Electro Scientific Industries Trading Up 12.7% on Earnings Beat (ESIO)
Electro Scientific Industries (NASDAQ:ESIO) was up 12.7% during trading on Friday after the company announced better than expected quarterly earnings, StockRatingsNetwork reports. The stock traded as high as $6.92 and last traded at $6.74, with a volume of 396,075 shares changing hands. The stock had previously closed at $5.98.
The company reported ($0.24) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.27) by $0.03. The company had revenue of $35.00 million for the quarter, compared to the consensus estimate of $32.33 million. During the same quarter last year, the company posted $0.01 earnings per share. Electro Scientific Industries’s revenue was down 24.2% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at TheStreet downgraded shares of Electro Scientific Industries from a “buy” rating to a “sell” rating in a research note on Thursday, May 15th. Separately, analysts at DA Davidson cut their price target on shares of Electro Scientific Industries from $13.00 to $10.00 in a research note on Wednesday, May 14th. They now have a “buy” rating on the stock. Finally, analysts at Imperial Capital reiterated a “buy” rating on shares of Electro Scientific Industries in a research note on Wednesday, May 14th. They now have a $10.00 price target on the stock, down previously from $13.00. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Electro Scientific Industries presently has a consensus rating of “Hold” and a consensus price target of $11.75.
The stock has a 50-day moving average of $6.60 and a 200-day moving average of $8.49. The company’s market cap is $203.6 million.
Electro Scientific Industries, Inc (NASDAQ:ESIO) is a supplier of laser-based manufacturing solutions for the microtechnology industry.
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