Axcelis Technologies (NASDAQ:ACLS) Shares Gap Up Following Better-Than-Expected Earnings

Key Points

• Axcelis Technologies experienced a significant stock price increase, opening at $80.00 after closing at $70.88.
• B. Riley upgraded the company's price target from $58.00 to $75.00 while maintaining a "neutral" rating, and analysts have an average target of $90.00.
• The company's quarterly earnings report showed earnings per share of $1.04, exceeding estimates, but revenue was down 23.7% year-over-year.

Axcelis Technologies, Inc. (NASDAQ:ACLS - Get Free Report) shares gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $70.88, but opened at $80.00. Axcelis Technologies shares last traded at $78.56, with a volume of 247,728 shares traded.

The semiconductor company reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $0.73 by $0.40. Axcelis Technologies had a return on equity of 16.26% and a net margin of 17.69%. The company had revenue of $194.54 million for the quarter, compared to the consensus estimate of $185.15 million. During the same quarter in the previous year, the business earned $1.55 earnings per share. The company's revenue for the quarter was down 24.2% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ACLS shares. B. Riley increased their target price on Axcelis Technologies from $58.00 to $75.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. DA Davidson increased their target price on Axcelis Technologies from $75.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Axcelis Technologies presently has a consensus rating of "Hold" and a consensus price target of $90.00.

Insider Activity

In related news, Director John T. Kurtzweil sold 1,682 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $61.93, for a total value of $104,166.26. Following the completion of the sale, the director directly owned 35,050 shares of the company's stock, valued at $2,170,646.50. This represents a 4.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is currently owned by company insiders.

Institutional Trading of Axcelis Technologies

Large investors have recently made changes to their positions in the company. Versant Capital Management Inc raised its stake in Axcelis Technologies by 118.7% during the 1st quarter. Versant Capital Management Inc now owns 584 shares of the semiconductor company's stock valued at $29,000 after acquiring an additional 317 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Axcelis Technologies by 160.5% during the 1st quarter. Fifth Third Bancorp now owns 581 shares of the semiconductor company's stock worth $29,000 after buying an additional 358 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of Axcelis Technologies by 50.3% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 481 shares of the semiconductor company's stock worth $34,000 after buying an additional 161 shares in the last quarter. Bayforest Capital Ltd purchased a new position in shares of Axcelis Technologies during the 1st quarter worth approximately $38,000. Finally, Parallel Advisors LLC raised its stake in shares of Axcelis Technologies by 129.0% during the 2nd quarter. Parallel Advisors LLC now owns 545 shares of the semiconductor company's stock worth $38,000 after buying an additional 307 shares in the last quarter. 89.98% of the stock is owned by institutional investors and hedge funds.

Axcelis Technologies Stock Down 0.1%

The stock has a market capitalization of $2.50 billion, a PE ratio of 16.24 and a beta of 1.58. The firm has a 50 day moving average of $70.49 and a two-hundred day moving average of $61.48. The company has a current ratio of 6.01, a quick ratio of 4.08 and a debt-to-equity ratio of 0.04.

About Axcelis Technologies

Axcelis Technologies, Inc designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia Pacific. The company offers high energy, high current, and medium current implanters for various application requirements.