Short Interest in Veeco Instruments Inc. (NASDAQ:VECO) Increases By 22.9%

Key Points

• Short interest rose 22.9% in March to 5,942,029 shares, equal to 10.1% of shares short and a days-to-cover ratio of 5.5.
• CEO William John Miller sold 50,000 shares on March 3 at an average price of $31.62 for about $1.58 million, reducing his holdings to 414,543 shares (a 10.76% drop in his ownership).
• Institutional ownership is very high (98.46%) and analyst sentiment is mixed but mildly positive, with a MarketBeat consensus of Moderate Buy (average target $28.17) while some firms range from Hold to Buy/Strong-Buy and Citigroup boosted its target to $40.

Veeco Instruments Inc. (NASDAQ:VECO - Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 5,942,029 shares, an increase of 22.9% from the February 26th total of 4,835,730 shares. Currently, 10.1% of the shares of the company are short sold. Based on an average trading volume of 1,081,761 shares, the days-to-cover ratio is currently 5.5 days.

Veeco Instruments Stock Performance

NASDAQ VECO opened at $35.27 on Monday. The stock's 50 day moving average is $31.66 and its 200 day moving average is $30.46. The firm has a market capitalization of $2.13 billion, a PE ratio of 59.78 and a beta of 1.17. The company has a quick ratio of 3.20, a current ratio of 4.75 and a debt-to-equity ratio of 0.26. Veeco Instruments has a twelve month low of $16.92 and a twelve month high of $37.23.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Veeco Instruments in a report on Thursday, February 26th. Zacks Research upgraded Veeco Instruments from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of Veeco Instruments in a report on Wednesday, January 21st. Finally, Citigroup boosted their target price on Veeco Instruments from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $28.17.

Insider Buying and Selling

In related news, CEO William John Miller sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $31.62, for a total value of $1,581,000.00. Following the transaction, the chief executive officer owned 414,543 shares in the company, valued at approximately $13,107,849.66. This represents a 10.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On Veeco Instruments

Institutional investors and hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. increased its stake in Veeco Instruments by 125.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,461 shares of the semiconductor company's stock valued at $70,000 after purchasing an additional 1,370 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Veeco Instruments during the 4th quarter valued at $77,000. Invesco Ltd. grew its stake in shares of Veeco Instruments by 10.6% during the 4th quarter. Invesco Ltd. now owns 286,362 shares of the semiconductor company's stock valued at $8,184,000 after purchasing an additional 27,432 shares during the period. Mercer Global Advisors Inc. ADV increased its holdings in Veeco Instruments by 4.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 10,986 shares of the semiconductor company's stock valued at $314,000 after buying an additional 462 shares during the last quarter. Finally, Caitlin John LLC purchased a new stake in shares of Veeco Instruments in the 4th quarter worth $269,000. 98.46% of the stock is currently owned by institutional investors.

About Veeco Instruments

Veeco Instruments Inc NASDAQ: VECO is a leading supplier of process equipment for the semiconductor, data storage, wireless communications, power electronics and advanced packaging industries. The company designs, manufactures and services precision tools used to grow, deposit and etch thin films on substrates, enabling the fabrication of chips, light-emitting diodes (LEDs), micro-electromechanical systems (MEMS) and high-density storage devices. Veeco's platforms are deployed across fabrication facilities worldwide, where they support key processes in materials science and device manufacturing.

Veeco's product portfolio spans molecular beam epitaxy (MBE), metal organic chemical vapor deposition (MOCVD), atomic layer deposition (ALD), ion beam etch and deposition, and high-precision wet and dry etch systems.

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