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 research note issued on Friday. The brokerage presently has a $6.75 target price on the stock. Zacks Investment Research’s target price suggests 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 reaffirmed a “neutral” rating and issued a $6.50 target price on shares of Intevac in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $7.05.

Analyst Recommendations for Intevac (NASDAQ:IVAC)

Intevac (NASDAQ:IVAC) traded up 0.16% during trading on Friday, hitting $6.13. 13,607 shares of the stock traded hands. The company’s 50 day moving average price is $6.00 and its 200-day moving average price is $5.43. The stock’s market cap is $128.26 million. Intevac has a 52-week low of $3.99 and a 52-week high of $6.60.

Intevac (NASDAQ:IVAC) last announced its earnings results on Monday, August 1st. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.11. The business had revenue of $14.90 million for the quarter, compared to analysts’ expectations of $14.20 million. Intevac had a negative net margin of 25.36% and a negative return on equity of 21.55%. The company’s quarterly revenue was down 27.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.01) EPS. Equities research analysts forecast that Intevac will post ($0.43) earnings per share for the current fiscal year.

In other news, Director Matthew A. Drapkin acquired 175,000 shares of the company’s stock in a transaction on Tuesday, August 9th. The shares were bought at an average cost of $6.09 per share, with a total value of $1,065,750.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 13.90% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. Bridgeway Capital Management Inc. boosted its position in shares of 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 in the last quarter. Renaissance Technologies LLC boosted its position in Intevac by 17.4% in the first quarter. Renaissance Technologies LLC now owns 218,100 shares of the company’s stock worth $981,000 after buying an additional 32,400 shares during the period. Teton Advisors Inc. boosted its position in Intevac by 28.3% in the second quarter. Teton Advisors Inc. now owns 232,030 shares of the company’s stock worth $1,318,000 after buying an additional 51,161 shares during the period. Finally, Royce & Associates LP boosted 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 worth $9,069,000 after buying an additional 192,360 shares during the period. 73.53% of the stock is currently owned by institutional investors.

About Intevac

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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