Electro Scientific Industries, Inc. (NASDAQ:ESIO) was the recipient of a significant decline in short interest in the month of May. As of May 15th, there was short interest totalling 703,190 shares, a decline of 18.6% from the April 28th total of 863,347 shares. Based on an average trading volume of 245,019 shares, the short-interest ratio is presently 2.9 days.

Shares of Electro Scientific Industries (NASDAQ:ESIO) traded down 1.14% during trading on Friday, reaching $8.67. The company had a trading volume of 210,571 shares. The firm has a 50 day moving average price of $7.81 and a 200 day moving average price of $6.71. The company’s market cap is $288.36 million. Electro Scientific Industries has a 12 month low of $4.50 and a 12 month high of $9.20.

Electro Scientific Industries (NASDAQ:ESIO) last released its earnings results on Tuesday, May 9th. The semiconductor company reported ($0.54) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.26) by $0.28. The company had revenue of $49.90 million during the quarter, compared to analysts’ expectations of $42.67 million. Electro Scientific Industries had a negative net margin of 10.78% and a negative return on equity of 9.75%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Analysts predict that Electro Scientific Industries will post $0.15 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. boosted its position in Electro Scientific Industries by 32.7% in the third quarter. D.A. Davidson & CO. now owns 632,357 shares of the semiconductor company’s stock worth $3,566,000 after buying an additional 155,952 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Electro Scientific Industries during the fourth quarter worth $541,000. Comerica Bank boosted its position in Electro Scientific Industries by 8.4% in the fourth quarter. Comerica Bank now owns 34,153 shares of the semiconductor company’s stock worth $220,000 after buying an additional 2,660 shares during the last quarter. State Street Corp boosted its position in Electro Scientific Industries by 10.7% in the fourth quarter. State Street Corp now owns 489,408 shares of the semiconductor company’s stock worth $2,894,000 after buying an additional 47,450 shares during the last quarter. Finally, Teton Advisors Inc. boosted its position in Electro Scientific Industries by 35.7% in the fourth quarter. Teton Advisors Inc. now owns 101,039 shares of the semiconductor company’s stock worth $598,000 after buying an additional 26,600 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

ESIO has been the topic of several research reports. ValuEngine upgraded Electro Scientific Industries from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Lake Street Capital initiated coverage on Electro Scientific Industries in a research note on Monday, February 27th. They set a “buy” rating and a $7.50 price target on the stock. TheStreet upgraded Electro Scientific Industries from a “d+” rating to a “c-” rating in a research note on Friday, February 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Electro Scientific Industries in a research note on Monday, February 13th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $8.00.

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About Electro Scientific Industries

Electro Scientific Industries, Inc and its subsidiaries supply laser-based manufacturing solutions for industries reliant on microtechnologies. The Company operates through two segments: Component Processing and Micromachining. The Component Processing segment includes interconnect products, semiconductor products and component products.

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