Zacks Investment Research Upgrades Electro Scientific Industries, Inc. (NASDAQ:ESIO) to “Buy”

Electro Scientific Industries, Inc. (NASDAQ:ESIO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $12.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 14.72% from the stock’s current price.

According to Zacks, “Electro Scientific Industries, Inc. and its subsidiaries provides electronics manufacturers with equipment necessary to produce key components used in wireless telecommunications, computers, automotive electronics, and many other electronic products. Additionally, they produce a family of mechanical and laser drilling systems for production of printed wiring boards and advanced electronic packaging, as well as machine vision products for manufacturers of semiconductors, electronics and other products. “

Other analysts also recently issued reports about the stock. BidaskClub raised shares of Electro Scientific Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Lake Street Capital decreased their price objective on shares of Electro Scientific Industries from $10.50 to $9.00 and set a “buy” rating for the company in a report on Thursday, August 3rd. Needham & Company LLC upgraded shares of Electro Scientific Industries from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Thursday, August 3rd. Finally, ValuEngine upgraded shares of Electro Scientific Industries from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $11.00.

Electro Scientific Industries (NASDAQ ESIO) traded down 1.69% during mid-day trading on Tuesday, reaching $10.46. The company’s stock had a trading volume of 759,503 shares. The firm’s 50 day moving average price is $8.58 and its 200 day moving average price is $7.46. The stock’s market cap is $352.38 million. Electro Scientific Industries has a 12-month low of $4.50 and a 12-month high of $10.97.

Electro Scientific Industries (NASDAQ:ESIO) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.20. The business had revenue of $72.70 million during the quarter, compared to the consensus estimate of $61.10 million. Electro Scientific Industries had a negative return on equity of 22.18% and a negative net margin of 18.49%. The business’s revenue was up 52.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.09 earnings per share. On average, equities analysts predict that Electro Scientific Industries will post $0.54 earnings per share for the current year.

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Hedge funds have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans raised its stake in shares of Electro Scientific Industries by 11.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 17,930 shares of the semiconductor company’s stock worth $106,000 after buying an additional 1,820 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Electro Scientific Industries by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 13,500 shares of the semiconductor company’s stock worth $111,000 after buying an additional 200 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Electro Scientific Industries by 2.4% in the first quarter. Arizona State Retirement System now owns 17,065 shares of the semiconductor company’s stock worth $119,000 after buying an additional 400 shares during the last quarter. Trexquant Investment LP bought a new stake in shares of Electro Scientific Industries during the second quarter worth approximately $124,000. Finally, Thrivent Financial For Lutherans raised its stake in shares of Electro Scientific Industries by 1.8% in the first quarter. Thrivent Financial For Lutherans now owns 18,260 shares of the semiconductor company’s stock worth $127,000 after buying an additional 330 shares during the last quarter. 71.93% of the stock is currently owned by institutional investors and hedge funds.

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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