday, February 6th. They now have a $42.00 price target on the stock, up previously from $3.50. Separately, analysts at Zacks upgraded shares of Veeco Instruments from an “underperform” rating to a “neutral” rating in a research note on Tuesday, January 14th. They now have a $35.60 price target on the stock. Finally, analysts at Berenberg Bank downgraded shares of Veeco Instruments from a “buy” rating to a “hold” rating in a research note on Wednesday, January 8th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $32.24.
Veeco Instruments (NASDAQ:VECO) traded up 2.47% during mid-day trading on Tuesday, hitting $38.60. 591,261 shares of the company’s stock traded hands. Veeco Instruments has a 1-year low of $28.23 and a 1-year high of $43.18. The stock has a 50-day moving average of $35.25 and a 200-day moving average of $33.91. The company’s market cap is $1.515 billion. Veeco Instruments also was the target of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 7,604,376 shares, a growth of 104.4% from the January 15th total of 3,719,686 shares. Based on an average daily trading volume, of 507,586 shares, the days-to-cover ratio is presently 15.0 days. Currently, 19.9% of the shares of the stock are sold short.
Veeco Instruments Inc (NASDAQ:VECO) designs, manufactures and markets equipment to make light emitting diodes (LEDs), hard-disk drives, as well as for emerging applications such as concentrator photovoltaics, power semiconductors, wireless components, microelectromechanical systems (MEMS), and other next-generation devices.
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